Apartment boom still flying high: Just ask the cranes
For an insight into the Sydney and Melbourne property markets, just count the cranes dotting the skyline.
Global property and construction consultants Rider Levett Bucknall (RLB) have conducted their biannual crane count survey across a number of major global cities, the ABC has reported, and found a record 528 cranes working above apartment developments in Sydney, Melbourne and Brisbane. By comparison, 419 residential construction cranes were found to be in use across major North American cities such as New York, Boston, Chicago, San Francisco, Los Angeles, Toronto and Calgary.
The number of cranes in use for residential construction has risen 313% over the past three years, the ABC reported. While the number of cranes in use for residential construction moderated in Melbourne and Brisbane over the last quarter, construction seems to be picking up pace in Sydney.
Residential cranes in Melbourne fell from 124 to 109, while cranes in Brisbane fell from 91 to 87. The number of residential cranes in use in Sydney increased from 239 to 258 over the last six months, the ABC said. Across the rest of Australia, the number of residential cranes rose by just three to 74.
The RLB survey also tracked the areas of each city which saw residential crane use. While Sydney and Melbourne’s cranes were spread across the city and suburbs, residential construction cranes in Brisbane were primarily focused in the city’s CBD.
- Property prices: You need a $100K deposit in every capital city – except this one
- NSW first home owners tax reform offers 25K grants
- Westpac home loan rate rise: 3 things you need to know
- Home loans take months, how does this bank do 7-day approvals?
- Finder’s RBA Survey: 87% of experts say consumer saving will dip as cash rate holds