REPORT: Sydney's CBD is driving the city's housing boom

Over three times more homes were completed within the City of Sydney’s boundaries during the first seven months of this financial year than in any of the 41 other Sydney councils, new State Government figures reveal.

The City of Sydney is at the heart of Sydney’s housing boom which now sees one in five all new homes being built in the metropolitan area. The local area includes 33 suburbs and is home to over 187,000 residents — around 4% of Greater Sydney’s total population.

Major residential developments have spurred the property boom including the $2 billion residential and commercial village, Central Park, situated near the University of Technology and Sydney University.

In 2013, the Sydney City Council also approved the $90 million development of York & George, a 39-storey complex which will house 199 designer apartments.

With a population density of 7,017 per square kilometre, the City of Sydney has undergone a facelift as one of the fastest growing areas in Australia. By 2030, the City’s population is projected to increase to just over 267,000.

According to the City of Sydney, 44% of residential dwellings under construction in the City of Sydney at the end of June last year were located in Green Square and City South followed by Redfern Street and Gleve Point Road.

98% of these were built as multi-storey apartment buildings to accommodate for the population increase.

In cooperation with the State Government, the Council looks to transforming George Street into a pedestrian-friendly boulevard, improving the light rail transport system and facilitating better community services.

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