NSW Budget continues Parramatta infrastructure boom amid emerging housing supply crisis
The Property Council of Australia is welcoming the continuation of Parramatta’s infrastructure boom in the 2021 NSW Budget.
“Parramatta continues to receive its fair share of NSW Budget allocations as the NSW Government continues to fund the city’s leading place in the State’s future,” the Property Council’s Western Sydney Regional Director Ross Grove said today.
“This Budget sees the first significant funding for the Sydney Metro West rail line, a pivotal piece of city-shaping infrastructure which will unlock new growth and shape the future of Parramatta for the next century.”
“It is also pleasing to see the NSW Government responding to calls from the Property Council and industry groups to press on with Stage 2 of Parramatta Light Rail. This is an important piece of infrastructure to service our existing and future growth.
“As we look to the future, the NSW Government needs to prioritise stepping up the supply of new housing coming onto the market. Planning support to unlock 22,000 new homes is welcomed however the NSW Intergenerational report states we need to deliver an additional 42,000 homes per year, for every year, for the next 40 years.
“If we fail to deliver enough housing to the market in a timely manner, prices will rise and our housing affordability challenges will worsen.
“Unlocking serviced and rezoned growth precincts, along with reform of the State’s planning system and infrastructure contributions framework is critical to ensuring we have enough housing to cater to our future needs.”
Key highlights for the Greater Parramatta area include:
- $2.9b for construction of the Sydney Metro West, connecting Westmead, Parramatta and Sydney Olympic Park to the Sydney CBD.
- $657m to continue the construction of Parramatta Light Rail Stage 1 connecting Westmead to Carlingford via the Parramatta CBD
- $30m for planning and preparation of Parramatta Light Rail Stage 2 connecting to Wentworth Point and Olympic Park via Rydalmere, Melrose Park and Camellia.
- $156.2m toward construction of the Museum of Applied Arts and Sciences at Parramatta
- Funding toward delivering a new school in the Westmead South precinct
Media contact: Ross Grove | M 0412 897 130 | E [email protected]