“The future of Western Sydney is where the major activity in the property market is going to occur in the next 5, 10, 20 years” - Frank Oliveri, Managing Director, CBRE Western Sydney
Western Sydney is anticipating significant growth in the coming decades with areas in the north and south west expecting an additional 500,000 people in the coming decades. Yet the local and national market is not immune to economic downturns.
In discussion with property leaders CBRE, Professor Peiser examined trends in real estate, the growth of innovation districts and housing affordability.
While Australia skirted the worst of the 2008 Global Financial Crisis, Professor Peiser cautioned that we may not be avoid the effects of future global recessions.
Key take outs included:
The infrastructure program promised by United States President Trump will have a positive flow-on effect to the domestic real estate market. However, protectionist trade policies, particularly with China, will see both the US and Australia potentially negatively impacted.
Inclusionary zoning can be an ineffective tool to address the affordable housing challenge faced by many cities in the US and Australia especially where the market demand is low.
In the US, there has been a significant shift away from discrete building typologies such as standalone offices, malls, apartment complexes and business parks towards integrated developments such as innovation districts, particularly by major corporations looking to attract young innovators
There is a need to broaden the types of developments being built Western Sydney to ensure community diversity and economic sustainability
Coordinated planning with a mixed density approach, and a focus on innovation, is key to the growth of Western Sydney
View photos of the event here