Midland�s transformation will include 7000 new dwellings, and a new cultural, social and heritage plan.
Mr Barnett said Midland required investment to act as the hub of the Swan area, which is tipped to have a population of 232,000 by 2036
�I think the economic opportunity here is so strong,� he said.
�It�s a strong place for employment, it�s got a diversified economy and it really is a point of connection between Perth and regional WA; initially in farming but now particularly in mining and petroleum.
�For the State economy to go well, it has to be very efficient out here.�
Planning Minister John Day released a final master plan for Midland last Friday that will guide the area�s growth as a strategic metropolitan centre with more housing, jobs and community spaces.
Mr Day said the plan would set a long-term vision for Midland�s growth and would help bring forward developments that would deliver real social, economic and environmental benefits to the area.
An additional 155,000sq m of office and retail space will be built along with 200,000sq m of civic and cultural spaces.
�Midland is a strategic metropolitan centre servicing Perth�s north-eastern corridor, the Perth Hills and rural Wheatbelt communities,� Mr Day said.
The plan includes a relocated bus and train station, promotion of a more connected town centre, and enhancement to pedestrian and cycle networks, as well as roads and key streets.
Mr Day said the north-eastern sub-region was expected to need an extra 100,000 homes and jobs by 2050 to accommodate an anticipated population increase of 450,590 up from the current 209,156.
�This master plan will help the sub-region to realise this,� Mr Day said.
The Lloyd Street underpass will improve connectivity in the area for vehicle and pedestrians, and will allow emergency vehicles unimpeded access to the hospital.
The land in and around the former saleyards site is set for development of new bulky goods, light commercial and associated manufacturing businesses.