Following on from the recent Urbis apartment market event, we are happy to provide you with a summary of the highlights and a copy of the presentation.
Parramatta has the largest apartment future supply pipeline in Inner Sydney.
The Urbis Apartment Essentials analyses data from over 200 actively selling apartment developments across Inner Sydney, and a further 210 projects are monitored as part of the future supply pipeline. Currently, Parramatta has the largest level of apartment future supply in Inner Sydney.
Across Inner Sydney, with prices beginning to stabilise and foreign buyers dropping off, the focus has shifted to attracting local state investors and owner-occupiers. The most recent March 2018 quarter results are now available – please contact Associate Director of Property Economics, Alex Stuart to find out more.
Central Cities are diverse, policy enabling environments
Central Cities and the opportunities they offer for residential development are on the rise.
Director of Property Economics and Research, Princess Ventura, highlighted that the number of families raising children in apartments is increasing, which will inform the product mix and tailored amenities for future developments.
Parramatta is a prime candidate for a Central City. It exhibits trends found in other apartment hotspots such as a high proportion of overseas-born apartment residents and young families, as well as transport amenity, population growth and housing growth.
So how do we harness the opportunity to deliver housing choice diversity, connectivity and a sense of community? Princess Ventura says, “business, as usual, won’t be good enough.”
A Central City needs to be walkable, open-minded, have social infrastructure and retail as well as a sense of place. Rouse Hill’s activated town centre is a key example of harnessing these opportunities, catering to the community’s needs and providing housing diversity.
Public transport investment is a key action for the GPOP Corridor
Planning Director, Murray Donaldson provided a planning perspective to the Central City discussion. Parramatta’s Light Rail and Sydney Metro West infrastructure investments will support the Central City as it expands, providing better access between centres and to the GPOP corridor.
Councils are more willing to work with landowners to harness these opportunities and create more accessible, serviced and diverse communities.