The number of cranes towering over Australia’s east coast cities has jumped by 20 per cent in the last month, with almost all of them dedicated to creating new residential properties to fill a much needed demand for housing, which should help alleviate the housing crisis that our major cities are experiencing.
Sydney, already struggling with a lack of affordable housing, is home to more than two thirds of over 114 new cranes that have joined already existing cranes from six months earlier. Almost all of these cranes are dedicated to high-rise living, which is currently favoured by the market.
This goes against official figures that suggested approvals of new apartments and the construction industry has slowed down, as not only has the number of cranes increased, but they are all active and are even spreading into regional areas where they were previously unheard of.
As expected, most (84%) of the cranes are located on the east coast, with more than two thirds of them working in Sydney in Melbourne. Only Perth has seen a downturn in the amount of cranes and residential high rises, while Brisbane has remained steady.
Surprisingly, Newcastle, which was traditionally counted under Sydney, has broken out on its own for the first time to have nine cranes, a figure equal to Adelaide, which indicates a growth in population and also demand for affordable housing outside of, but still close to, Sydney.
Across Australia there are 647 cranes currently working across nearly as many residential construction sites. The commercial construction sector accounted for only 45 cranes, which is a reduction of three in the last six months. Forecasting suggests these figures won’t change much for at least another two years.