Sydney projects to watch in 2015
January 1, 2015 / Written by Rich Harvey
When you buy investment property in Sydney, picking the areas for growth can be difficult. It's easy enough to tell which spots are performing well right now (partly because, well, almost everywhere has been in 2014), but gazing into a crystal ball to predict growth is a little harder.
A buyers agent can help you shape a clear vision of what you want and find fantastic properties, as well as bring their hardened experience to the negotiating table. But more than this, we are excellent at factoring in everything that might influence property values in the coming years. One important aspect to remember is infrastructure projects on the way. With this in mind, here are a couple to keep an eye on as 2015 unfolds.
Hospitals in Western Sydney
Towards the end of November, NSW Premier Mike Baird announced $10 billion of funding for infrastructure in Western Sydney. This is across a wide number of projects, and will span across the next 20 years. In fact, the last of the projects is expected to have begun by 2024 at the latest.
While that's quite some time away, the breakdown of these projects is worth looking at. In particular, there is $600 million to be given to Western Sydney hospitals. Just how and when this funding will come through remains to be seen, but funding for hospitals could be a good sign of incoming growth - a key factor for anyone after great Australian property.
Parramatta light rail
Light rail is another important one to watch, as this kind of connectivity is likely to spur growth out west. Mr Baird said there was to be a further $600 million put into this Parramatta-based project, taking the total level of light rail funding to $1 billion.
Keep in mind that according to the RP Data Best of the Best report for 2014, the best gains in median home values in the entire country were found in Mays Hill, right beside Parramatta. The median home value in this suburb rose 48.8 per cent in 12 months, which is an incredible gain likely to bring up values in surrounding areas.
These sorts of projects are vital to watch if you want to make the most of your Australian property investment. Of course, it's hard to keep up with all the details, which is why it's a great idea to engage a buyers agent. They can do the hard yards for you, and do them very well.