Glut of high-rise off-the-plan apartments in Sydney and Melbourne.

APARTMENT BUST TO SHOCK TENS OF THOUSANDS

mortgagee property
An inevitable glut of high-rise apartments will hit “tens of thousands” of off-the-plan investors in Sydney and Melbourne, a new report claims.
Melbourne apartment the oversupply will be significant. BIS Shrapnel tips 'very messy end' to the apartment boom.

Melbourne CBD will have an excess of 22,000 homes by June next year. The building boom has seen a surge in small apartments in high-rises, which will see an imminent “busting of the apartment bubble”, according to the Australian Population Research Institute report Sydney and Melbourne’s Housing Affordability Crisis: No End in Sight. The report, by Bob Birrell and David McCloskey, says Melbourne, and then Sydney, will soon see obvious signs of a market replete with surplus apartments as both cities jump to about 21,000 to 22,000 apartment completions in 2016 and 2017. In 2014 and 2015, completions totalled 13,000 to 14,000.


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Date: March 7, 2016
Published by: www.domain.com.au
Reporter: Jennifer Duke
Video: Watch on YouTube - Watch on YouKu
Category: Australia Real Estate