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The past decade witnessed the biggest ever high-rise construction boom in Australia’s history, driven by Australia’s three largest cities:
However, according to BIS Oxford Economics and others, the sector is headed for an epic bust, with apartment starts likely to fall to less than one-third of their former heights:
…the industry, which started 69,600 apartments in towers of over four storeys in 2015-16, will be down to around 34,000 starts when this financial year comes to an end, and is expected to commence just 21,500 apartments in 2020-21, according to analyst BIS Oxford Economics.
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About the author
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.