Slumping numbers of new apartments under construction could force an undersupply by 2022, property advisory group Charter Keck Cramer has forecast.
The demand-supply imbalance, according to Charter Keck Cramer’s quarterly state of the market, is largely due to population growth and anaemic construction activity.
In Australia’s biggest cities prices have strongly rebounded, with Melbourne lifting by 1.2 per cent over January, along with an increase of 1.1 per cent in Sydney.
The recovery has had little effect in stirring new development as the pipeline of new apartments continues to trend down.