The Outlook for residential land 2012 to 2017 report from BIS Shrapnel has highlighted an ongoing shortage in the supply of homes in Sydney as helping to bolster prices in the state capital.
Angie Zigomanis, BIS Shrapnel senior manager, said residential demand for land is growing across the country - not just in Sydney, but also Perth, Melbourne and Adelaide - and this situation is being exacerbated by ongoing low interest rates and improving affordability, meaning more people are able to purchase property.
She said: "The rise in loans for new dwellings, although modest so far, suggests that a recovery in demand for new houses and land is beginning to emerge in these states."
Last month, the prestigious accolade of the world's best high rise development award of 2012 was bestowed on local property 1 Bligh Street Sydney by Deutsches Architekturmuseum.
The property beat competition from 17 countries and 25 cities across the globe to be named this year's winner.
Posted by Craig Francis
