Obvious demand for affordable housing

99A $33 million affordable housing project highlights the pressure on Sydney’s property market when it comes to housing supply, while showing favourable outcomes for low to moderate income households.

The North Eveleigh affordable housing initiative has entered the development stage and is expected to be completed by December 2014, according to a March 25 statement.

Offering a lifestyle

As more people settle on Sydney as the place to grow their professional careers or raise a family, and foreign investors secure properties in the area, the city needs to keep up with this demand.

Property prices in Sydney grew significantly year-on-year in December 2013 and commentators in the industry expect moderate growth throughout the first half of 2014.

The Eveleigh North project will contribute to the city’s housing supply, while offering a great lifestyle for those who secure properties in the area. A total of 88 new units will be built as well as 39 car park spaces.

“The NSW government is building for the future – over coming years Central to Eveleigh will produce jobs and housing in an environment perfectly suited to increased densities for people who love living in the inner city and the lifestyle it offers”, explained Minister for Planning and Infrastructure Brad Hazzard.

The affordable housing initiative is designed for those on low to moderate incomes, with rents set at 25 to 30 per cent of earnings.

Eveleigh is located just under 4 km from Sydney’s CBD, offering those who may not to be able to secure their own property in the area a fantastic opportunity to live in the vibrant inner-city.

More opportunities ahead

A further $24 million is available for affordable housing projects, noted Mr Hazzard. This funding is available for the Central to Eveleigh rail revitalisation precinct area.

With demand for quality rentals clear, there are opportunities abound for investors in the area.

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