Sydney is the most expensive city in the world when it comes to land, apart from HK and Vancouver. It is often compared with other major cities which have very expensive land – but how does it actually stack up in terms of density?
As you can see, there is literally zero justification for the sorts of land prices we are seeing in Sydney. There is far from any shortage of land to develop. There are NO fundamentals at play here, there is NOTHING different, just a great big bubble.
I will re-iterate that by my own calculations, which state that if Sydney had HK’s density, it’s entire population could fit into an area less than one half the size of the Eastern Suburbs.