BIS Oxford Economics has forecast that the number of apartment commencements across Australia will fall below 60,000 by mid-2020, compared with around 119,000 in the March 2016 quarter. BIS expects demand for apartments to fall sharply in coming years due to an oversupply, with Brisbane expected to bear the brunt of the decline in dwelling starts, followed by Melbourne. From The AFR:
High-rise apartment commencements in Queensland will fall as much as 70 per cent from their peak in 2015/2016 and they will fall 60 per cent in Victoria, BIS said. Even NSW will see its number halve from the 2016/17 peak, it said.
