Supply in Sydney’s new apartment market will continue to meet buyer demand for multi-unit dwellings until at least the end of 2016, and may exceed the number of completions over the 2012 - 2014 period, according to a new report from global property services firm JLL.
The report, entitled
‘Sydney Apartment Market Indicators’, predicts that as many as 61,000 new units could complete between 2015 - 2017, based on projects with 50 units or more. This compares to the 44,500 net completions of multi-unit dwellings between 2012 – 2014, according to the NSW Department of Planning and Infrastructure’s Metropolitan Development Program. However, the number of completions over the upcoming time frame is more likely to sit at 46,500 units, according to JLL’s probability weighted figures, which adjusts this number based on the likelihood of each project completing on a scale of “proposed” to “under construction”. This adjusted figure is in line with the multi-unit completions between 2012 - 2014.