Apartment sales crash

Wednesday, 28 March 2018

Via the AFR:

Activity in Australia’s capital city apartment markets tumbled dramatically last year as developers launched just 128 projects, compared with 248 in 2016, new figures from consultants Urbis show.

The slump in new project launches, which comes as developers struggle to obtain construction financing and overseas buyer numbers dwindle due to new state taxes and surcharges, saw total new apartment sales almost halve to 11,500 across 92 projects in 2017, compared with 20,400 across 165 projects in 2016.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.