In the run-up to the CTBUH 2017 Conference in Sydney, Connecting the City: People, Density & Infrastructure, the Council is examining the state of urban development in Australia’s cities. Chris Bates, a Wealth Coach & Mortgage Broker at Wealthful, has profiled urban development in Sydney on a post for LinkedIn, which has been reproduced in-part below.
In Australia everything I hear about is how we have moved from a mining boom to a construction boom. But we have not seen a true boom in inner Sydney and it is nothing like the change in cities like London.
However, I knew there was more than meets the eye and I started to look in much more detail about what is coming. When I started my search, I knew about a lot of the bigger projects but there are many that are not approved and in planning. Big blocks of land have exchanged hands and developers are getting themselves in to a position to build.
Everyday I talk to my clients about property. Many are looking at their first home, upgrading, buying an investment property, or have one they should sell. It's a conversation that is extremely difficult in the current market but fundamentally Sydney has a housing shortage and that housing shortage is only going to get worse.
Please note; that there is a huge difference between units, apartments, townhouses and houses. Sydney needs more property that suits families with kids, not property for singles and couples.
Infrastructure can change the desirability of certain places to live both for and against. Some of these projects make areas more desirable to live in and some are huge horrible towers in to the sky. What it is showing you though is the Sydney CBD is changing in a big way. The lifestyle benefits are going to as well and the jobs are going nowhere.
The transport changes are significant. There are some huge projects and fundamentally they are long overdue if Sydney wants to be a world leader. They include new extensions of the Sydney Metro, upgraded train stations, and new light rail connections, among other transit infrastructure projects.
For more on this story, go to LinkedIn.