BIS Shrapnel has released its Apartments in Sydney Suburbs Market Brief, with a major finding that off-the-plan apartments are experiencing significant demand in Sydney's inner suburbs.
Sydney's deficiency of dwellings has underpinned the market upturn, with a collapse in dwelling completions between 2006/07 and 2011/12 creating a large housing deficiency by the end of 2012. With the combination of this deficiency and lower interest rates, new dwelling completions have grown from 8,400 in 2011/12 to 33,400 in 2014/15.
BIS Shrapnel found that both overseas migration and a record low net interstate migration outflow has continued to sustain this deficiency despite the rising supply of dwellings.
