Real estate in Sydney's east could receive a boost with Randwick and Anzac Parade South having been touted as areas of urban renewal, to coincide with the state government's light rail project.
New South Wales minister for planning and infrastructure Brad Hazzard said that these two areas have been labelled as Urban Activation Precincts, with the preliminary assessments indicating that the locales can benefit from public transport works in the area.
He explained: "The Randwick precinct presents a unique opportunity to carry out integrated planning for additional homes and employment in the area to be serviced by the future light rail link from Central to the University of NSW.
"Anzac Parade South and Randwick are also well serviced by buses with potential for future transport upgrades along the Anzac Parade corridor to support longer term development."
Mr Hazzard added that the government is dedicated to getting momentum into the economy, with a $1.6 billion light rail project providing an opportunity for local areas to benefit from the new infrastructure.
The urban renewal initiative is part of a broader housing scheme designed by the state government, which looks to build up to 172,000 new homes across the greater Sydney area.
