The property industry is a significant player in the transformation of Western Sydney.
Across the region, the industry provides more than one in ten local jobs, and in some areas, such as Camden and Wollondilly, this figure increases to one in five.
Here is a snapshot of five activities underway that are set to shape investment decisions across the region:
1. International airline interest in Western Sydney
The team at Western Sydney Airport Corporation is headed to the World Routes Conference in Adelaide this month with a calendar filled with meetings from international airlines keen to take advantage of the WSA’s unique offering. Speaking to the Property Council’s Hotel Investment Beyond the CBD forum in September, the airport’s General Manager of Commercial Development Angela Petousis outlined some of the key strengths the airport offers to international airlines, namely curfew free access to Sydney, direct motorway access and planned rail and rapid transit connections across Western Sydney.
2. FAST Liverpool-Airport corridor
Liverpool City Council is opening a dialogue with key stakeholders around the delivery of the Fifteenth Avenue Smart Transit (FAST) corridor. The FAST corridor seeks to provide a 20-minute connection between the Western Sydney Airport and the Liverpool CBD.
This project, which will potentially take the form of a high-tech bus link, is scheduled for completion prior to the airport opening in 2026 and the Council is considering work to futureproof the corridor to cater to driverless technology in the future.
You can find out more about the FAST Corridor here.
3. Reimagining Campbelltown
Campbelltown City Council has recently undergone a substantial rebranding exercise as the council reposition itself in order to attract further investment. A new town centre plan is being discussed, with an approach to matching planning controls to the unique strengths of each precinct.
4. Cabramatta Rail Loop
Following a public exhibition in September, the Department of Planning is considering an application to build a rail passing loop on the eastern side of the Sothern Sydney Freight Rail Line between Cabramatta and Warwick Farm.
The proposal includes the construction of the 1.3km rail loop, acquisition of council land, and the reconfiguration and upgrade of streets and bridges. Th e proposal seeks to boost rail freight capacity in Western Sydney.
5. Local Strategic Planning Statements
Nine of the twelve councils in Western Sydney have prepared draft Local Strategic Planning Statements, and a further three are on public exhibition in October.
These documents will help guide local and state governments in assessing the suitability of proposals to rezone land over a seven-year period. The Property Council is organising member briefings for local government to brief the industry on their draft statements.
At the macro level, Western Sydney is going from strength to strength. The recent ANZ/Property Council Survey on industry sentiment anticipates moderate-to-healthy capital growth for residential, commercial and industrial property in NSW, and there are few better destinations for investment than this vibrant growing region.
Article originally published October 14, 2019, in the Western Sydney Business Access by Ross Grove. Ross Grove is the Western Sydney Regional Director for the Property Council of Australia.