Business
Sydney apartment buyers pay $355,000 more due to zoning restrictions – Sydney Morning Herald
Sydney apartment buyers pay an average of $355,000 too much because of zoning restrictions with new research calling for unit blocks to go 20 storeys higher.
However, property prices have started tumbling in Sydney and Melbourne without planning changes due to the coronavirus pandemic’s impact on the economy and jobs. Sydney house prices dropped 1 per cent in July on CoreLogic data released on Monday, while apartment prices fell 0.7 per cent. House prices in Melbourne dropped 1.4 per cent over the month and apartment values declined 0.7 per cent.
Rents and vacancy rates have also been affected in both cities, with more than one in 10 Sydney CBD apar…
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