Australia’s impending apartment glut

Australia’s housing market could be in trouble, according to a new report by CoreLogic RP Data. According to the report over 230,000 apartments are expected to be built in the next two years. This figure has seen Macquarie Bank list almost 50 postcodes across Australia as risky for apartment buyers, with Macquarie predicating falling prices as supply exceeds demand. Every capital city except Canberra is on the list.

Story features: John Cunningham, President of the Real Estate Institute of New South Wales

Image: ‘New apartment unit blocks post 2000 stereotypical style – Wolli Creek NSW (10) – ATTR SHR ALK’ by nicephotog on Flcikr