West Schofields Infrastructure Boost
Sydney’s North West is one of the Sydney’s biggest and most important growth regions. Originally focused around Rouse Hill the region is in the midst of a major expansion covering Marsden Park, Box Hill and Schofields. The West Schofields Masterplan will soon be on public exhibition. It includes 4500 new homes, a new town centre, 90 hectares of open space and $39 million of major road upgrades. The region will also benefit from access to the soon to be completed Sydney Metro Northwest.
Reports that high-end properties have lost value may be short lived as Australia continues to attract more millionaires, often given the tag of HNWI (high net worth individuals). According to figures published in The Guardian in 2017, Australia was the most popular country for millionaires to migrate to. It was reported that 10,000 individuals worth US$1m or more moved here, while 4,000 moved to the UK.
A Free Market Solution to Solve the (UK) Housing Crisis
Here’s an interesting idea that could be worth exploring in Australia, following the UK example: The 2018 Breakthrough Prize is open for entries until 14th September 2018. A 1st prize of £50,000 will go to the best entry. The 2018 prize question is: “What market-based, popular policy would you recommend to alleviate the UK’s housing shortage, and to rejuvenate our property-owning democracy?” The Richard Koch Breakthrough Prize is looking for essays to help answer how the UK can find a new, market-based policy to alleviate their housing shortage. A good idea? Worth keeping an eye out for the winning essay.
Underneath the Arches
At the northern end of the Sydney Harbour Bridge there are a series of large arches under the railway lines supporting the tracks. These are great spaces, and some have been vacant for years, while others have been used by varies businesses including auto-mechanics. However, these days most of the spaces are now occupied and tenants include Work Inc., a super trendy shared-work space with a great café. In the UK similar rail network arches are far more common and there are some 5200 shops and businesses leasing these spaces. Now Blackstone an US private equity company and Telereal Trillium a property management and investment company have agreed to buy the portfolio of 5200 properties for 1.5 billion pounds. Could the bridge be developed as a strata opportunity and our archway premises sold? Let’s hope not.
Green walls on buildings, in bathrooms, on a terrace or building foyer, in fact almost anywhere are a popular aspect of design. Sydney has some good examples including One Central Park. Adding greenery to urban buildings with vertical gardens not only helps to beautify a city, but also serves the practical purpose of producing more oxygen, cleaning the air and reducing heat-loads. One of the world’s biggest can be found in Bogotá, Colombia. This vertical garden on a multi-family residential building, covering more than 3100sqm, and stretching 9 levels features over 115,000 plants.
World’s Most Expensive Residential Rents
What cities head the list of the world’s most expensive residential rents? No, it’s not Sydney, we come in 10th in the most recent list. In number one spot is San Francisco, at $US3500 ($AUD 4722) a month, followed by Hamilton, Bermuda at $US3400 ($AUD 4578) and Manhattan, $US3050 ($AUD 4107). Sydney and Los Angeles come in 10th place with $US2100 ($AUD 2833). Canberra and Darwin are our next most expensive cities to rent after Sydney, both sitting at number 23 on the global scale with an average of $US1400 ($AUD1889) a month. (Source: Financial website Walletwyse).