Australian Apartment Market Overview Q4 2023

National market statistics

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

Apartment market conditions remain varied. Investor demand remains muted, which means few large-scale projects are progressing to construction and apartment supply pipelines remain thin across the country. However, demand for high-quality boutique apartment projects is robust in all markets, primarily driven by downsizers who are less affected by interest rates.

The main concern for the apartment market is whether enough new units will be built to accommodate the rapidly growing population. Developers are eager to build, but they face challenges such as high costs, uncertainties in financing, and a shortage of construction labour.

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