In his column for Switzer, John McGrath discusses details surrounding the NSW budget.
A strong economy and big infrastructure investment were the highlights of the NSW Budget for home owners, with plenty of local markets to benefit from new or upgraded roads, schools, public transport and hospitals.
New infrastructure can have a significant impact on property values.
Most new services and facilities improve the lifestyle of local residents and make the area more appealing for future buyers.
A road upgrade might cut the commute to work, meaning families have more time together.
A new school can mean a better educational experience and new learning opportunities for kids.
A new hospital provides better medical services and brings lots of new jobs to the area.
All of this adds up to more demand for local property.
Overall, the NSW Government announced a higher-than-expected surplus of $4.5 billion this year and $2.7 billion in 2017-18.
The strong state economy is an important fundamental for NSW property prices.
Nothing weakens home values faster than job losses and this is unlikely in a strong economy.
As we’re in surplus, money is available for good-quality investment, with the NSW Government detailing a near-record $72.7 billion infrastructure package over four years.
To find out if your area benefits from this year’s NSW Budget, take a look at this detailed list.
Note: Some of these projects are already underway but more money has been allocated in the budget.
• More funding for major transport projects, including the third stage of WestConnex (M4-M5 link), Sydney Metro City and South West and Sydney Metro Northwest
• Completing the second stage of the Schofields Road upgrade
• Continuing road upgrades surrounding the new Northern Beaches Hospital at Frenchs Forest
• Road upgrades to support Badgerys Creek Airport, including completing stage one of both The Northern Road and Bringelly Road upgrades
• Major road upgrades in the Sydney Airport precinct
• Continuing the Pacific Highway upgrade including completing all projects between Port Macquarie and Glenugie near Grafton, continued construction between Glenugie and Ballina and planning for the future bypass of Coffs Harbour
• Widening the M1 Pacific Motorway and completing intersection upgrades on Wyong Road
• Princes Highway upgrades including completing the Berry bypass and commencing the Berry to Bomaderry upgrade
• New England Highway upgrades including commencing construction of the Scone bypass
• Expanding services at Campbelltown, Nepean and Concord Hospitals
• A new state-of-the-art hospital in the Tweed region plus expanded services at the existing Tweed Hospital
• Redeveloping Randwick Hospital, continuing redevelopment of Gosford, St George, Hornsby and Westmead Hospitals and continuing expansion of Blacktown and Mount Druitt Hospitals
• Redeveloping regional hospitals at Albury, Armidale, Bowral, Coffs Harbour, Cooma, Goulburn, Inverell, Lismore, Muswellbrook, Shellharbour, Wagga Wagga and Wyong
• Building new hospitals at Macksville, Maitland and Mudgee
• Planning for Rouse Hill, Liverpool and Tumut Hospitals and a staged development at Griffith Hospital
• Full implementation of the Helicopter Retrieval Network Service, with doctors on every flight and bases operating 24/7 at Newcastle, Tamworth, Orange, Wollongong, Canberra, Lismore and Bankstown
• New or upgraded high schools at Picton, Sydney Olympic Park and Canley Vale
• New or upgraded primary schools including Kent Rd, Eastwood; Schofields, Riverbank, The Ponds, Carlingford, Greystanes; and Marsden Rd, Liverpool
• Continuing upgrades at Wamberal Public, Rutherford Public and Belmont High Schools
• More public transport services in places like Penrith, Campbelltown, North Rothbury and Nelson Bay
• 24 brand new air-conditioned suburban trains and extra services across Sydney’s train network
• Planning and early work for the Parramatta Light Rail and new Parramatta to Sydney CBD ferries
• More funding for Newcastle Light Rail
The NSW Budget also included an affordability package targeting young buyers, with details announced a couple of weeks ago.
The headline measures of the package include the abolition of stamp duty for first home purchases up to $650,000 and stamp duty concessions on properties up to $800,000 from July 1.