Apartment supply is set to shrink by 73 per cent over the next two years, which would worsen the current rental shortage and potentially trigger price increases.
Apartment supply is forecast to shrink by 73 per cent nationwide over the next two years, worsening the current rental shortage and potentially triggering price increases in some projects, new report shows.
The number of apartments currently under construction and being marketed in Sydney is set to plummet by 83.5 per cent by 2025, according to a new report.In Sydney, apartment supply is set to slump by 14,500 units or 83.5 per cent by 2025, while Melbourne is expected to contract by 7900 units or 65.3 per cent.
Richard Temlett, Charter Keck Kramer director of research and strategy, said the sharp decline in apartment supply would put a floor on prices and even spark increases in some projects.“For established apartments that have been built, I think the supply shortage and strong demand will limit the price declines,” Mr Temlett told“For new products, prices are going to have to increase, and it’ll start increasing over the course of 2023 across most projects.
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