Sydney apartments are literally on the path to reach new heights. The city of Sydney is laying down plans to increase the height of new residential and commercial buildings to exceed 300 metres. This move to increase the height of the new buildings is a part of the Central Sydney Planning Strategy’s draft to balance the access to the sun for Sydney’s gardens and parks. This strategy also plans to introduce three brand new city squares.
According to estimates, the added height to the new buildings can provide an additional 2.9 million square metres of floor space to create Sydney apartments, commercial spaces and retail premises. Lord Mayor Clover Moore stated that the city needs to continue its growth while still providing the public with open spaces for enjoyment and leisure. She added that a plan for growth needs to be implemented with careful management and clear policies to provide increased floor space from large scale high-priced residential sites. While the city’s economic requirements need to be balanced by providing social amenities and infrastructure, Sydney’s heritage and public spaces also need to be protected.
Currently, Central Sydney is home to more than 25,000 residents and the offices of 500+ businesses. This alone adds up to more than $100 billion per annum in economic activity. According to real estate experts, the economy of New South Wales can definitely benefit from the increased height of the new buildings. After the Global Financial Crisis, Sydney reported 30% less housing approvals in comparison to Melbourne. Since the Financial Crisis, the state of Victoria has grown by 61% while New South Wales only grew by 47%.
Real estate experts agree that some Sydney residents may have been driven to find homes in other states due to low supply and low affordability in housing. However, in comparison to Melbourne, Sydney apartments are being developed in larger numbers. With increased supply, prices will reduce and become more affordable and attract more residents to the city which will be a definitely plus for the economy.
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