What’s Happening in Sydney Now – Key Updates for Investors

Source: Australian Chinese Daily

Sydney is buzzing with activity, from major housing projects to cultural milestones. Here’s a quick overview of the latest developments you should know about:

Inner West Housing Boom

Sydney’s Inner West is set for a major transformation, with the Inner West Council recently announcing plans to build over 31,000 new homes over the next 15 years. These homes will be concentrated in key areas like Marrickville, Dulwich Hill, Croydon, and Ashfield. This ambitious plan includes the construction of taller buildings, with heights reaching up to 11 stories around major transport hubs, significantly exceeding the state’s previous 6-7 story limits. In some areas like Ashfield, building heights could go up to 22 stories, reflecting the push for higher density to meet growing demand. Major roads like Old Canterbury Road, Wardell Road, Liverpool Road, Norton Street, Crystal Street, and Marion Street will also see significant mixed-use developments, integrating residential, commercial, and retail spaces. The council has also proposed special incentives for churches and charities, allowing them to develop their land for housing if 30% of the units are set aside as permanent, affordable housing.

Sydney’s Cultural Comeback

Sydney has just been ranked among the top five cultural cities in the world by Time Out, a recognition that highlights the city’s growing global influence.

This cultural resurgence is being fueled by new laws aimed at boosting the nighttime economy. These reforms include extended trading hours, fewer noise restrictions, and more support for live music venues, helping to revive the city’s vibrant arts and culture scene. High-profile events like Vivid Sydney, SXSW Sydney, the Sydney Arts Festival, and the Sydney Comedy Festival are attracting global attention, reinforcing Sydney’s cultural comeback and adding to its appeal as a world-class city.

Housing Approval Challenges

Despite these ambitious plans, local councils are struggling to keep up with the demand for new housing. For example, Georges River Council has been one of the slowest to approve new developments, significantly delaying projects.

Across New South Wales, councils need to approve 5,366 homes per month to meet the 2029 housing target, but the average is currently only 3,220 homes per month. This gap in housing approvals reflects broader systemic challenges that could impact the speed of new developments.

Why This Matters for Investors

For property investors, these developments present significant growth potential. High-density projects in the Inner West offer strong long-term returns, but developers face challenges like high land costs and slow approval processes. However, with Sydney’s cultural scene booming and major infrastructure projects on the rise, the city remains a promising market for strategic, long-term investment.

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