Property Council NSW Western Sydney Regional Director Ross Grove said approval of the Plan was a clear sign of tangible progress that would drive market and investor confidence.
"Bradfield will be Australia's first new city in 100 years at the Western Sydney Aerotropolis – a 24/7 hub with up to 10,000 homes and 20,000 jobs in education, technology, and culture," Mr Grove said.
"This is a historic moment - Australia's first new city in a century has just been given the green light and the approved Master Plan provides the mould for future investors and developers to plan for the city's future with confidence.
"After a period of uncertainty about its future, the NSW Government's revamping of the Bradfield Delivery Authority under Ken Morrison and the restructure of infrastructure responsibilities in Western Sydney is starting to bear fruit.
"Bradfield is back on track and the residents of Western Sydney stand to benefit.
"With pre-existing commitments to the Advanced Manufacturing Research Facility and a role for CSIRO on-site, Bradfield is being built with innovation and advanced manufacturing at its heart - and this means more opportunity for future industries to emerge across the region."
Mr Grove said the next step is the confirmation of participants in the bid process for Superlot1 – the first significant land release - to set the stage for future development.
"Superlot1 is the first big slice of this new city, laying the foundation for what's to come," he said.
"The Property Council advocated for changes to the master planning framework that enabled this Master Plan to proceed in a carefully considered and efficient manner.
"Approval of the Master Plan is the tangible step we've all been waiting for, moving us closer to realising the dream of Australia's first new city in 100 years.
"The Property Council supports the vision for Bradfield, pushing for the roads, employment lands, and infrastructure to turn the vision into reality," Mr Grove said.
