Economic headwinds are hitting Australia’s largest cities, as they try to boost housing development to overcome a long-standing shortage of homes.
“The weakness in approvals comes on the back of rising mortgage rates and elevated construction costs,” JPMorgan economist Jack Stinson said.
Constraints on demand are a problem. But a separate report by commercial real estate agency JLL shows the high-rise apartment sector – particularly larger projects, potentially with hundreds of new dwellings – are struggling to get off the ground, in part also because they can’t get builders. “Many major construction companies are now avoiding high-density residential in favour of other sectors and securing a builder at all has become the biggest challenge for developers, particularly in smaller markets,” the report says.
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