by Marshall Cobb - Head of New Projects
The first day of winter has been a particularly cold one, and as I read this morning’s news, I thought that it will certainly be a long cold winter for the banks as they are finally taken to task over the damage that they have inflicted upon small business owners and consumers. In my career I have seen many examples of their handywork, and the fallout that follows. I really hope that this shake up is a big step in the right direction for them and the economy in general.
I also read this morning that the $1bn light rail in Parramatta is set to begin construction, which is great news. The first stage of the Light Rail plan will span 12 kilometres and connect the Westmead health precinct to Carlingford via Parramatta CBD. Add this to the Badgerys Creek Aerotropolis $20bn boost and the $80bn spend on NSW infrastructure across 33 projects and you can really start to imagine the Sydney of tomorrow. Western Sydney has been a major beneficiary of this spending including $4.9bn to bolster Western Sydney’s hospitals.
We all know that this infrastructure spend is long overdue, and make no mistake, this will seriously underpin the long term performance of the Sydney real estate market.
Enjoy your weekend.
P.S. I believe that the largest price impact from this infrastructure will be in the geographic centre of Sydney. You really can’t go past our projects in Merrylands, Granville and Carlingford for affordable entry point, good rental yields, and long term investment potential.