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Sydney Construction Boom Nearly Here; Construction growth of 15% is forecast in NSW over next two years
Topic Started: 8 Aug 2011, 12:56 PM (51,155 Views)
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Housing construction expands again after years of contraction

December 6, 2013 - 10:36AM
Glenda Kwek

The construction sector has expanded for the second straight month, after three years of contraction.

The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (PCI) rose 0.8 points to 55.2 in November, on the back of an improvement in new orders and deliveries. It was the highest reading since November 2010.

All the major sub-sectors grew for the month, although house building and apartments lost some ground, AiG said. Housing building lifted to 62 points, apartments to 57.9 points, commercial construction by 52.9 points and engineering construction by 52.5 points.

Read more: http://www.smh.com.au/business/the-economy/housing-construction-expands-again-after-years-of-contraction-20131206-2yuyw.html
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Sydney's housing boom to continue with 3,200 new homes in south west

By Nicola Trotman
Tuesday, 07 January 2014

Some 3,200 new homes are to be delivered in Sydney’s south west as a bid by the New South Wales Government to boost Sydney’s housing supply.

Located in the Catherine Field precinct, the first blocks of land will go on sale this year, with homes to be available in 2015.

Some 44,628 homes were approved in New South Wales in the 12 months to October, making it the highest level since 2005, according to the ABS.

“There’s a massive housing boom occurring in NSW that is being driven by the unlocking of more land for new homes by the NSW Government,” says NSW Premier Barry O’Farrell.

“We are making homes more affordable and in the process Western Sydney is being transformed into a tradies paradise, with the creation of thousands of jobs in the construction sector,” says Farrell.

More than 60,000 first home owners received a helping hand by the NSW Government last year with an extra 2,814 grants paid out – almost an 80% increase on 2012.

“The new homes will be supported by $30 million of essential infrastructure that will be delivered or funded by the two main construction firms involved in the project,” says Minister for Planning and Infrastructure Brad Hazzard.

“This includes protecting Oran Park House through a future listing on the State Heritage Register, constructing an extension to Rickard Road, upgrading Oran Park Drive, providing land for a new primary school and building the main sewerage line.

“Catherine Field is the seventh major precinct rezoning in the Growth Centres in Western Sydney since the NSW Liberals and Nationals came to office in 2011.

“Together, those seven rezonings will see the construction of about 50,000 new houses - news every homebuyer wants to hear,” says Hazzard.

Treasuer Mike Baird says the NSW housing sector is in better shape than it has been for a decade, but there is much more work to do in order to get more first homebuyers into the housing market sooner.

Read more: http://www.propertyobserver.com.au/news/sydney-s-housing-boom-to-continue-with-3200-new-homes-in-south-west/2014010667090
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Major apartment boom ahead

February 4, 2014 - 12:55PM
Toby Johnstone

NSW was the only state to experience an uptick in building approvals in December and is Australia’s growth hub, experts say.

Total dwelling approvals in NSW lifted by 3.8 per cent in December, figures from the Australian Bureau of Statistics show.

BIS Shrapnel associate director Kim Hawtrey said the strong performance was driven by multi-residential approvals (apartments), which lifted by 10.8 per cent.

‘‘The lion’s share of these came through in the Greater Sydney area in the high density (four storeys or more) category,’’ he said.

‘‘North Sydney and Hornsby (659 approvals), Parramatta (521 approvals), the inner south west (467 approvals) and the eastern suburbs (418 approvals) all contributed to the growth.’’

Chris Johnson, the head of developer lobby group Urban Taskforce, said the strong approval numbers are part of ‘‘a continual shift towards urban living fuelled by low interest rates and off shore investments”.

Mr Johnson said Sydney was on the precipice of a major apartment boom.

“The apartment approval boom does not necessarily mean that they will all be built in the near future,’’ he said.

‘‘A number of very big projects are going through the planning system that will lead to construction over many years.”

Read more: http://smh.domain.com.au/real-estate-news/major-apartment-boom-ahead-20140204-31yd0.html
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Shadow
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New dwelling activity in NSW continues to rise. Now above early-2000 boom levels, and still rising fast...

Posted Image
Edited by Shadow, 19 Mar 2014, 09:15 AM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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goldbug
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Big FAIL shadow. The thread is about a SYDNEY construction boom, and you post up an obscure chart about new dwelling activity in NSW? That could be detached garages or pergolas in the tweed :z:

O, and the kicker! "Now above early-2000 boom levels" So what was the population of NSW 14 years ago shadow? Has it grown? :lol
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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Shadow
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goldbug
19 Mar 2014, 03:53 PM
The thread is about a SYDNEY construction boom, and you post up an obscure chart about new dwelling activity in NSW?
LOL, Sydney is actually the capital of NSW with approx. two thirds of the NSW population.

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That could be detached garages or pergolas
Yeah, because the ABS counts those as new dwellings, good point. :bl:

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http://www.dailytelegraph.com.au/news/nsw/boomtown-cranes-crowd-the-sydney-skyline-as-construction-takes-off/story-fni0cx12-1226816187753

the local construction industry is now in the midst of a boom not seen since pre-Olympics, with billions invested in new and existing properties around the state

near-record amounts of spending have led to Australia's sixth-richest man, billionaire Harry Triguboff, to declare the boom was the biggest he'd witnessed in almost three decades

Multi-billion-dollar redevelopment approvals including Sydney convention centre, Barangaroo and parts of Darling Harbour have also seen crane levels across Sydney's skyline soar.
Edited by Shadow, 19 Mar 2014, 04:10 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Housing development supply targets set too low: NSW Department of Planning and Infrastructure

Zoe Fielding | 7 April 2014

Demand for new housing in Sydney will continue to outstrip supply as development targets have been set too low to accommodate population growth, according to NSW Department of Planning and Infrastructure director general Sam Haddad.

“Indicators are that for the next couple of years we are going to achieve our targets of 25,000 to 27,000 dwellings in Sydney and I’m not sure that’s enough,” Haddad said last week at an industry forum organised by the Committee for Economic Development of Australia.

The department last year predicted the NSW population would increase by two million people to reach 9.2 million by 2031. Since then it has been examining updated Australian Bureau of Statistics data and invested in improving its population forecasts.

“Indications are that we are expecting a much higher population than we have predicted before,” Haddad said.

A larger population in Sydney meant demand for new housing would be much higher than previously anticipated and the existing targets for housing development would be too low.

The total number of dwelling units approved in NSW fell 0.2% in February after rising for 24 months, ABS data shows.

Approval times for new dwellings fell in 2012-13 compared with the previous year, according to the Local Development Performance Monitoring Report for 2012-2013. It took 68 days on average to approve a development application in 2012-13, three days less than in the previous year. Fast-tracked approvals took 17 days on average, one day less than the year before.

Haddad said there was a lag between dwellings being approved and work commencing, which the department was trying to understand but its key focus was on driving changes to the NSW planning system.

The department released a white paper outlining a new planning system for NSW and draft planning legislation on April 16 last year. The paper and legislation were on public exhibition until June 28.

The draft legislation has not yet been passed but Haddad said he was hopeful that it would pass soon as existing legislation could not cope with changes to population, community and investor expectations, environmental concerns and how infrastructure was integrated into urban developments.

“NSW is changing and we need to look ahead as to how we are going to manage this change and manage growth ... The current planning legislation cannot cope with the change that I’m talking about. It can no longer deliver to the community,” he said.

Read more: http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/29920-housing-development-supply-targets-set-too-low-nsw-department-of-planning-and-infrastructure.html
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Sydney’s undersupply set to end?

By Miriam Bell | 11 Aug 2014 03:22 PM

Sydney’s chronic undersupply of residential housing stock is set to diminish significantly due to a record level of apartments on the drawing board.

According to new research from Knight Frank, the city’s strong capital growth has contributed to the high volume of apartments being added to the pipeline of developments.

Knight Frank's residential research associate director Michelle Ciesielski said that solid population growth in metropolitan Sydney – projected, by the ABS, to be 1.7% per annum out to 2029 – was also driving the new supply pipeline.

Sydney had endured a long period of undersupply, but this was forecast to change significantly due to annual capital growth of 12.15%, she said.

“There are 26,680 apartments currently under construction in metropolitan Sydney… Sydney's North West region dominates the mix with 9,890 apartments, followed by the Sydney CBD and South regions with a combined 8,200 apartments.”

The research shows that:

At 37.1%, the North West region has the highest volume of apartments under construction. This includes Parramatta (1,640) and - in line with the Urban Activation Precincts - Macquarie Park (600), Sydney Olympic Park (585), Wentworth Park (580) and Epping (524).

In the South West region, coupled with North, 8,585 apartments (just over 32%) are under construction.

Knight Frank's NSW project marketing director Andrew Drury said Sydney was widely considered to be one of the best cities in the world for quality of life.

This attractiveness coupled with the Federal Government's incentive for foreign investment into the local market, has driven competition among foreign and local developers, as well as investors and owner occupiers, he said.

“But the geographic constraint of being located within a basin, together with a trend towards inner city living, means that higher density around established transport hubs will be required to allow more residential accommodation to be built in Sydney.”

Meanwhile, it is interesting to note that, although some parts of its market are oversupplied, Melbourne currently has only 12,600 apartments under construction. This is despite predicted population growth of 2.6% per annum out to 2029.

Read more: http://www.yourinvestmentpropertymag.com.au/news/sydneys-undersupply-set-to-end-190664.aspx
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Numerous Sydney areas rezoned to allow for higher density developments

Zoe Fielding | 11 August 2014

Multi-storey residential towers will be built in many parts of Sydney as numerous areas are being rezoned to allow for higher density development.

But development proposals are likely to face community opposition as residents resist changes they expect to increase traffic congestion and restrict access to amenities such as schools.

Three new areas along the future North West Rail Link in Sydney’s Hills district were announced by NSW Minister for Planning Pru Goward in August as Urban Activation Precincts.

These precincts will be rezoned to help NSW state government deliver on its policy to “substantially increase the supply of housing and employment, and improve housing choice and affordability”.

One of NSW government’s aims is to boost the supply of housing in areas with good access to infrastructure, particularly transport, to accommodate Sydney’s expanding population.

Forecasts suggest the city’s population will swell by more than 1.6 million people by 2031, requiring around 664,000 more homes, according to NSW government. As part of that anticipated expansion, the population in Sydney’s Hills district is predicted to swell by 100,000 people.

The Urban Activation Precincts around train stations being built along the $8.3 billion rail link at Bella Vista, Kellyville and Showground are expected to provide up to 12,000 homes, including townhouses, detached homes and apartments.

The Minister for Planning has allocated $15 million to the three areas for local infrastructure. Local communities will decide how the funds are allocated.

The announcement received mixed responses from Hills residents who took to Facebook to air their views. Some support the changes while others complained of over-development and worsening traffic problems.

Hills Shire Mayor Dr Michelle Byrne said Council had debated where the forecast population growth could be accommodated.

“We need increased densities around town centres and transport hubs so that the rest of Shire can be preserved as single-lot housing,” he said in a statement.

More broadly along the North West Rail Link corridor, 28,800 new homes are expected to go up by 2036.

The three locations in the Hills add to eight areas already identified as Urban Activation Precincts elsewhere in Sydney at North Ryde Station; Epping Town Centre; Herring Road, Macquarie Park; Randwick; Anzac Parade South; Carter Street, Lidcombe; Wentworth Point; and Mascot Station. Higher density development will be encouraged in each of these locations.

The Urban Taskforce is calling for even higher density than what has been suggested in the Hills’ Urban Activation Precincts.

“The proposed 12,000 new homes around three stations is a good start but more housing needs to be planned for,” Urban Taskforce chief executive Chris Johnson says.

The three new areas will need to incorporate residential towers in the mixed-use and high-density residential areas, he says.

“Taller buildings can help with affordability particularly if apartment sizes are kept to state government standards,” Johnson says. “The Urban Taskforce is concerned that the Draft Development Control Plan by the Hills Shire Council proposes apartment sizes well in excess of the state’s sizes and that this will make each apartment more expensive.”

Strong growth in capital values in the Sydney metropolitan area have contributed to a high volume of apartments being planned for development or under construction, according to Knight Frank Residential Research’s Sydney Apartment Market Update, released last week.

The market update reveals Sydney property values have been increasing by 12.15% annually to a median of $549,000, says Knight Frank Residential Research associate director Michelle Ciesielski. Rents have remained stable at $520 per week, with rental yields estimated at 4.95%.

Ciesielski says there are 26,680 apartments in metropolitan Sydney due for completion over the next three years. Almost 10,000 of these will be in the city’s North West including Parramatta, Macquarie Park, Sydney Olympic Park, Wentworth Park and Epping.

But extra development often meets with opposition, particularly in areas that have traditionally had few or no high-rise apartment buildings.

In Lewisham in Sydney’s inner west, for example, developers have faced battles since 2005 with local residents who are against proposals to build multi-storey residential towers at a site on Old Canterbury road near the Lewisham railway station and light rail corridor.

Several development applications have been knocked back and local residents formed action groups to block the development.

The site was sold to Meriton in 2012 for around $50 million and approvals have been now given for work to begin on the site. Meriton’s latest proposals include seven multi-storey buildings between four and 10 storeys tall containing 314 dwellings over two levels of basement car parking plus 128 square metres of retail space. These plans are going through Marrickville Council’s development application processes.

Read more: http://www.propertyobserver.com.au/forward-planning/adding-value/subdivision-zoning/34334-numerous-sydney-areas-rezoned-to-allow-for-higher-density-development.html
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6000 new homes planned for Sydney's west

August 28, 2014
Toby Johnstone, Stephen Nicholls, Eryk Bagshaw

The state government has announced plans to build 6000 new homes in North Parramatta as part of a $2.1 billion urban renewal project.

The project will be built on a 146-hectare parcel of government-owned land between the Parramatta River and Collins Street.

Over the next 15 to 20 years, apartment blocks as high as 30 storeys will be built on the site, which is home to a cluster of heritage buildings.

NSW Premier and Minister for Western Sydney Mike Baird said: "The Parramatta North precinct is home to some of the state's – and indeed Australia's – most important heritage locations and assets, including Australia's first farm and first water mill, Parramatta Female Factory and the Old Kings School."

Mr Baird declared Parramatta North a "state significant site", which will allow "fast-tracking the delivery of thousands of new homes and jobs, providing a major economic boost for western Sydney".

It is understood that the government will sell off building sites to private developers who will have to operate within the parameters of a development control plan.

Mr Baird said heritage experts will guide the government to "ensure that the most significant buildings are preserved" and assist in finding "appropriate adaptive reuse for these buildings".

The facilities at Cumberland Hospital will evetually be vacated but it has not been announced when this will occur.

The development will also include improvements to parklands.

Bronwyn Evans, who leads a group concerned about the impact of the WestConnex motorway on traffic around Wentworth Point, is also concerned about traffic congestion around Parramatta due to the influx of new residents.

"The government needs to adopt a much more holistic planning approach rather than just a knee-jerk plan 'let's do some houses'," she said. "There's no infrastructure in the whole Homebush-Parramatta area so it's a really big deal.

"They think the WestConnex is going to solve everything, and it's just not."

Read more: http://smh.domain.com.au/real-estate-news/6000-new-homes-planned-for-sydneys-west-20140828-109i27.html
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