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Sydney is changing. The boom has not started.

06 Feb, 17

Recently I went to London and was blown away at the amount of change to the skyline in the past five years since I left. There are literally hundreds of towers everywhere that did not exist when I left just five years ago.

In Australia however everything I hear about is how we have moved from a mining boom to a construction boom.

I mean sure I’ve seen a balloon of horrible apartments going up all over Sydney, Brisbane and Melbourne, but we have not seen a true boom in inner Sydney and it is nothing like the change in London.

I knew there was more than meets the eye and I started to look in much more detail about what is coming. WOW!

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.

So moving on we know Sydney has a shortage and there's more demand coming.

This article is not about Sydney property prices but it is to help you think mainly just five years ahead. Five years is a long time if you are five years old, but if you’re over twenty five it’s not.

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 big way. The lifestyle benefits are going to as well and the jobs are going nowhere.

As a pre-warning, I am merely showing these developments and in particular the residential ones. I am not suggesting they are good investments, personally they are not.

As expected this is not everything out there on the way and if you know of other exciting projects – I would love to hear about them and i'm sure the readers will so please post below and I can add them on.

I focused my research on two areas

1)    Sydney Transport Infrastructure

2)    Residential & Commercial developments

NB: I have completely ignored Parramatta which deserves a blog itself. Crazy what is happening there.

Sydney Transport

The transport changes are significant. There are some huge projects and fundamentally they are long overdue if Sydney wants to be a world leader.

1)    Sydney Metro http://www.sydneymetro.info/ - Lets stop here. This is huge. If I lived anywhere near any of these stops I would be excited by how it should improve travel times. This route will change the commute and lifestyle for 100,000s of Sydneysiders. A real game changer.

For property investors, this is a huge change in the desirability of suburbs close to these train stations. The North section is all mapped out but the stage two is up in the air. Will people want to live close to these stations? Yes. The second tunnel crossing is approved and at full capacity it will run every two minutes without fail and extremely fast.

 

2)    Sydney Trains – If you have been to Wynyard recently, you’ll love the new station. It’s clean, spacious and looks great. Town Hall and Central are just two of the others stations going through big upgrades. The City train stations will flow better for all of Sydney and create new hubs. There have been many more trains ordered and timetable upgrades all over Sydney to get the lines to run more efficiently. Many of you will be travelling on trains that have been at capacity for years but I’m sure we will get smarter here over time. Finally some air maybe?

 

3)    Sydney Light Rail - http://www.sydneylightrail.transport.nsw.gov.au/- If you’re living in Sydney, I do not need to tell you about it. The city is a nightmare around George St right now but there is light when you think about the change it will make forever for the lower Eastern Suburbs. It has always been hard to get a reliable service to the city for people living in the lower east. This will make it much quicker and easier for people living around Randwick and for people wanting to go that way. Many are arguing for it to go all the way to La Perouse but at this stage a extension to Maroubra is looking promising if what I’m reading is right.

 

4)    Sydney Roads - Anyone who drives in Sydney will know that we are already busier than New York. There are 100,000s of commuters who pull their hair out for hours a day fighting for their spot on the road. In fairness, roads are difficult to build and expensive but they need to be done. The plans are likely to make things better in a big way and whether it is enough for now, time will time but at least it’s happening. The Westconnex project is huge and there’s also a younger sister called Northconnex. I do hope the start-stop-start-stop-start plan on a Northern Beaches Link road connection happens.

 

5)    Sydney Buses – As the roads focus on flowing better, so too are new bus lanes and a new Rapid Bus upgrade to Sydney buses. Travel times and reliability will increase for key routes and I like the new B-Line bus Service to the Northern Beaches. It will run much faster than previous nightmare journeys over that never ending Spit bridge.

 

6)    Sydney Ferry - If you have the pleasure of getting the ferry around Sydney and it is a pleasure, you’ll notice many of the stops are looking very nice, clean and new. The biggest and very aged one at Circular Quay is about to get $200mil spent on it. Personally, it will look amazing and as the roads get busier, people will love the ferry more. There are more boats on the way too to fight their way past people who have a mini floatable island sitting their empty.

 

The Residential & Commercial Towers

I think the sheer size of the projects give you an idea of what is changing here and I am not going to give much information on these in the interest of time but you can see the pure scale of Sydney development. Wow!

Barangaroo

One Sydney Harbour & Crown Casino - 2020 - $2bil - http://crownsydney.com.au/

 

Circular Quay

Quay Quarter –2021 - $2BIL http://www.quayquartersydney.com.au/our-plans

 

Wanda One – 2020 - $1BIL - http://www.afr.com/real-estate/dalian-wandas-1b-circular-quay-project-to-go-ahead-20151211-gll4wg

 

Circular Quay Tower – 2020 - $1.5BIL - http://www.afr.com/real-estate/circular-quay-tower-ping-an-mitsubishi-to-fund-15bn-lendlease-project-20161222-gtgmat

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