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Sydney development property ‘in demand’

The increase in demand from buyers has forced up prices of development land and new apartment blocks in Sydney.

The increase in demand from buyers has forced up prices of development land and new apartment blocks in Sydney.

According to The Age, developers are focusing on the popular inner and middle-ring suburbs in order to maximise returns.

In particular, real estate experts are predicting that current hotspots are North Ryde, Macquarie Park, Botany, Matraville, Canterbury, Hurstville and Parramatta.

Murray Wood, the director of residential projects with agents CBRE, explained there is strong interest in land that has not yet been rezoned to accommodate residential projects because the competition is so fierce between construction companies.

“The amount of developers ringing us daily saying ‘what have you got? We want to get into the market’. It’s massive actually,” said Mr Wood.

It was recently confirmed that permission has been granted to build a second casino in Sydney. The Crown casino will be based in the Barangaroo development and will offer 350 hotel rooms and 80 luxury apartments.

Posted by Steve Douglas

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