The upcoming rental project Meadowbank in Sydney's northwest will bring a sigh of relief to Sydney's tight rental market. The project will release 291 new apartments aimed at alleviating the current situation of high demand and low supply in the market. According to data from PropTrack, Sydney's vacancy rate reached 1.46% in May, highlighting the housing shortage the city is facing and underscoring the importance of increasing rental inventory.
The Meadowbank project, invested by Apt. Residential, will cost a total of USD 280 million and has already received pre-approval. The project will comprise four low-rise buildings offering different layouts including studios, one-bedroom, two-bedroom, and three-bedroom apartments. As a suburb highly favored by young professionals, students, and young families, Meadowbank has seen its vacancy rate drop to a six-year low of only 2%.
realestate.com.au
For residents, Meadowbank boasts a prime location with convenient access to public transportation facilities, including train, bus, and ferry stations, all within walking distance. Additionally, the project offers options for both furnished and unfurnished apartments to meet the diverse needs of tenants.
Carolan, General Manager of Apt. Residential, stated that the Meadowbank project will make a valuable contribution to Sydney's rental market. He pointed out that the affordability issue in Sydney's rental market remains severe, with many tenants still struggling to find high-quality rental accommodations. Therefore, this project marks the first step in Apt. Residential's long-term goal to increase the necessary rental supply in the market to meet the needs of tenants.
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In addition to apartments, the Meadowbank project will also provide approximately 4,000 square meters of retail space where residents can enjoy shared electric cars, shared office spaces, resident lounges, activated rooftops, and other facilities. Demolition work has already begun, with the project expected to be completed in the fourth quarter of 2026.
Meadowbank is located 15 kilometers northwest of Sydney's city center, within the jurisdiction of the City of Ryde local government area. The launch of this new project will provide more rental options for Sydney and offer tenants a more comfortable and convenient living experience.
