Higher selling prices – of apartments targeting downsizing home owners – have boosted the construction of new units, putting the country on track to record its highest number of completions this year since 2020, new figures from consultancy Urbis show.
A 26 per cent national increase in apartment selling prices that has made new development projects viable will lift new home completions this calendar year to 28,000, the most in four years when the total was 32,000, the Urbis Apartment Essentials Q1 2024 report says.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
