17/04/2015
This is a confusing decision. We at Boskovitz & Associates have not had an opportunity to read the judgment but we make the following observation:
The current rule of thumb provided stock in the market that, whilst still very expensive, was affordable for people trying to enter the market. Larger apartment sizes will do the following: 1) push up prices for entry level one bedders and 2) will lead to the development of less apartments which will further widen the gap between supply and demand in NSW.
We await the Court of Appeal hearing and the decision thereafter.
Meriton has found an unlikely ally in some of Sydney's most rigorous architects after a court judgment raised the minimum size of the city's units.