JLL has reported that the number of inner-city apartments completed during the past 12 months across capital city markets fell by 21% to be 30% below its 2017 peak, while the number of apartments under construction fell by 18%. The volume of apartments being marketed has also tumbled by 47%:
JLL’s Australian head of residential research Leigh Warner said that, despite the growing confidence, developers were still doing it tough.
“Developers are looking to position themselves for the next cycle, but the reality is that it remains tough to get projects started at present,” he said.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
