31 October 2013
The September approvals for higher density housing (apartments) in NSW are the highest ever recorded says the Urban Taskforce.
“Apartment approvals for September in NSW have crashed through the 2,500 barrier for the first time ever with over 2,600 approvals in the month.” says Urban Taskforce CEO Chris Johnson “This demonstrates that Sydney is going through a shift in how people want to live with a growing interest in apartment living in urban locations.”
“Since the end of 2008 the monthly approval of apartments in NSW has risen from 600 to over 2,600 which is a dramatic turn around. These numbers are further evidence of the change occurring in Sydney in housing preferences and also demonstrate the lack of supply that the city has had over recent decades.”
“NSW overall monthly approvals are now leading the country with a steady increase in detached house approvals adding to the spectacular jump in apartment approvals. This is good news for those looking to purchase a new house or apartment and for those who prefer to rent.“
“The rise in apartment approvals also indicates a shift towards rental accommodation supported by the growing interest by investors in urban apartments.”
“The real message here for the future planning of Sydney and urban areas in the state is that higher density housing, particularly in the form of apartments, is what many in the community want and the planning system must support this.”
“An important information process will be necessary to explain to existing communities that urban living will be increasingly needed in cities and town centres. The Urban Taskforce has begun this information process through its website www.ecodencity.com.au
See Graph showing Higher Density approvals with NSW heading upwards in PDF version
