The Property Council has backed the federal government's announcement of funding for a new business case for fast rail between Sydney and Wollongong.
A fast rail plan that would cut the Wollongong-Sydney travel time by more than half is under investigation by the federal government.
The initial funding of $20 million for the Faster Rail project has been boosted to $40 million.
That is to allow the development of business cases for five more fast rail corridors - one of which is the Wollongong-Sydney link.
It's been proposed the top speed of the fast rail would be around 160km/h, which would reduce the Wollongong-Sydney travel time to about 31 minutes.
The business cases are not a guarantee that faster trains will become a reality in the Illawarra, though.
Instead, the research will be used to determine future priorities for funding and construction.
Property Council Illawarra regional director Michelle Guido said on Friday that rail connectivity is key to the future growth and economic development of the Illawarra region.
"This business case is a vital step towards illustrating the benefits of faster rail for our region and the importance of first-class transport links to Greater Sydney to provide further economic and employment opportunities for our local communities," Ms Guido told the Mercury.
"The Illawarra region with Wollongong at its centre is the third largest economy in NSW and is fast becoming one of the most popular regions to live, work and play.
"Faster rail could be a game-changer for our region, especially in relation to the new Western Sydney Airport and Aerotropolis.
"Following on from last year's announcement from the NSW Government to investigate faster travel times between the regions and Sydney, it is now critical that both the state and federal government work together to deliver the right transport investment and infrastructure for our region to ensure our continued growth and prosperity."
The recently released Property Council of Australia 2019 NSW State Election Platform, Six Steps to a More Liveable, Affordable and Prosperous NSW calls for the next NSW Government to support growth in the regions to create liveable communities, affordable homes and continue to deliver economic growth and jobs.
The six steps include to fix the NSW planning system to complement the strategic vision that has already been delivered; accelerate the supply and diversity of housing to help improve affordability and lower the cost of living; and reduce fees, taxes and charges to boost investment and economic growth and create more jobs.