Explain The Economic Social And Environmental Implications Of Changing Land Use Around Sydney Harbour
Investigate the economic, social and environmental implications of changing land use around Sydney Harbour. As one of the most recognised icons in the world, Sydney Harbour has been fundamental to the history and the development of both Sydney and Australia as a whole. Although still the same size and location, there have been many changes in the use of the land in Sydney Harbour over the past thousands of years , in particular the Millers Point and Barangaroo precincts which lie among the southern side of the harbour. Through this change in land use, economic, social and environmental implications of the harbour have created many challenges for the government and community. Sydney Harbour plays a vital role in Sydney’s economy. The Sydney Institute …show more content…
This change has brought both positive and negative impacts but is definitely positive in regards to the economy. Properties are being renovated and becoming luxury homes or investment properties. The new tenants of the properties are of higher socio-economic classes which promotes development. This has caused the value of the homes and overall suburb to drastically change in just a matter of years with a prime example again shown in source 1. The property was sold in February of 2016 for $3.175 million and is selling again this year for $4.5 million . This huge profit in the matter of years shows the desire of investors to invest in the area. Furthermore, due to the 177 properties sold in the area, $550 million of profit has been made which can be used by the government to improve Sydney as a whole. In regards to the previous tenants that are being socially dislocated, the government can also use the money to create other public housing in different suburbs. This reinforces the fact that the change in use of Millers Point has unquestionably positively improved and influenced the
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