The number of inner-city apartments completed during the past 12 months has dropped by 21 per cent across capital cities to be 30 per cent below its 2017 peak, as developers have struggled to attract presales amid a backlog of unsold stock and weaker-than-expected investor demand.

JLL's Residential Apartment Market Report for the fourth quarter of 2019 found that the supply pipeline has continued to shrink, with the number of apartments under construction dropping by 18 per cent over the year.