Relatively affordable apartment buildings are being demolished to make way for ‘ultra-luxurious’ homes amid state’s housing crisis
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Sydney property developers are buying blocks of units, knocking them down and replacing them with fewer luxury apartments or homes, a trend that is reducing dwelling numbers amid a statewide housing crisis.
Numerous developments across inner Sydney and the eastern suburbs have been approved, with more in the planning stage. In most cases interwar low-rise apartment buildings will be demolished to make way for “ultra-luxurious” homes for many fewer residents.
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