Parramatta and other Western Sydney suburbs will see a significant number of public servant jobs shifted to the area, after an announcement was made by the NSW government to "decentralise" the Sydney region.
Approximately 3,000 jobs will be moved from Sydney CBD to the Western Suburbs, which will in turn bring more workers out to this region and help the local economy grow further. At the same time, the demand for housing in Western Sydney is also expected to grow, as people begin to find accommodation in areas close to where they work.
Commenting on the government's announcement to relocate these jobs, Urban Taskforce Chief Executive Chris Johnson said he is pleased with the decision.
"Currently 200,000 people travel from Western Sydney every day for work in the Sydney CBD," Mr Johnson said in a March 21 statement.
"The state government's relocation of 3,000 public servants to Parramatta, Penrith and Liverpool will help rebalance the city."
Along with an increased demand for residential real estate, Sydney's Western suburbs will also see a rise in demand for commercial real estate and office space to accommodate the businesses that shift into the area.
"The 3,000 relocations should be the beginning of a bigger shift of jobs to the west of the city. The government now needs to give pre-commitments to the private sector development industry so that new office accommodation can be built in the key Western Sydney cities," Mr Johnson said.
Parramatta - a growing city
In recent years, Parramatta has seen a high level of development in order to support a growing population. Recently, the city was found to possess a higher rate of economic growth than Sydney CBD, according to a report by PricewaterhouseCoopers.
The city's population is expected to grow by 40 per cent over the next 20 years, demonstrating a need for a high level of development to occur in the region. Dubbed an "economic powerhouse" by Parramatta Mayor John Chedid, the city will be a great location for residential commercial property investment now and into the future.
Major residential and commercial real estate developments have sprouted up around the city, producing jobs and more housing availability. More residential and commercial opportunities will be on the way through the city's Parramatta Square project - a 5 Green Star development that will turn the precinct into a "vibrant, connected and liveable city in the heart of Sydney".
