According to The Australian Financial Review, Australia's three largest cities will suffer a shortage of new housing by 2022 as the pullback by investors and tighter credit conditions that all but stopped new apartment projects send rents soaring, new figures from Charter Keck Cramer show.
While prices in Sydney and Melbourne picked up strongly mid-year last year, that has had little effect in promoting new development. The number of new units marketed last year in both cities – a crucial indicator of the supply pipeline – fell sharply from 2018, the consultancy's State of the Market residential apartment reports showed.
"All of the east coast capitals are facing a significant shortage by the end of 2021," said Charter Keck Cramer national director of research and strategy Rob Burgess.
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