The latest data on the number of dwellings under construction across Australia highlights a growing settlement risk across the Melbourne and Sydney unit markets.
The Australian Bureau of Statistics published building activity data this week which showed there were 227,122 dwellings under construction nationally, only slightly lower (0.6%) than the record high set over the March quarter earlier this year. 69% of these dwellings were classified as ‘other residential projects’ which are predominantly apartments. Three quarters of these new apartment projects are located in New South Wales (66,511) and Victoria (50,085).
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
