Sydney rising to new economic heights
1 May 2015
Sydney's status as a construction and economic activity hotspot has been confirmed by a report, which has found the number of cranes at work on high-rise residential towers in Sydney has doubled in the past six months.
The number of cranes working residential projects totals 123 – double the figure of six months ago, with approximately 76 new cranes on Sydney residential sites.
The results are calculated by a crane index devised by quantity surveyors Rider Levett Bucknall which can be used to assess the amount of residential and commercial construction activity
There are currently 426 cranes at work on commercial and residential projects in Australia's capitals, a 31% gain since September last year.
"Based on our research, 73% of all cranes erected across the country are on high-rise residential projects, while only 13% of the total number are erected on commercial projects," research director Stephen Ballesty said.
With new projects such as the Homebush Grand Central Apartments, the pace in Sydney is not slowing.
Why should you invest?
Sydney is one of the best places in the world to invest. One of the world's great cities, Sydney is the prosperous and multicultural home of 4.67 million people.
The crane index report confirms that Sydney is the construction capital of Australia, with 162 cranes on Sydney's horizon, able to support a strong growing population.
The RLB report provides details on some of the bigger projects underway in Sydney:
- Lend Lease has 11 cranes on its Barangaroo South project.
- At Darling Harbour, it has another seven cranes for the new convention centre.
- Construction on the Darling Square apartments begins soon.
The release of the crane index report follows news that New South Wales has secured the top spot in the nation's economic rankings for the third consecutive quarter.
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