(MENAFN) Due to a surge in Sydney house prices and an acute housing shortage, homeowners started offering their houses as a development block for apartments, like the five suburban brick homes sold for a record USD15 million.
Developers such as Stockland and Mirvac are also reaping the rewards, boosting profits as new apartments are snapped up, and it's worth mentioning that they need at least 4,000 sq. meters of land for an apartment building.
Sydney's population of 4.5 million people already spreads over 1,600 square km, twice the size of New York City, thus urban planners say higher density living is key to providing sufficient housing.
Approvals for multi-unit projects nationally increased 28 percent in 2014 to record highs, raising hopes that the extra supply will help reduce potentially dangerous house price rises.
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