The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 16 Oct 17

Apartment Approvals Fall by 15.6% in Third Quarter

Inner-City

Inner city apartment approvals are at the lowest in a decade, with recorded falls in all Australian capital city markets other than Perth.

In CBRE's Marketview Australia residential report for the 2017 third quarter, the research indicates a year-on-year drop in house building approvals of 3.5 per cent with non-house building approvals falling by 15.6 per cent.

Australia's capital cities have had almost 400,000 apartment approvals in the past five years, with 100,000 approvals recorded in FY16 alone.

The reports authors Stephen McNabb and Craig Godber noted that most markets recorded their high points between financial year 2015 and 2016, although in Sydney the approval cycle lasted longer.

Over 30 per cent of approvals in this time have been in inner city locations -- within approximately a five kilometre radius of the GPO.

Inner city approvals have accounted for 26.3 per cent of total metropolitan approvals in the past year -- its lowest level this decade -- and fallen in all markets except Perth.

With the next two years likely to be the peak in completions in the current development cycle, the inner city share of activity in most markets is likely to remain constrained for some time.

Capital City market trends

Sydney

price growth looks to be easing, and while vacancy remains low, apartment completions in 2017-18 are expected to generate some rising pressures.

Melbourne

markets remain supported by the strongest population growth in the country, although capital growth within the CBD apartment market has continued to slow.

Brisbane

is seeing clear signs that the inner city apartment market has slowed, with high levels of supply beginning to complete and easing demand from foreign investors.

Perth’s

market remains patchy overall. Some parts have shown slight value growth, although not consistently enough to reflect confirmation that broader conditions have turned for the better yet.

Adelaide

is seeing some vacancy pressures emerging as completed developments enter the rental market.

Canberra’s

apartment sales volumes have dropped although listings are up, suggesting a rise in vendor discounting and a lengthening in settlement timeframes.

Docklands Melbourne image copyright: ymgerman / 123RF Stock Photo

ResidentialAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
The Dorcas Street project replaces demolished walk-ups with 131 modern apartments, the first step in a multi-stage redev…
LATEST
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/apartment-approvals-fall-15-6-third-quarter