A new report shows the East Coast apartment pipeline has shrunk to a decade-plus low - and squeezed supply points to higher prices, especially in the NSW capital.
luxury apartments in its One Circular Quay project in Sydney.
In Melbourne’s case the city recorded 5900 new apartment commencements last year, down on the 24,300 of 2015 and the 11,900 of 2013, the report shows. Even as “quite worrying” headwinds, such as rising borrowing costs, would work against the development sector, the shortfall will kickstart the next wave of apartment development, Mr Temlett said.
The pandemic was likely to have changed the apartments coming to market this time around, however, as they would need to meet the needs of people more likely to work from home than was contemplated in the last development boom, Mr Temlett said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Never seen Jupiter like this’: James Webb telescope shows incredible view of planetThe photos, taken in July, capture unprecedented views of the biggest planet’s storms, moons and surrounding rings
Read more »
Anthony Joshua shows there's nowhere to hide amid the unravelling of a boxing dreamEmotion is the lifeblood of sport, but when it bubbles over as it did with Anthony Joshua after his split decision defeat to Oleksandr Usyk, there's truly nowhere to hide.
Read more »
Arkansas officers suspended after video shows suspect being beatenThree officers can be seen punching and kneeing a man as he lies on the ground in Crawford County
Read more »
New SA COVID-19 modelling shows next wave of cases coming in NovemberSouth Australia will face another COVID wave in November as immunity wanes, according to the latest modelling released by SA Health.
Read more »
Three law enforcement officers suspended over violent Arkansas arrestGraphic footage posted to social media shows two county deputies and a police officer repeatedly striking a man while holding him on the ground.
Read more »
Morning mail: support for power bill caps, parents struggle with GP costs, Paine plans returnTuesday: Poll shows more than two thirds of Australians want help with power bills. Plus: Tim Paine could be back playing cricket next month
Read more »