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Sydney will be reinvented as a high-density metropolis serviced by mass-transit subways under a transport blueprint being developed by senior state and federal government bureaucrats.
Powerful new legislation underpinning a proposed metro network costing $13 billion will enable transport and planning officials to reshape the inner suburbs of Sydney, paving the way for apartment towers as high as 15 storeys as well as large-scale retail and office blocks.
To justify the multibillion-dollar investment, tens of thousands more people would have to live and work within walking distance of the proposed Parramatta Road metro stations, according to planning officials behind the overhaul.
Heritage inner-west suburbs such as Glebe, Leichhardt, Rozelle and Camperdown are to be among the first to face radical changes should both the $8.1 billion West Metro underneath Parramatta Road and the $4.8 billion CBD Metro go ahead.
Read the full article here: http://www.domain.com.au/Public/Article.aspx?id=1231003979729&index=NationalIndex&headline=Get%20ready:%20high-rise%20suburbs%20coming
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UNDERPERFORMING property markets, sharemarket instability, rising rents and falling interest rates are set to push Melbourne and Sydney into the lead of the property charge in 2009.
According to the Real Estate Institute of Australia, the Melbourne and Sydney property markets have been the worst performers in Australia over the past five years.
The median price of property in Melbourne had an average annual growth rate just over 4.5 per cent between 2003 and 2008. This compares with an annual growth rate of about 9.5 per cent between 1980 and 2003.
Sydney’s long-term growth rate stands at 9.12 per cent, but in the past five years its median has not been able to manage an annual growth rate above 1 per cent.
The Melbourne and Sydney property markets have under-performed their long-term average by a long way. In contrast, the Perth market has been the stand-out over the past five years due to the mining boom. The median value of property in Perth has grown by more than double the long-term average, with growth rates of about 16 per cent each year.
Read the full article here: http://business.theage.com.au/business/melbournes-return-to-real-estate-boom-time-20081219-72eq.html
To discuss how you can take advantage of the property market in boom times, contact Castran Gilbert to discuss your situation with one of their helpful agents.
Paul Castran