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Construction of 3,000 homes set for Sydney

Some 3,000 homes are to be built in Sydney over the next few years, which could be good news to those considering investing in property in the Australian city.

The construction of 3,000 homes is soon to be underway in Sydney, which could interest those seeking new investment property in Australia.

These homes will be completed over the next few years and will be worth a total of $1.5 billion (£937 million), the Australian newspaper reports.

One of the major high-density developments soon to begin is to be run by Listed Charter Hall Group and Malaysian-listed property developer TA Global.

It will be located in Sydney's Little Bay - 14km from the city's central business district on the southern end of the eastern suburbs peninsula.

The 500 homes will be built over more than four years and will include houses, townhouses and apartments.

David Southon, Charter Hall's joint managing director, told the newspaper that the group is looking in New South Wales for further development opportunities.

Earlier in the month, the Housing Industry Association and rpdata.com published a report, which revealed that Sydney is still the most expensive residential land market in the country.

Posted by Ravin Chatlani

- Construction, Sydney, housing

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