What we're really interested in is what is in the pipeline, which is shown by the dwelling units commenced figures (click chart).
As you can see, apartments and units now account for more than four in every ten new dwellings being built, which represents a huge structural shift on what we have seen in decades gone by.
This is particularly so, as you might expect, in cities such as Sydney, Melbourne and Darwin where desirable land made available for development has been scarce.
When adjusted for the boom in population growth, then dwelling unit commencement figures have actually been fairly soft in relative terms in recent years adding to the upwards pressure on dwelling prices.
At a monstrous 336m this will even surpasss the awesome Q1 tower up on the Goldie, which provides another useful clue to how the Sydney of tomorrow will look.
The land value per dwelling in these developments can be very low at just a few percent, the new apartments tend to be very expensive as compared to established stock. Buyers should exercise a good deal of caution.