Cranes dominating Sydney skyline herald strong growth in city’s residential development

THE rapidly increasing nu­mber of cranes cutting the skyline tells a story of the changing face of the residential market with as many as 30 cranes operating at any time, in Sydney’s inner west.

Cranes

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THE rapidly increasing nu­mber of cranes cutting the skyline tells a story of the changing face of the residential market in the inner west with as many as 30 cranes operating at any time.

The Rider Levett Bucknall Crane Index, which counts cranes in cities across the globe, found residential cranes continued to dominate the skyline of Sydney, with 29 on residential developments in the inner west.

For the 90 new cranes erected in the residential sector over the past six months, new projects were seen at suburbs including Broadway, St Peters, Newtown, Sydney Olympic Park and Wentworth Point.

RLB has counted 160 residential cranes across Sydney for the last quarter of 2015, with the inner west ­accounting for more than 17 per cent of them.

Cranes are a regular feature on the inner west skyline.

Australian Bureau of Statistics reported that the appr­oval of residential dwellings for the first three quarters of 2015 were 35 per cent above the same period for 2014.

Stephen Ballesty, Director RLB Research & Development, said it highlighted the continued growth of the multi-level apartment ­developments in the inner west.

“The strength of the residential sector within Sydney is highlighted by the ­increase in the number of cranes on residential projects,” Mr Ballesty said.

“Some commentators have commented that the sales of existing residential property has slowed, however it appears that developers are still reporting demand for new multi-unit developments that are located in the inner regions around Sydney.”

Cranes can be seen from most windows in Sydney.

In excess of 77 per cent of all cranes sighted are on residential projects, up from 76 per cent at the last count.

Four new cranes have been seen on education projects across the city including the University of Sydney’s Camperdown ­campus.

The civic sector accounts for 7 per cent of all cranes with Darling Harbour’s ­redevelopment of the Sydney Convention Centre precinct contributing ten cranes to the western harbour’s skyline.

Other projects include the redevelopment of Newtown Post Office.

Cranes in Summer Hill are a prominent part of the scenery. Photo: Trevor Seymour

GROWTH IN HOUSES PREDICTED

The Parramatta Rd Urban Renewal draft strategy by UrbanGrowth NSW shows housing targets in key suburbs along the route.
As the residential boom in the inner west continues, the State Government’s projected growth along the corridor will include up to 40,000 homes, 50,000 jobs and up to $28 billion in investment over the next 30 years.

The city has gone crane crazy. Photo: Trevor Seymour

If targets in the draft strategy are adopted and met, the population along the strip from Homebush to Camperdown is expected to increase by nearly 48,000 in that period, including a massive jump of 1500 per cent in the small locale of King’s Bay.

The little-known suburb will expand from 167 residents, on or near Parramatta Rd, to 3455.

Along the same corridor, homes will jump from 3236 to 31,428 by the year 2050.

Housing stock in Homebush will increase by 1000 per cent from 1721 to 17,354.

In Burwood, homes will jump from 612 to more than 4500, while in Taverner’s Hill will move from 313 to 3064, Leichhardt from 34 to 1222 and Camperdown from 389 to 1728.

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