Be it Sydney, Melbourne or Brisbane, all you need to do is look up to get an understanding of the epic apartment construction boom currently underway across Australia’s eastern seaboard.
There are cranes littering the skylines of Australia’s largest cities, particularly in inner city areas. It seems apartments are being built here, there and everywhere.
The hard data backs up that view. According to CoreLogic, citing March quarter building activity figures released by the Australian Bureau of Statistics (ABS) earlier this month, there are currently record-high numbers of apartments under construction in New South Wales, Victoria and Queensland, underscoring the magnitude of the current high-rise construction boom.
The chart below, supplied by CoreLogic, tells the story. In the first three months of 2016, approximately 29,987 apartments commenced construction, overshadowing the 25,122 figure registered for houses. This was the first time ever that the number of apartments commencing construction outnumbered those for houses in any single quarter.
Source: Business Insider
Expotrade Australia Pty Ltd
Suite 1, Level 1, 2 Brandon Park Drive
Wheelers Hill VIC 3150 Australia