28 September 2011
Apartment development is needed to ensure Sydney is affordable for ordinary people, according to the Urban Taskforce.
New housing is crucial if Sydney to be affordable for ordinary people Mr Gadiel said.
Thanks to the strength of apartment development in Ku-ring-gai, two bedroom units there are now cheaper than Leichhardt, North Sydney, the City of Sydney, Woollahra, Canada Bay, Manly and Willoughby.
Whats more, a renter switching from a Ku-ring-gai house into a local apartment is likely to save around $140 a week.
New apartments give ordinary people the opportunity to live in suburbs previously closed to them.
Apartments are also benefiting long-term residents of Ku-ring-gai who want to stay in the area, but cant afford a house.
That includes young singles who want their independence; middle-aged people whove had to leave the family home due to divorce and seniors who want to fund their retirement by selling their oversized house.
Even if there was zero population growth over the next 25 years, Sydney will still need 190,000 new homes to deal with the fact that, on average, fewer people are living in each household.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
The construction activity made possible by property developers contributes $69 billion to the national economy each year and creates 709,000 direct jobs. The construction industry is Australias third largest source of employment.
