Sydney skyline to soar to new heights

Apartment living in the Harbour City is on the way up with the City of Sydney increasing the height of new buildings to over 300 metres for commercial and residential structures.

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The new height is part of the draft Central Sydney Planning Strategy that seeks to balance sun access to the city’s parks and gardens with clusters where tall buildings could be built. The strategy also includes plans for three new city squares.

The City of Sydney estimates the new building height could unlock up to 2.9 million sqm of floor space for retail, commercial and residential use.

Getting housing supply sorted in this city will help grow this economy.

Lord Mayor Clover Moore says the city needs to be able to grow while maintaining open spaces for the public to enjoy.

“Planning for growth requires clear policies and careful management to protect the opportunities to increase the new economy’s floor space needs from high-priced residential on larger scale sites.

“These economic imperatives need to be balanced with the provision of social infrastructure and amenity, while also protecting our city’s heritage and public spaces to improve urban liveability,” she says.

Central Sydney is currently home to 25,000 residents and it houses the offices of 500 businesses which equates to around $108 billion a year in economic activity.

Building up will help the New South Wales economy, according to REA Group Chief Economist Nerida Conisbee.

Since mid-2008, following the Global Financial Crisis, Sydney housing approvals have been 30% less than Melbourne. There is no measure to suggest that enough housing is being constructed in this city. While NSW has grown by 47% over this time period, Victoria has grown by 61%,” she says.

ABS data shows approvals for new apartment blocks in NSW

This chart of ABS data shows approvals for new apartment blocks with at least four floors in NSW.

Housing affordability and supply are driving Sydneysiders to live in other states, she says.

Although New South Wales still attracts the most overseas migrants, it is losing people to other states. It is likely that housing affordability is a key factor here.

Sydney is catching up and for the first time this year, is now developing more apartments than Melbourne. Getting housing supply sorted in this city will help grow this economy,”

 

 

Source: http://www.realestate.com.au/news/sydney-skyline-soar-new-heights/

Date: 14th July 2016

Author: Danielle Cahill

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