The Growth of Apartment Construction in Australia

Michael Shoory
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Michael Shoory: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2016, 19-26

Abstract: Apartments have become an increasingly important contributor to new dwelling construction over recent years and in 2015 accounted for more than one-third of all residential building approvals. The majority of recent apartment construction has been located in Sydney, Melbourne and Brisbane. Across these cities there have been differences in geographical concentration, the types of buyers purchasing the dwellings and supply-side factors such as planning frameworks. The increase in apartment construction has reflected a range of factors, including the nature of land supply constraints and affordability considerations, together with a desire to reside in close proximity to employment centres and amenities. Given that these factors are likely to persist, apartments are expected to continue to play an important role in providing new housing supply.

Keywords: Apartments; Amenities; Construction; Housing; Housing markets; Housing supply; Dwelling supply; Building approvals; Median prices; Median rents; Development approval; Foreign buyer; Owner-occupier; Investors; Mortgage financing; Mortgages; Planning and approvals; Approvals process; Zoning; Developer; Developer financing; Settlement risk; Population growth; Local council; Minister for Planning; Off-the-plan; Pre-sales (search for similar items in EconPapers)
Date: 2016
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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