The 28,000 apartment spurt tipped to trigger Sydney unit prices into decline
Jonathan ChancellorDecember 7, 2020
Sydney will be overloaded by a wave of newly constructed apartments, which Dr Nigel Stapledon of UNSW forecasts will result in falling property unit prices and rents next year.
An average of 28,000 new units will be completed each year for the next three years, he says.
Dr Stapledon said that figure is more than double the historical average, citing figures from the Australian Bureau of Statistics.
Between 2005 and 2014 there was an average of 15,700 new units completed each year.
He added, in the Fairfax Media report, that some 13,000 new units were on track to be offered across Sydney before the end of 2105.
The result, he tipped, would be prices falling "north of 10%" within the next nine months.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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Sydney