Apartments 76% of Sydney housing approvals in December

1.11.13Apartment living is proving to be increasingly popular in Sydney, however it’s important that building rates keep up with the demand, according to a February 24 media release from Urban Taskforce.

The Urban Taskforce pointed out that figures recently released by the Sydney Metropolitan Program demonstrate high demand for apartments.

An incredible three-quarters of housing approvals in December were for apartments.

The exact figure for apartment approvals for the final month of December was 76 per cent, which comes on the back of a consistent trend over 2013.

For the final quarter of the year, 73.2 per cent of all housing approvals were for this dwelling type.

However, the Urban Taskforce is wary that “delays on planning Urban Activation Precincts could slow down supply”.

“Clearly Sydney is swinging towards more urban apartments generally in inner city areas. We are concerned however that a number of the government’s Urban Activation Precincts (UAPs) are on hold as is the proposed new planning act and these delays will reduce the supply of appropriate land for apartments,” stated Urban Taskforce CEO Chris Johnson.

Sydney investors have been committing to investing in the city, given the demand for housing, low interest rates and nation-leading growth in house and unit prices.

Sydney saw a 15.1 per cent year-on-year increase in house prices in the month to December 2013, while its unit prices soared by 10.9 per cent in the same period, according to a February report from the Australian Property Monitors.

It’s not just investors who are getting involved in the capital’s high growth property market.

Homeowners are also buying and Mr Johnson noted a “clear swing towards more urban living¬†with its greater variety of amenities by a number of demographic groups”.

Mr Johnson stated that it’s “important that the planning system supports zoning for apartments where people want to live.”

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