On Wednesday our Commercial Recruitment Consultants Paul and Brittany, went to an industry event put on by Urban Development Institute of Australia (UDIA).
Tim Lawless, Head of Research at CoreLogic and Mark Dawson, Director at Urbis, gave an in-depth analysis, presenting the latest data of the apartment market in Melbourne. This included an update of the current conditions, industry trends and potential opportunities that could be made in the challenging market cycle. Our consultants said “it was interesting to hear the experts speak about the supply and demand of apartments in and around Melbourne and how it will impact future construction projects.”
In regard to the construction and supply of apartment units and buildings themselves, activity has slowed to a trickle across Victoria however, the demand remains strong particularly as the population in Victoria continues to rise. It was discussed that to ensure housing meets population growth, an additional 1.1 million dwellings are required in Melbourne’s established areas by 2051.
Sales activity at a national level has started to lift after bottoming out recently at a level similar to the previous housing downturn. Affordability has improved and investor activity is rising despite economic conditions are less certain right now.
We would like to thank UDIA for hosting this event. At the event, our consultants were able to network with building developers and architects from apartment building sectors, which gave them the privilege to hear different viewpoints.
The JV team will continue attending industry and trade events like these to keep up to date on the latest trends and any important changes to the industry to ultimately better service clients and candidates.