Liverpool's growing status as Sydney's third CBD adds to its appeal as a property hot spot
Located 32km south-west of the Sydney CBD, within the Greater Western Sydney region, Liverpool is on its way to becoming Sydney's third CBD, behind Parramatta as it looks to add to its rapidly growing multicultural population of 27,084 (2016 census). Through a combination of Government and private investment, in addition to Council led initiatives to facilitate and encourage growth, there is no better time to invest in Liverpool.
Liverpool is classified as a Strategic Centre in the NSW Government's 'A Plan for Growing Sydney' which identifies the development of the commercial core, and planning for long-term employment growth as key priorities. Liverpool City Council is also looking to plan for the future and to respond to the challenges associated with population growth, as it seeks to capitalise on its status as one of Sydney's regional cities in attracting new retail and services jobs.
According to Council, Liverpool's competitive advantages lie in the health and medical, distribution and logistics, professional services and manufacturing services which provide an impetus for the creation of high quality jobs across the local government area.
Council notes that Liverpool has the opportunity and aspiration to become a hub for innovation with its city centre displaying the key attributes of an innovation precinct including a cluster of health and education institutions, increasing mixed-use development, transport options and a technically wired, walkable centre.
Liverpool is well served by the Hume Highway, the M5 and the Westlink M7, in addition to rail and bus infrastructure via Liverpool Station and the Liverpool to Parramatta transit way which provides a bus-only route for buses. Liverpool's core has a Hoddle Grid layout similar to Melbourne, with a network of laneways and arcades dissecting the centre with its retail core located on Macquarie Street which hosts a Westfield Shopping Centre.
Additionally, apartment prices in Liverpool are bucking the trend of the Sydney CBD, with prices far more stable. According to data from RP Data, over the last six months the Sydney CBD experienced a 9.6% drop in apartment prices with the Liverpool apartment market experiencing only a 2.1% drop.
Urban.com.au is currently tracking 35 projects at various stages of their lifecycles, which reflects the growing demand for property in Liverpool.
Sydney's third CBD
To reflect its status and the growing demand for residential and commercial accommodation, Liverpool City Council has rezoned 25 hectares in the city centre to provide the framework and catalyst for a "modern, vibrant, 18-hour economy to flourish," encouraging new businesses to set up while accommodating double the resident population in the CBD.
Liverpool City Council hopes to reinvigorate the CBD, encouraging the construction of multi-purpose buildings that could include cafes, bars and restaurants, retail, child care, office space and residential uses
"This is the most significant leap forward for Liverpool since the city was first designed and the Hoddle Grid was laid down in 1827. Our city has great bones. We are built on the same plan as Melbourne’s city centre and now we are going to add to that the very best in contemporary urban design.
In the past 18 months, Council officers have spoken to more than 10 developers about projects worth up to $1 billion. There’s no doubt the development of Western Sydney Airport in our LGA has attracted a lot of attention on Liverpool.
We are strategically positioned as the key regional centre of the Western Parklands City. Under the City Deal we are helping lay the foundations for the creation of a thriving Western City of 1.5 million residents within 20 years. We want to create a vibrant city centre with an 18-hour economy,”
- Wendy Waller, Mayor of Liverpool
Liverpool also stands to benefit from a number of other Council-led initiatives such as Liverpool Civic Place which would see the development of a mixed-use precinct including a new Council library and community hub, Council offices and Chambers, University of Wollongong South Western Sydney campus, student accommodation, a new public domain, and commercial and residential uses.
At a more regional level the development of the new Western Sydney Airport at Badgery's Creek by 2026 to be supported by the Aerotropolis is expected to deliver more than 12,000 smart jobs, educate 10,000 students and provide over 3,000 homes, upon completion. Already four universities - University of Newcastle, University of NSW and University of Wollongong, and Western Sydney University - have agreed to collaborate in order to deliver a new higher education precinct within the Aerotropolis.
Also located on land adjacent to the new airport is the planned Sydney World Trade Center - an $8 billion mixed-use proposal for with a vision for an international convention and exhibition centre, commercial space, an innovation and incubation centre for start-ups and retail and residential space.
With an unprecedented level of investment and forward-planning in the region to cater for population growth, Liverpool is well-placed to capitalise and thrive on its newfound status as Sydney's third CBD.
For More details on Major Projects in Liverpool and the Greater Western Sydney region click on the links below:
Lead Image: Liverpool Civic Place, Liverpool City Council
