Property development in Sydney is booming, just about every street in Sydney at present has a house or apartment building in a state of demolition, renovation or transformation. Whilst, we could all speculate that popular television programming like Channel Nine's The Block has lead to an increase of property owners trying to improve their living spaces by any means possible, the reality is that land is something that simply is not being manufactured; that is, there's a finite supply - and demand is massive.
As Australia's most desirable city and harbouring about 20% of the nations total population, Sydney has just about maxed out it's urban growth plan. Comparatively, New York with a total of 9000 square kilometres is home to 17 million individuals whilst Sydney has a whopping 12,000 square kilometres for a mere 4 million.
So why exactly are property prices in Sydney the second highest on the planet, second only to that of China?