High-rise living the solution for Sydney's 'property affordability'
The development of 80-storey apartment towers could be the solution to Sydney's affordable 'housing crisis', one property expert suggests.
Michael Brooks - former chief executive officer of the Retail Property Association of Canada - said Sydney needs to have more high-density living options in order to give young people a shot at homeownership.
"Your houses are too expensive because people do not have that choice, because you do not have that density,'' Mr Brooks said.
"You do not have enough medium or high-rise. You need product in the $250,000 range. You need to get that to market. I do not care if it takes 80-storey buildings, do it," News Limited reported Mr Brooks as saying.
Mr Brooks, who made the comments at the UrbanGrowth NSW conference yesterday (March 11), went on to say that Toronto, which expects similar population growth as Sydney, will address affordability issues and demand with more high-rise buildings to avoid 'urban sprawl'.
His comments come after the latest figures from the Real Estate Institute of New South Wales showed Sydney house prices rose 6.1 per cent to $594,000 in 2012.
According to a new wealth report from Knight Frank, Sydney is the ninth most expensive luxury property market in the world.