Australian Apartment Market Overview Q1 2024

The Q1 2024 Australian Apartment Market report provides the latest on the outlook and analysis of the very mixed conditions across the apartment market.

May 15, 2024
  • Leigh Warner
  • Aryan Sheth-Patel

Conditions in the new apartment market remain divergent. Investor demand remains subdued, resulting in limited progress in large-scale projects and thin apartment supply pipelines nationwide. However, demand remains robust for high-end boutique apartment projects in all markets, primarily driven by downsizers who are less impacted by higher interest rates.

The major medium-term concern for the market is the adequacy of new apartment construction levels to meet the fast-growing population and demand. Developers are keen to build, but the development environment remains a challenging one where project feasibilities continue to be tested by cost uncertainties.

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