Western Sydney is currently an investor favourite, with strong rental yields and expectations of future growth, however proposed developments are leaving a number of investors concerned.
Smart Property Investment previously reported on Blacktown Council's plans for a housing injection across the LGA that were leaving investors unsure about how the supply/demand profile of the area would look.
Now the government has released information of new proposed changes with the intention of injecting the area with both more dwellings and more employment opportunities.
Touted as a new strategy to ‘drive houses, jobs and new infrastructure’ the draft Metropolitan Strategy for Sydney to 2031 has noted plans for an extra 39,000 dwellings and 37,000 jobs planned for Western Sydney over the next two decades.
A further 142,000 jobs and 148,000 dwellings are planned for central and north west Sydney, which includes Blacktown council area, in the same time frame.
Some of the actions identified include increasing Parramatta’s role as Sydney’s second CBD, creating Urban Activation Precincts and targeting job creation at Olympic Park.
Blacktown’s role will be further expanded, with a capacity for 4,000 additional jobs. The plan itself identifies Blacktown’s Mount Druitt suburb as a ‘Potential Major Centre’.
It notes actions to “unlock the potential for renewal of public and private housing areas to reinvigorate this well positioned centre in Western Sydney,” as well as to “build on the potential employment opportunities generated by the Western Sydney Employment Area, TAFE campus and Mount Druitt Hospital”.
Director-general of the department of planning and infrastructure, Sam Haddad, said in a release that this was part of making Western Sydney and surrounds a more liveable and successful area.
“Sydneysiders have told us they want more choice in the types of housing available; more affordable housing close to jobs and services; good transport connections; and better management of the environment," Mr Haddad said.