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Sydney is the largest city in Australia with a population of 22,000 in the central area and 4 million people in the greater Sydney area.

 

Built around port Jackson, which includes Sydney Harbour, the city of Sydney has been called the "Harbour City". It is Australia's largest financial centre and is also an international tourist destination, notable for its beaches and twin landmarks: the Sydney Opera House and the Harbour Bridge.

 

The city is located on the southern coast of New South Wales between the smaller coastal cities of Woolongong and Newcastle.The temperature averages a warm 23 ° C (72° F) in summer and averages around 13° C (55° F) in winter. There is something for every visitor - first class hotels, restaurants, beaches, theatre, sight seeing, nightlife and its overall vibrancy.

 

NSW Construction News in Brief

12th July 2011

 

Sydney growth-boost planned with 13,000 homes

NSW Premier announces 13,000 new homes planned for Sydney, but the decision is met with caution.
NSW Premier, Barry Farrell, announced the planned construction of 10,000 homes in Sydney's north-west, and 3,000 in the city's south-west. Many, including the Sydney Business Chamber, remain cautiously optimistic, emphasizing the requirement for infrastructure alongside the planned development to minimize stress on the current infrastructure.

 

"If the Premier is bringing forward 13,000 new homes he must also bring forward new community infrastructure," says opposition planning spokeswoman, Linda Burney.
"You need new roads, schools, hospital capacity, sewerage connections, lighting, community buildings and parks."

Construction is scheduled to start in two years at Marsden and Catherine Field respectively. Housing is currently one of the government's biggest challenges.

 

 

30th June 2011

 

BIS Shrapnel report indicates moderate growth in property market

A BIS Shrapnel report indicates that the Australian property market could grow despite current delinquency concerns.

The growing number of first-home buyers falling into arrears is proving problematic for the property market. However, according to BIS senior manager and study author, Angie Zigomanis, “they [the number of owners in arrears] are still very low compared to other countries. And it depends on how much they rise further to see if they are worrying.”

Stronger economic growth in 2011 - 2013 and falling unemployment levels will flow through to property, leading to a return of first-home buyer levels to their previous ‘normal’ state. This, however, remains dependent on rises in interest rate levels, which are currently at 4.75% - the highest in the developed world.

 

Sydney, Perth and Melbourne are projected to show the fastest residential property growth in the next three years.