Sydney – when one becomes threeNovember 13, 2017 / By
In the 1980s, New South Wales (NSW) vehicle registration plates claimed to be: “The Premier State”, while “Towards 2000” was evident in the 1990s after Sydney secured the 2000 Olympics. Post 2000 our vehicle registration plates have been light on motivational messages as NSW’s share of Australia’s economic output declined from 36.5 per cent (2000) to 31.9 per cent (2012).
Since 2013, NSW has re-established itself as the premier state and created 37.3 per cent of the nation’s new jobs. Our Decoding City Performance report has seen Sydney graduate from a ‘New World City’ to a Contender behind the seven established world cities.
One of the challenges highlighted in the report was infrastructure provision. The NSW State Government is committed to addressing the infrastructure deficit. The 2017/18 Budget reported record levels of infrastructure investment across NSW, with AUD 72.7 billion (USD 55.8 billion) committed over the next four years.
The Greater Sydney Commission was established in 2015 to address the long-term challenges associated with population growth. The Commission is leading metropolitan planning to make Greater Sydney more productive, sustainable and livable.
The Greater Sydney Commission released the draft Greater Sydney region plan in October: A Metropolis of Three Cities. In the report, the Commission outlines why a cohesive plan is necessary:
- Greater Sydney’s population is forecast to grow from 4.7 million people to 8.0 million people by 2056.
- An additional 725,000 more homes will be required over the next 20 years.
- Our city must provide for an additional 817,000 jobs by 2036.
The plan proposes transforming Greater Sydney into a metropolis of three cities – Eastern Harbour City, Central River City and Western Parkland City:
Source: Greater Sydney Commission
The Eastern Harbour City already has strong economic credentials and will continue to leverage its strong financial, professional, health and education sectors. The Eastern Harbour City will concentrate on urban renewal and infill development with a strong acknowledgment of local identity and amenities.
Real estate developers and investors will also be interested in exploring long-term opportunities in the Central River City and Western Parkland City.
The Central River City has Parramatta at its economic heart. New office, residential and retail developments are changing the topography of Parramatta. Our forecasts show that the Parramatta CBD is experiencing a demand-led development cycle and office stock will increase from 717,700 sqm to over 1.0 million sqm by 2023.
The Western Parkland City will be anchored by a new international airport for Greater Sydney and Badgerys Creek Aerotropolis. The initiative is expected to bring high-quality engineering, robotics and agribusiness jobs to the region, improving the diversity of employment opportunities in the Western Parkland City.
We believe the Aerotropolis will provide the catalyst for a new commercial precinct and real estate developers will explore the opportunity to develop business parks inclusive of campus-style office accommodation, high-tech logistics facilities and fulfillment centres.
The draft plan highlights the importance of connectivity and integration between the three metropolises and represents another proactive step in ensuring Sydney remains and becomes an even more relevant global city.
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