''Big Sydney'' will be viable only if all levels of government commit to creating a twin city in the west with Parramatta as its CBD, a conference on population heard yesterday.
An expanding business district, major new public art gallery, radial light rail network and upgraded sporting facilities are just some of the infrastructure required to draw the pressure away from the existing CBD and towards the western population boom, the managing director of the industry group Tourism and Transport Forum, Christopher Brown, told the National Population Summit in Casula.
''We have to fundamentally change the way we think about our city; that every event has to be on the harbour, that every job has to be based in Martin Place, that every train line has to feed into Central, that every festival has to use the Opera House,'' he said.
The Prime Minister, Julia Gillard, made a surprise appearance at the summit, hosted by the Western Sydney Regional Organisation of Councils, to spruik her government's sustainable population policy.
Western Sydney's population will more than double in the next four decades, as Sydney grows to 7 million by 2050.
Making Sydney and Parramatta the first places with twin-city status in Australia, like Minneapolis and Saint Paul in the US, could alleviate congestion, employment and housing problems, Mr Brown said.
''Parramatta has been considered the CBD of the west for so long but it has never really grown into the reality of that.''
New infrastructure to attract business and the ''managerial class'', Mr Brown said, should include a second branch of the Art Gallery of NSW, upgrades to the sporting stadiums at Parramatta and Blacktown, cycleways and a radial light rail network, and a strategic plan to attract more big business.
The local government area - the geographical centre of the city - had been the focus of government attention in the 1990s and early 2000s, said the lord mayor of Parramatta, Paul Garrard.
In this period, he said, public infrastructure such as the justice precinct, the NSW police headquarters and the Sydney Water Corporation had relocated there.
But, he said, the state government had ''walked away from Parramatta'', citing the missing Epping to Parramatta rail link as an example.
''Western Sydney already has a bigger population than the eastern side, and it could hold many more, but it only has half the infrastructure,'' he said.
The area is home to several key marginal seats in the coming federal election. The former opposition leader Malcolm Turnbull also spoke at the conference, where he made the case for high density living outside the inner city when it can be matched with the right infrastructure.
''The inner east of Sydney is densely settled but not generally regarded as congested because its residents have access to reasonably reliable and frequent public transport,'' Mr Turnbull said. ''Density, if accompanied with the necessary infrastructure including public transport and public open space, in fact offers great amenity.''
The Tourism and Transport Forum has called for a new planning authority to manage growth in Parramatta, similar to the state-run Redfern Waterloo Authority. The Greater Parramatta Renewal Authority would devise a 40-year master plan for the region.
Josephine Tovey from the Sydney Morning Herald has hit this nail head-on regarding Parramatta and its future ability for growth and its ripple effect onto surrounding suburbs.
Author: Josephine Tovey Date: July 2010
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"When technology changes, power shifts to the ones who accept the technology"
Robert Kyosaki
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A new survey confirms high-income property investors have returned to the Australian property market with the intention to buy, a considerable shift from the same time last year. There has been a nine per cent increase in demand by investors looking to buy a property at the upper end of the market, according to the realestate.com.au’s Consumer Insights Report (Buy).
Twenty-five per cent of investors were searching for properties to buy in the $500,000 or more price range, up from 16 per cent in April 2009.
General manager of sales and operations for realestate.com.au Peter Wright says the research findings paint a promising picture of the property market.
“The report revealed one in two property seekers now believe the market is rising – a result not observed for two years,” he says. “Of those who believe the market is rising, the perceived reasons for growth include a seven per cent increase in investors returning to the market (35 per cent), a shortage of properties (54 per cent) and a growing economy (40 per cent).
“Investors were also one of the top three homebuyer groups (39 per cent) that have sought pre-approval for finance with the intention to buy or build. First homebuyers and investors were also more likely to say they had thoroughly researched the market – up by 16 per cent and eight per cent from the last wave respectively,” Wright says.
The report also showed that investors were more likely to be male, aged 50 to 64 and living in high income households, while female investors were more likely to be younger, aged 25 to 34 years (30 per cent), compared to males (21 per cent). Both male and female investors were more inclined to come from double income households (54 and 50 per cent respectively).
The report is an in-depth survey that delves into the psyche of the Australian property buyer, covering topics such as buy, rent and share. The survey ran from May 31 to June 3 with 4082 Australians taking part.
Publication: www.apimagazine.com.au Date: 28 July, 2010
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Hi Everyone,
It was great to hear yesterday that Julia Gillard has given the green light to one of southeast Queensland's major infrastructure missing links - the $1.15 billion Redcliffe rail connection.
In the first significant election pledge targeting the must-win state, the Prime Minister will pledge to deliver the 12.6km Petrie to Kippa-Ring rail line by 2016.
The long-awaited project would ease congestion in one of the nation's fastest-growing and most car-dependant regions.
Ms Gillard said the rail link would ease gridlock for about 84,000 people and each express train trip would take 600 cars off the road.
"The project is about making sure the growth of the Moreton Bay corridor is sustainable with high-quality public transport that cuts congestion, travel times and carbon dioxide emissions,'' Ms Gillard told The Courier-Mail.
It also would reduce traffic congestion on the Bruce Highway in places such as Caboolture and Bribie Island, which fall within the marginal Labor-held seat of Longman.
The rapid population growth on Brisbane's outskirts is putting a drain on services including transport.
More than half of the people who live in the Moreton Bay Regional Council area leave the region for work each day and almost nine out of 10 travel by car.
Read more: http://www.news.com.au/features/federal-election/gillard-fast-tracks-the-115-billion-redcliffe-rail-connection-linking-petrie-to-kippa-ring/story-e6frfllr-1225897291327#ixzz0uqVRk9mz
Kind regards,
Anthony
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A new town centre in the north of Melton that will be home to 4000 residents has been given the go ahead by the state Government.
A Melton real estate agent has welcomed the extra space for housing but warned the council must ensure the necessary infrastructure is in place to support an increase in the population.
Planning Minister Justin Madden has approved the Melton North precinct structure plan for more than 1300 houses and an activity centre to be built on 100 Hectares either side of Coburn's Road and South of Minns Road.
The precinct will include a Supermarket, Shops, Offices, a Community Centre and Sports and Leisure facilities. Melton Shire chief executive Neville Smith said the precinct would help meet the demand for housing in the area.
According to council figures, an average of 52 families a week are moving into the shire, and each week 41 babies are born. Mr Smith said the Melton North precinct which would follow the example of the Arnolds Creek development, would improve access to amenities for existing and prospective residents.
It will bring infrastructure to the north, giving close provision to retail and community opportunities.
Road links will be improved with Dalray Crescent to be extended through the precinct to provide a connection between Melton - Gisborne Road and Coburn's Road, ensuring access for the residents of Thoroughbred Park Estate.
A bus service began operating this month to connect the area to the Melton town centre, Woodgrove shops and the railway station. Mr smith said the development scheduled for construction later this year, would be built at the same time as the Toolern Development, which will become home to over 60,000 people over the next 20 years.
With Melton being only a 45 minute drive to the city and its vastly growing population it is important that the council now ensures more community infrastructure is included in the new areas to support residents.
Publication: Woods Real Estate Date: July 2010
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Residential properties in Waterloo, located just 4kms from the Sydney CBD, are well positioned for future price growth due to extremely low housing supply and its proximity to the CBD.
'The inner city location is of significant benefit and adds to the appeal of the suburb,' says Lawless of RP Data.
... 'The local area is undergoing significant urban renewal which will help boost the area's popularity, with a big injection of desirable local facilities and additional residents', says Lawless. 'The suburb is already close to major working node, public and private transport amenities and close to the Eastern Suburbs and famous Sydney beaches, such as Bondi.'
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I know this question is often asked but I figure your answer changes as the economy changes. I have noticed that fixed interest rates are dropping and I am wondering if this is a good time to fix my home loan interest rate?
Fixed rates are falling, especially for the shorter-term fixed rates and I suspect they could fall more, given what we’re seeing on international bond markets. There’s a sense that the global recovery is slowing and that has driven bond yields down and this is even making some experts predict that deflation is a bigger threat than inflation.
If this proves right then interest rates will fall and here they could drop as well if stock markets keep falling, like we have seen recently. On the other hand, if good economic news starts to emerge then rates could rise.
So we’re in a tricky time to predict interest rates and to make decisions about fixing or not. I think it could pay to wait for a month or two to see how the global economic troubles play out. However, I recently interviewed economist Michael Workman from the CBA who thought two more interest rate rises this year are still on the cards.
However, Citibank’s chief economist Paul Brennan says rates could be on hold to December if inflation comes in on the low side at the end of July.
If variable rates are on hold then fixed rates could fall. If you are worried about future rises, then think about fixing half of your loan, which will effectively halve the effects of any future interest rate rise.
Good luck with your big decision!
For advice you can trust book a complimentary first appointment with APS Growth today 1300 881 402 or 02 9905 8878
Important information:
This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.
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Saving for a deposit can be hard, but it is well worth it if it means that you can purchase your first home.
Follow these simple steps and you will be opening the door to your new abode in no time at all.
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