Client News

Cranes dominating Australia’s cities

PIC-Cranes-dominate-cities_1000pxWOne indicator of the strength of the building sector has long been the number of cranes found on a city’s skyline. Property strategy firm Rider Levett Bucknall (RLB) has released a report showing that there are 324 cranes currently erected for the purpose of residential building across Australia’s capital cities, an increase of 52% from the same time a year ago. St Hilliers executive chairman Tim Casey said that low interest rates and demand for inner city living had helped fuel the demand for residential investment by developers. “What we’re seeing is continued confidence in the residential sector and hence strong levels of apartment building,” Mr Casey said. “We have experienced this ourselves with exceptionally strong sales for our latest residential developments in Penrith and Canberra.” St Hilliers has sold the majority of apartments available in a matter of weeks in its new residential developments Thornton Central at North Penrith and Atelier at Kingston Foreshore in Canberra. The strong sales mean commencement of construction of both developments can be brought forward. The RLB report showed that activity was strongest in Sydney and Melbourne with 119 and 93 cranes respectively, followed by Brisbane and Perth with 50 and 40 cranes each. Overall, there were 400 residential building cranes identified in use across Australia and New Zealand. Survey source: https://www.mywealth.commbank.com.au/property/need-for-apartments-gives-rise-to-more-cranes-news20141021