Mr Brian Boyd - Managing Director of PAYCE Consolidated Limited, discusses the outlook for Investment Apartments and Residential Apartment Development around Sydney`s inner City and CBD.
PAYCE Consolidated Limited is one of Australia's premier development companies in Sydney, building new apartment buildings and commercial property estates. PAYCE Consolidated Limited's continued involvement in residential property investments are vital to Sydney's efforts to manage the Housing boom currently experienced by Australian housing markets.
PAYCE Consolidated Limited are set to deliver innovative residential apartment developments, residential properties and landmark commercial property developments with a strong sense of community planning at the heart of every PAYCE Consolidated Limited apartment and investment property development.
PAYCE Consolidated Limited now have an impressive list of residential apartment properties designed, developed and built around unique and cohesive communities in and around Sydney.
PAYCE Consolidated Limited has been developing and creating exceptional places to live, work and play in and around Sydney - NSW since 1978.
Investment and Residential Apartment developments
PAYCE Consolidated Limited - the Flagship of Community development in Sydney Central
- PAYCE Consolidated Limited is one of Australia's premier development companies in Sydney, building new apartment buildings and commercial property estates. PAYCE Consolidated Limited's continued involvement in residential property investment as well as commercial property development, are vital to Sydney's efforts for Urban Renewal and Community Estate Projects.
Property Economics Report claims - Apartment Development boom is well under way.
A recent property economics study revealed that inner Sydney is on the brink of an apartment construction boom. Twenty-five thousand apartments are currently in the development pipeline and scheduled to take place between 2013 to 2018.
Dwelling construction overall has fallen well below long term averages in New South Wales for more than a decade.
Brian Boyd commenting on behalf of PAYCE Consolidated Limited said - Over the last twenty years, PAYCE Consolidated Limited have worked relentlessly to build a reputation, not only for High construction standards in their Apartment Buildings and residential surrounds, but have gained an exceptional track record in building masterplanned communities. PAYCE Consolidated Limited have continued to experience strong growth over the last decade.
Why the Current increases in Apartment development and construction activity.
A number of influences seem to have come together to promote this lift in construction projects. Underlying demand from owner occupiers and investors appears high and sustained, low interest rates are assisting developers and purchasers alike.
Brian Boyd of PAYCE Consolidated Limited noted that - there seems to be a bit of supply in the market with land values now starting to rise
There is also a bit of in-fill land supply that might have previously been used for industrial. For example a lot of inner ring areas like Homebush Bay are now changing.
Brian Boyd added that - the outlook was positive with a good mix of buyers in the market from investors, first home buyers and people looking to downsize.
The Building Industry goes to market
For more than a decade, Dwelling construction overall has fallen below long term averages in New South Wales.
This, has in turn held back economic activity which can be generated through apartment and residential property development. The recent growth in residential construction and development, as well as the corresponding preferences for apartment living are helping to reverse these process.
Mr Brian Boyd said - There are 300 workers on site every day working hard to make East Village a reality. The Basement parking and Ground level retail structure is now complete and work has commenced on Level 5.
"The residential Sky Park is due to commence next month and project completion is on track for mid-2014."
Mr Boyd said he was extremely proud of the Platinum development which is Payce`s third on the Victoria Park site. Platinum a template for future urban design, this is one of the last pieces in the wonderful tapestry that is Zetland and it really does set new standards - Mr Boyd said.
The impacts of developing 25,000 apartments over five years are many.
First, this apartment development activity is notably increasing the total number of dwellings, and corresponding increases in road traffic impacting metropolitan Sydney.
Strategic planning policies for metropolitan Sydney call for significant population growth to be accommodated within the existing urban area.
Over the next few years two light rail links in Sydney will transform parts of the south-east and inner-west, adding further energy to the residential market.
Significantly the light rail will also reduce the number of buses now increasingly clogging the CBD during the peak, the reduction in congestion combined with a brand new public transport options to key locations will greatly increase demand for new residential Apartment developments.
Mr Brian Boyd noted that - In addition to the existing rail line, there is the $300 million light rail system to link the area to the city, an 8-screen cinema complex was recently announced for the Green Square Town Centre
Market demands on Residential and Investment Apartment developments in Sydney
Although there are pockets of apartment development opportunities emerging in the middle-ring suburbs of Sydney, demand is greatest in the Inner Sydney Region, close to the largest concentration of jobs, public transport, universities, retail and entertainment.
Mr Brian Boyd observed that - You don't have to live right on Sydney Harbour to enjoy a great quality of life.
There are also a lot of people who are keen to acquire a home which is close to the city
One of PAYCE Consolidated Limited 's primary goals is to provide communities where apartment residents have access to a wide range of retail and commercial properties, amenities and services - all within easy reach of their Award winning Residential Apartments.
Mr Brian Boyd continued - "People don't just want a home – they want to be part of an integrated community with all the services right on their doorstop. Integrated community is the way of the future."
Markets streamline with Property strategies for development approval
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.
PAYCE Consolidated Limited specialises in innovative urban design projects which encompass residential, retail and commercial components to create a truly integrated lifestyle experience and an environment that people gravitate towards. Committed to best practice, PAYCE Consolidated Limited has a proven track record for completing apartment development and commercial property development projects significantly ahead of schedule.
Mr Brian Boyd stated that - The residential Sky Park at the East Village commercial precinct, is due for completion and is on track for mid-2014. East Village – with its great retail component – will be the icing on the cake – delivering a real community feel to the area.
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