Figures for the September Quarter gave Sydney a 4.2% quarterly rise in its median house price and an 11.7% increase over the 12 months to 30 September. APM also recorded a 10.2% annual rise in Sydney’s median unit price. Regional towns and cities have been doing well in 2013 also.
A report by Deloitte Access Economics says Asia’s impact on Australia is changing in ways that play to NSW’s economic strengths. Five key sectors – tourism, international education, wealth management, gas and agribusiness – are forecast to grow 10% more quickly than the global economy over the next 20 years. Each of these sectors is bigger in NSW than in any other state or territory, making the next phase of the Asia boom a
perfect fit for the premier state. NSW is “ready for take off”, Deloitte Access Economics says.
A recent study by Deep End Services shows 25,000 apartments are in the development pipeline in inner
Sydney, in 131 projects or stages of projects – 11,000 of these are already under construction. The owner of the Star casino has unveiled a $1.1 billion redevelopment proposal for its Pyrmont site, featuring two new hotels, a rooftop waterpark and luxury villas, in a bid to trump James Packer’s plans for a resort across the water at Barangaroo.
Residex chief executive John Edwards. Sydney house prices were up 7.4% over the 12 months to June, with a median house price of $715,000. Growing consumer confidence in NSW is driving the beginnings of a housing recovery.
The final piece of the duplicated Hume Highway has officially been opened more than 25 years after it was due to be finished. The Holbrook bypass is a 9.5-kilometre stretch of dual carriageway acting as the final link between Sydney and Melbourne. South Coast motorists will be among the winners in State Budget with $200 million allocated to fixing the Princes Highway.
Detailed plans for the WestConnex motorway will be unveiled in weeks, with Tony Abbott’s election victory delivering a swift $1.5 billion funding boost for the project. Costings released by the Coalition show funding for the 33km motorway has been ”accelerated”, with $250 million of federal money to be paid by June 2014 to the State Government.
The City of Sydney has approved plans to build a large aquatic centre – with multiple pools, a cafe and creche – at Green Square, near Zetland. More than $440 million will be spent building roads, parks and the aquatic centre at Green Square, a major development that is expected to be home to 40,000 residents by 2030.
A 4km tunnel from Strathfield to Ashfield and a widened M4 motorway will be the first segment built of the State Government’s WestConnex motorway. This part of the motorway will cost up to $4 billion. Motorists will pay a toll to use it but the amount has not yet been specified. The tunnel will run under Parramatta Road from the start of the existing M4 at Strathfield to near Wattle Street at Ashfield, where it will have to connect to the City West Link and the eastern section of Parramatta Road to the city.
China’s Greenland Group is advancing plans to build a $600 million complex comprising Sydney’s tallest apartment tower and a boutique hotel on the city’s former Water Board site. Greenland Group has applied to Sydney council to undertake site works.
Office towers in the western corridor of the Sydney CBD are coming to market as developers look to buy them for conversion to apartments. Owners of some assets are also looking to capitalise on the strong residential, with $80 million worth of towers to be offered for sale.
Stockland is planning a $900 million residential estate at Marsden Park in Sydney’s north-west, in a joint venture with Winten Property Group. They are hoping to build 2,300 homes on 163ha. The development is part of a rezoning push in Marsden Park the State Government hopes will eventually see 10,300 homes added to Sydney’s residential market.
High-rise towers up to 40 storeys tall and a town square as big as Martin Place would be built at Haymarket. It comes despite calls from the City of Sydney for one tower to be deleted because the buildings are too close together and would overshadow the street, block views and create a “wind tunnel” effect.
James Packer has vowed to make his $1.4 billion Barangaroo high-rollers’ resort “the best thing I’ve ever built” after winning his battle over The Star to secure a second Sydney casino licence. Packer’s Crown Ltd expects to deliver to the State Government $1.4 billion in tax revenue. Crown is expected to lure tourism dollars, pump $442 million a year into the state economy by 2025 and employ 1,250 people.
Mirvac Group has laid out an aggressive pipeline for its apartments business as it seeks to capitalise on demand for units. Mirvac will shortly release the next stage of its 1,250-dwelling Harold Park in the Sydney inner-west suburb of Glebe. Work on the first two precincts is well under way. Mirvac, in joint venture with UrbanGrowth NSW, is also moving ahead with plans to develop 2,000 apartments at Green Square.
Grocon and leaseholder Markham Corporation have lodged fresh plans with the State Government to redevelop the Sydney IMAX Retail and Entertainment Complex at Darling Harbour into a $500 million-plus complex. The proposed tower has been touted as a potential home for Google, though a leasing deal is yet to be signed.
There are plans for a 48-storey residential tower in the Sydney CBD. This latest tower comes as at least seven new residential projects are slated across the city, from the 60-storey Greenland proposal on the site of the former Sydney Water Board at 115 Bathurst Street to the former Coca-Cola Amatil 19-storey tower in the heart of Circular Quay.