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FAST rail is the solution to Sydney’s growing pains, according to an independent think tank report that argues an additional 40,000 homes could be built across NSW by opening up land around rail corridors.
The Committee for Sydney has urged the NSW government to consider using “off the shelf” fast rail technology to improve cumbersome rail connections between Sydney, Gosford, Newcastle and Wollongong and ease pressure on Sydney’s housing market.
Fast rail is the solution to Sydney’s growing pains, says an independent think tank.
The Committee’s report also called for the establishment of “Sandstone Mega-region” of six cities rather than a metropolis of three cities.
This would link Newcastle, Gosford and Wollongong to Greater Sydney with 200km/h fast rail connecting each centre.
“Within 15 years of the rail service improvements, over 40,500 dwellings would be added to locations outside of metropolitan Sydney,” the report noted following a year-long investigation involving 40 different organisations.
“In some cases, the additional dwellings would come from trading one seaside location for another (e.g. Manly for Newcastle).”
Researchers forecast that by 2036, Wollongong could have an extra 10,000 dwellings, Gosford 9,000 and Newcastle 8,000 because of improved rail access, also generating thousands more local jobs.
A trip from Newcastle direct to Parramatta could take as little as 60 minutesAnd by that time, the median property price in Greater Sydney would rise by $40,500 less than expected with demand shifting to Newcastle, Gosford and Wollongong.
“Considering there are 1.85 million dwellings in Greater Sydney, this results in over $75 billion of housing affordability improvements for Sydney,” the report stated.
This article first appeared on www.dailytelegraph.com.au
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