Apartment building in Australia is accelerating at the most significant rate since the Australian Industry Group and Housing Industry Association implemented its index 10 years ago. Thirty percent more Australian units, townhouses, and apartments received construction approval in the first half of 2015 than in all 12 months of 2009.
What Does the Future Hold for Apartment Construction?
Opinions vary on how long the boom will last, but apartment construction is expected to stay strong for a few years yet. The Australian Construction Industry Forum believes the value of nondetached housing construction will rise by 8.7 percent. This would take this construction segment to $20.674 billion, almost twice its worth five years ago. Experts suggest apartment construction will retain this value until the 2018/2019 financial year.
How Will the Boom Affect Australia’s Construction Industry?