Have you noticed that our city is feeling a bit brighter just lately? Thanks to returning visitors and focussed attention by the local council, Sydney is recovering economically, and this has had a great knock-on effect on surrounding neighbourhoods.
The City of Sydney is Australia’s most significant economic centre, representing 7 per cent of Australia’s GDP and 22 per cent of the NSW economy, so when we see recovery here it bodes well for surrounding areas like the Balmain Peninsula, Rozelle and Lilyfield, too. The return of overseas students is also great for the city, even as it adds to the shortage of rental properties.
This week, we’re looking at some of the initiatives that are smartening up the city and Inner West.
Let there be light
Vivid Sydney lights up the city every May and June, bringing people together and encouraging tourists to visit Sydney and enjoy its beauty in the cooler months. Unique events like this are what makes the city special, and it’s these cultural elements that continue to make people want to live here – which is great news for property investors and those thinking of selling.
Another long-term project is the revival and reactivation of the city’s dark and forgotten laneways. Initiated back in 2007, the laneways project provides homes to small bars and al fresco restaurants, with artworks and lighting adding to their charm.
What is clear here is that the city’s varied nightlife, world-class restaurants and cultural offerings are once again working their magic on residents and visitors alike. Recent reports show that the night time economy is more or less back to normal, as is weekday economic activity, particularly midweek from Tuesday to Thursday as many people continue to work from home a couple of days a week.
New sustainability moves for Inner West residents
It’s been great to see local landscape architect and sustainability activist Costa Georgiadis promoting awareness of food waste to the wider community. This October, an enhanced food recycling scheme will be rolled out to every Inner West household in an effort to reduce landfill and carbon emissions. It will comprise a weekly collection of both food and green waste from all houses, with a caddy and information to be provided in the run-up. Inner West apartments will continue to use a larger communal bin for their food waste, also emptied weekly.
Does your apartment block have food recycling bins? If not, get in touch with the council and ask why. Australia’s goal is to halve its food waste by 2030, so every little action helps.
Spending money where it matters
The City of Sydney is committed to supporting further revitalisation, with $750 million throughout the next financial year to be spent on helping local businesses, building capital works projects, maintaining parks and other facilities and boosting services for international students and tourists.
The Sydney Streets programme is an exciting initiative that will be particularly good for independent businesses. Selected retail high streets will be closed off to traffic to allow greater activity, alfresco dining and community engagement, with businesses encouraged to offer sales, workshops and other promotions to make the most of the increased foot traffic. Interested parties can apply to have their street included in this programme.
What does this mean for Inner West sellers and investors?
Sydney will always be a desirable place to live, work and enjoy life. For this reason, anyone looking to sell right now is sure to find plenty of buyers, and property investors can never really go wrong here. And right now, the city is on the up, and there is still a shortage of properties due to buyers holding back. For buyers, this means more competition for fewer properties. What’s more, wage growth is picking up, which is also great for the housing market.
There are few cities globally more desirable to live in and work, and our tight enclaves of the Balmain Peninsula and Lilyfield are high on the list of sought-after suburbs, especially for ex pats.
If you’re thinking of selling or investing, give us a call – we’re optimistic about the market and we can help you with any questions.
Can we help with your Inner West home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
