Inner Sydney apartment construction rush over next five years

There are 25,000 apartments across 130 projects to be completed in the next five in Sydney, according to a report consultancy firm Deep End Services.

The CBD will be home to 4,000 of those apartments, the greatest of all 36 suburbs covered by the report.

About 40% of those apartments are currently being built. Nearly 3000 will be completed this year and 6000 will be finished next year.

The 2014 peak comes with the completion of stages in some of the bigger projects presently underway in Inner Sydney, such as Central Park  in Chippendale, Harold Park in Forest Lodge, Divercity in Waterloo, VSQ, Emerald Park, Eon, EastVillage and Platinum all in Zetland and The Quay Haymarket.

The 25,000 apartments identified would reportedly house 44,000 additional people – about in line with population forecasts by NSW Government.

The inner city suburbs are garnering the most building approvals for units.

“Although pockets of apartment development are also emerging in the middle-ring suburbs of Macquarie Park, Parramatta and Olympic Park, demand is greatest in the Inner Sydney Region, close to the largest concentration of jobs, public transport, universities, retail and entertainment,” the report says.

“Strategic planning policies for metropolitan Sydney call for significant population growth to be accommodated within the existing urban area.

“The present apartment cycle means both market preference and planning strategies are aligned and this appears to be giving rare speed and volume to the process and number of approvals and development.”