Apartment living is taking off, but a supply shortage in NSW as building costs climb is slowing its pace.
Approvals for new dwellings in NSW have fallen to a 12-year low but the state government says it is working to reinvigorate the construction sector.
"We can walk to the shops and don't need to get into a car to go anywhere, and the whole thing is so ideally placed in the middle of the main street.Mr Henshaw and his partner are part of an ongoing cultural shift among younger and older Australians looking towards apartment living for affordability, access to services and improved transport options.
"If we are looking at the last four years we have seen a nearly 30 per cent increase in construction costs across NSW, and nationally the average is at around 32 per cent."Ms Emmett said competition for a limited workforce was being made worse for NSW because of the growth occurring across the border in Queensland.
"When you have the cost of construction going up the way that it did in addition to the way that interest rates have gone up … finance costs have gone up as well for these projects — it's made a lot of those projects not feasible," he said.NSW Planning Minister Paul Scully is working to reinvigorate housing construction with a raft of measures designed to speed up approvals, particularly for higher density homes.
"These developments will not only provide much-needed housing, but also enhance the livability of our cities by integrating residential, commercial and recreational spaces," Mr Scully said. The rush is on to approve and build new homes, but some are cautioning of the risk of hurriedly built, inferior quality high-rise.
High Rise Development Urban Development Wollongong Development Approvals
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