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State of Markets - NSW May 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

NEW SOUTH WALES

Central Coast to open up

A high speed rail line opening up the Central Coast to Sydney is once again a possibility, according to a recent forum.

Transportation experts, businesses and residents gathered recently to discuss the possibility of a line from Melbourne to Brisbane, with a stop on the Central Coast.

The stop would either be at Kariong or Ourimbah and would be important in opening up regional areas.

The line would cut the daily commute to Sydney to under half an hour, according to Regional Development Australia.

The first stage of a feasibility study for the project was released in August 2011 and suggested the Central Coast may be part of the network. The proposed plan includes a 120km stretch along the coast at a maximum cost of $17.9 billion.

Wollongong to promote industry diversification

Property investors concerned about the effects of the steel industry dying are well placed in Wollongong as there are new, emerging economies, the city council has said.

In another blow to the steel industry, OneSteel has announced it will cease manufacturing at its oil and gas pipe plant.

This follows Bluescope Steel’s culling its workforce late last year, with 800 workers and 400 contractors given the boot.

Business development manager for Wollongong council, Brenden Logue, says the city isn’t one dimensional, however: “We have a lot more to offer than just the perceptions of a steel-making city that we’ve had for the last 30 years.”

“We’re seeing a decline in the steel industry because of a strong Aussie dollar and cheaper international alternatives. So what we’re doing is promoting a diversification of industries,” Mr Logue said.

The Illawarra chairman of the Property Council, David Laing, agrees that Wollongong is moving forward.

“Consider the growth in our non-traditional sectors … export and importing services at Port Kembla [is becoming] a strong and growing health sector,” he said.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%