Apartment undersupply looms

Housing shortage builds

I just finished recording this month's Big Picture podcast with Michael Yardney, where we discussed the undersupply of units in Melbourne.

Interesting insights from Charter Keck Cramer in their latest State of the Market reports point to exactly the same thing. 

A couple of excerpts are here:

Source: Charter Keck Cramer

It's the same story in Sydney where steepling construction costs, weak pre-sales, and planning amendments are leading developers to review the potential of projects in the pipeline. 

Relatively few completions are expected over the next three years. 

Source: Charter Keck Cramer

In Brisbane, CKC projects the undersupply to be chronic.

Source: Charter Keck Cramer

Unit prices will almost certainly need to rise before supply responds meaningfully, and interest rates will also need to fall. 

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