The Eastern Harbour City: Leading global property investment gateway and competitive financial capital to transform the property sector – Three Cities Metropolis Vision (Part 1)
Posted date: October 29th 2020 . Author Anna Antoine .
The COVID-19 pandemic has been a catalyst for change in many industries and professions – accelerating trends, intensifying challenges, and renewing the urgency for digital transformation and technology adoption. Current market forces, combined with COVID-19, have created significant uncertainty for property investment and development.
Government infrastructure projects have been accelerated to stimulate employment.
In Australian’s CBDs, commercial offices have seen significant COVID-19 reductions in occupancy. However, they are slowing returning to improved occupancies although not yet at pre-COVID-19 levels. So, how will the Eastern Harbour City be impacted in a post-Covid market?
The Eastern City District will continue to grow over the next 20 years with demand for an additional 157,500 residential dwellings. Growth will bring urban renewal with an increased number of employment opportunities, infrastructure, services, open spaces, and public places.
Sydney’s Eastern Suburbs has a mature mix of well-established communities, from traditional suburban neighbourhoods to Australia’s most highly urban areas. In the context of the Three Cities Metropolis Vision, the Greater Sydney Commission is planning to merge Sydney Harbour, Eastern beaches, and a well-established Eastern Economic Corridor, to form a unique Eastern City District.
The Eastern Harbour City, Western Parkland City, and Central River City will be established around economic and strategic centres. Consequently, the Harbour CBD, the oldest economic centre in Australia, will remain the key platform to continue transforming Sydney into a global gateway city and financial capital. Indeed, the Eastern Economic Corridor from Macquarie Park to Sydney Airport is the State’s greatest economic asset – with half a million jobs and the largest office market in the region, it is contributing considerably to NSW’s economic growth.
The area will stretch from the Northern Beaches to Sutherland Shire, emphasizing the property development area and create further property investments opportunities through all the Eastern City District.