Investors may want to refocus their attention on Sydney as plans of development for specific suburbs are underway.
On Monday, the New South Wales (NSW) Department of Planning and Environment disclosed that the state government has approved the release of the Bayside West 2036 Plan, which formally starts the strategic land use and infrastructure planning for the transformation of the Arncliffe, Banksia and Cooks Cove Precincts of Sydney.
Minister for Planning and Housing, Anthony Roberts, said the completion of the Bayside West Plan was a big step towards the revitalisation of the Bayside West area.
"The renewal of Banksia and Arncliffe will deliver well-planned town centres with an expansion of retail areas around the railway stations providing an easy way for residents to do their shopping as they commute to work,” Roberts said.
“This will add vibrancy and life to the area and allow more opportunity for people to live in the town centre with easy transport connections.”
Part of the plan is to deliver a new 7,000 square-meter park, situated near Arncliffe town, as well as more jobs, retail space and trees, and upgrades to existing parks.
“Banksia and Arncliffe will soon see improvements to walkways and cycleways to ensure residents will have easy access to public transport, local cafes, and restaurants, as well as open space and new parkland,” Roberts revealed.
There will be a Green Plan in place to guide the planning and design of open space and tree canopy in Arncliffe and Banksia.
Southern Sydney suburbs will also enjoy upgrades to two parks and a revamp of the Arncliffe Town Centre.
For Cooks Cove, improvements in pedestrian and cycling connections were expected. This would allow residents to have a better access to the riverfront and key recreation areas such as the Landing Lights wetland area.
Lastly, Bayside Council will receive $2.5 million in funding to help update its Local Environment Plan, which will help to fast track this initiative.