Lockdown weary Melbourne might be conducting property business at arms’ length thanks to the pandemic, but that hasn’t slowed the number of developers circling the southern city in search of opportunity.

The permit pulse in the southern city still beats strong, with lockdowns and a cautious economic outlook doing nothing to discourage developers looking for a way to capitalise on a market that has very real evidence of being two-speed.

Apartment supply data is showing continued signs of slowing. A number of approved projects are experiencing delays brought on by weakened pre-sale demand, rising land and building costs, and stricter funding conditions.

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