The CBD has evolved into one of the most coveted residential zones in Sydney today and development here is gaining momentum, spurring buyers and developers to bet on its future potential. The residential developments in this zone are expected to gain hugely in terms of overall prestige and value in the near future. Downtown Sydney comprises of several enclaves which have tremendous potential for future growth, right from Haymarket to the busy Circular Quay and Chinatown which lies towards the south. However, developers are currently betting big on the Town Hall precinct along with Hyde Park, which is the biggest feather in the cap for the CBD.
If one looks at major cities globally, property values tend to increase whenever there is higher proximity to green spaces. In New York City, Central Park continues to drive up property values, especially along the iconic Fifth Avenue and Central Park West among other areas nearby. Green space is also expected to drive higher property values in the Sydney CBD according to experts who point out that Sydney is steadily shifting towards becoming a high-density zone and proximity to green space will become even more essential. Proximity to green spaces will always command higher property prices according to experts.
The CBD witnessed the addition of close to 5, 000 residents between the years 2011 and 2016 and is now home to more than 27, 000 residents. New infrastructure and developments like the Sydney Metro and light rail are also coming up, thereby making it more convenient to live here. Hyde Park will have increasing importance with more people shifting to the CBD. The park will become a major meeting place for Sydney residents in this part of town and also because it is close to Town Hall where the present Sydney Rail, Sydney Metro and light rail will finally meet. People living in blocks that surround Hyde Park will definitely experience better quality of life. Developers are cashing in on the future potential of Hyde Park and are looking for nearby areas for future residential projects.
203 Castlereagh Street is a major development, which will have the residential tower named Castle Residences along with the MGallery five-star hotel below. Sydney is anyway popular with local and global investors and buyers since it is a beautiful city with its harbor and charming parks. Several other developments are expected in the neighborhood over the next few years with an increase in demand and property values simultaneously.