We've spoken a lot here on the Crown Group blog about the importance of investing in Sydney's best suburbs. Part of the reason it's so critical to select the right part of the city to live in is that over time, up and coming areas will continue to increase in desirability, meaning that the value of your property will grow alongside. Of course, there's also a lifestyle component to selecting a suburb to live in, and the exact features that you're looking for will depend on your family and living situation. For example, how close you need to be to great public transport links in order to get to work.
One area of Sydney that we've talked about time and time again is Waterloo, where Crown Group's new Waterfall development is located. Waterloo has gone from strength to strength over the last few years, becoming one of the city's most highly sought-after locations for luxury apartments. This has just been the beginning though, and in 2018 you can expect to see development and renewal in Waterloo step up a notch and truly transform the area.
Once upon a time, Waterloo was an entirely industrial area.
Waterloo's recent track record
Once upon a time, Waterloo was an entirely industrial area, one where you wouldn't dream of seeing any luxury apartment developments. Things have changed, and today the average unit in Waterloo goes for over $850,000 with an annual average growth of just above 7 per cent, according to the latest figures from Your Investment Property.
The first reason for this growth is obvious. Waterloo is located in a prime position near Sydney's inner city, making the land itself incredibly valuable for investors, property developers and home owners who want to live close to the CBD without having to sacrifice their privacy or lifestyle.
Secondly, Waterloo has been the focus of an ongoing regeneration effort, one that has made the suburb a better, more connected place to live. Investment in Waterloo's future is set to step up in 2018, as part of a new initiative led by the Department of Planning and Environment. This is known as the Waterloo Urban Renewal Project, and is lead by a panel that also includes the City of Sydney, Transport for NSW and the Office of the Government Architect.
The Waterloo Urban Renewal Project
The key goal of the Waterloo Urban Renewal Project is to make the area a more liveable environment for everybody. That means creating new communities, as well as the facilities they need to flourish. An enormous part of this is the creation of more green spaces, which the public will be able to enjoy. In addition, the project covers the improvement of essential services such as waste management, in order to ensure the area remains clean and conducive to a healthy lifestyle.
Construction is expected to begin on all of the different elements of the project in 2018.
Finally, the Waterloo Urban Renewal Project also covers the development of more residential buildings, including both private and social housing, in order to ensure the area provides opportunities for Sydney residents from all walks of life,
Construction is expected to begin on all of the different elements of the project in 2018, following an extensive master planning process that has taken everything from traffic and transportation to local services and community amenities into account. It's a long-term endeavour, with delivery of the various stages to be spread out over the next 20 years. Although that's a long time, we can expect to start seeing some of the impacts as soon as this year, as more and more people buy property in Waterloo for a better quality of life.
The Sydney Metro
Finally, the city's biggest construction project, the new Sydney Metro, will also have a significant impact on Waterloo in 2018. As part of the project's second stage (Sydney Metro City & Southwest), Waterloo will be getting a brand new station – the 31st to be announced – that connects the area to the rest of the city like never before.
The Minister for Transport and Infrastructure, Andrew Constance, explained in a press release at the time of the station's announcement that: "Sydney Metro is a game-changer for our city – the station at Waterloo will make this rapidly growing part of Sydney more accessible and take pressure off Redfern and Green Square Stations."
Construction is already well under way, with high voltage power works kicking off on January 2, 2018. When completed in 2024, the new station will make it possible to get to the CBD in roughly two minutes. For a suburb that already boasts incredible transport links in Sydney, this will truly be a game-changer, and will play a key role in encouraging more and more people to invest in Waterloo.
As you'd expect, such a focus on development and regeneration will mean that prices in Waterloo, particularly within the luxury apartment market, continue to rise. The best time to invest is now, in order to get in on the ground floor, and you can find out more by contacting Crown Group today.