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1.Market Observations, 8.Was Sticky

21 Sept 2016 (AFR) – Apartment developers ‘are slashing prices’ as oversupply bites

(21 September 2016, AFR, p33, by Su-Lin Tan)

‘The construction of apartments in the major Australian cities will slow down heavily in 2017 and 2018 as the apartment industry heads into a correction, according to a report by IBISWorld.  After high level of construction activity since the late 2000s, with multi-unit residential commencements rising by 6.8 per cent a year over the five years to 2016-17, developers – particularly in Melbourne and Brisbane – are now holding back developments and delaying project starts due to an oversupply of products.  Developers and owners of projects have “started slashing prices of apartments”, according to the Multi-Unit Apartment and Townhouse Construction in Australia report. ‘

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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