Apartment building surges in Sydney’s north west
As multi-unit construction booms across the city, a new analysis highlights which areas will be most affected.
The research by Knight Frank shows there are over 12,600 apartments currently under construction in metropolitan Sydney.
Of these new builds, around 37.7 per cent are found in the north-west region, followed by the Sydney CBD and the south regions, the report found.
Parramatta is the hub for new buildings with around 1,640 currently underway, while Macquarie Park, Olympic Park, Wentworth Park and Epping will all gain between 500 and 600 new high-density dwellings.
Andrew Drury from Knight Frank said the new dwellings would address Sydney’s long-standing under-supply and growing population.
According to the report, the Australian Bureau of Statistics predicts the population will increase by 1.7 per cent per year out to 2029.
Mr Drury said these trends were due to strong investment incentives and appealing lifestyle.
“Knight Frank's Wealth Report 2014 revealed Sydney ranked as the third best city for quality of life,” he said.
“This attractiveness coupled with the federal government's incentive for foreign investment into the local market, has driven competition amongst foreign and local developers; investors and owner occupiers.”