Harry Triguboff: We need to build more apartments
14 April 2023
Countries all over the world are building more apartments as an effective way to solve housing shortages and accommodate an increase in population.In 2022, apartments in the USA “under construction and completed” reached their highest volume in over 40 years (sources: US Census Bureau), while Australia’s apartment completion fell 45%. New approvals and commencements also declined sharply due to increased costsAustralia will welcome 650,000 migrants over the next 2 years. Apartments can add to the housing supply faster than any other type of housing.More people are embracing apartment living. The number of apartment dwellers in Australia has risen 108% over the past 30 yearsStrong demand for apartment living and a severe lack of supply has already resulted in sale prices and rents rising significantly in 2023Vacancy rates in Australia remain at historic lows, below 1%Modern apartment developments are often built around city centre locations within close proximity to transport hubs, shopping centres, hospitals and schoolsToday, purchasers are presented with a greater selection of apartment configurations, many boasting house like proportions and world-class amenities