Lucy Turnbull's plan to tackle housing affordability
New district plans will require that land rezoned for higher density will allocate 5-10% of the extra floor space to low-income housing, reports the Sydney Morning Herald.
Though the number of properties going to auction has edged higher over the spring months, supply is not keeping up with demand. Clearances rates are at a high for the year, and prices are heading into the stratosphere.
Sydney needs a better balance of new apartments, single dwelling homes and medium density developments, much like Melbourne has, according to the Real Estate Institute of NSW.
Slower off-the-plan apartment sales in Botany suggest that supply of new apartments is beginning to exceed demand, says John Higgins, Principal of My Place Zetland.