Sydney shines as global city

Investing-in-New-South-Wales-or-buying-a-home-in-the-area-may-be-a-great-option-giving-business-confidence_157_67995_0_14099658_300If you’re considering buying property in Sydney, now could certainly be the time to do so.

A $1.94 billion building and construction program has been approved by the City of Sydney, according to a May 13 statement from the local council.

The funding will be provided over the next 10 years to refurbish exciting facilities and build new ones, in order to contend with a “rapidly growing population and workforce”.

In June 2013, the population of the area was 7.41 million people, and it’s only expected to get bigger, according to the Australian Bureau of Statistics.

The recently-announced infrastructure program could certainly make buying property now a wise decision for the future, with the potential for capital growth in particular areas as local facilities get makeovers.

“The City is one of the fastest growing local government areas in NSW and Council is approving its largest ever capital spending program,” the statement noted.

In addition to this capital works program, the City of Sydney’s 10-year corporate plan has a $106 million annual operation surplus.

This is placing the capital in a “strong position”, according to the statement. This could certainly have flow-on effects for the local property market, as people choose to buy in the area, given its economic stability, business opportunities and strong infrastructure programs.

“Sydney is the global city of Australia and our 10-year financial plan is a massive investment to nurture the city’s liveability, its economy, its tourism, its sustainability, its open spaces and its cultural life,” noted Lord Mayor Clover Moore.

Ms Moore went on to explain that making the city appeal to new businesses and creating new jobs requires strategic planning and investment. Those considering buying in the area will certainly be soothed by such dedication.

“Over the last 10 years responsible financial management and future planning, as well as close consultation with the community, has put the City in a strong financial position, allowing it to provide the facilities and services necessary to ensure Sydney maintains its reputation as a leading global city,” Ms Moore explained.

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