Business News
High construction costs and skills shortages are continuing to impact Perth’s new apartment market, with just 19 per cent of projects approved since 2020 under construction.
Urbis’ recent Apartment Essentials data shows that in Perth, like other Australian cities, is struggling to get projects off the ground.
Perth is faring better than Brisbane, where just 16 per cent of projects approved since 2020 have gone ahead.
“This low level of apartments that are proceeding reflects the high-cost environment and challenges with finding a builder and shows how challenging it is for developers,” Urbis director property economics and market research David Cresp said.