Apartment Development Hotspots in 2018 and 2019
Research commissioned by Strata Plus has completed forecasts on unit development for 2019. The trends are interesting. We tracked approvals, and completions for 2019 so far. Approvals provide an indication of where the market is heading over 2020.
After a record apartment completion year in 2018, indications are that completions for 2019 and 2020 will drop off considerably. The challenge for the industry and government will be to maintain the pipeline of projects that could take 12 months to come back on stream.
Parramatta is already topping the completion forecasts for 2019 and looks like it will continue through to 2020.
From the results, it appears that Sutherland, Canterbury-Bankstown, Cumberland, and Blacktown will see their share of the apartment market grow, while Ryde, Bayside, and Willoughby will see their share drop. Parramatta, Sydney, the Hills, and Randwick should continue to maintain its market share in a falling market.
|Top 10 Approvals 2019||Top 10 Completions 2019|
|1. Parramatta||1. Parramatta|
|2. Canterbury-Bankstown||2. Ryde|
|3. Cumberland||3. Bayside|
|4. Ryde||4. Canterbury-Bankstown|
|5. Sydney||5. Cumberland|
|6. Bayside||6. Sydney|
|7. Sutherland Shire||7. Willoughby|
|8. Blacktown||8. The Hills Shire|
|9. The Hills Shire||9. Randwick|
|10. Randwick||10. Blacktown|
Urbanised Pty Ltd 2019 Development Forecasts for Strata Plus