Over the last 10 years Melbourne has seen an enormous amount of new residential development in and around the CBD. They vary from the small low rise buildings (Sargood House) to some of the biggest Australia has ever seen (Eureka). So is this a good or bad thing? This always sparks a lot of debate with industry people and the general public. One of the main concerns we hear is about the type of buildings that redefine the concept of compact living. These apartments allow an entry into a booming market and provide low cost rental in traditionally expensive areas.
The article below outlines the new changes to the minimum sizes new development need to be built by. Is this a step in the right direction, will it make it harder for first home buyers and how will this affect the current properties which have been built prior these changes?