East Coast Apartment Shortage On The Horizon
Kanebridge News
Share Button

East Coast Apartment Shortage On The Horizon

In the not-too-distant future, a slump in new apartments looms.

By Terry Christodoulou
Thu, Mar 10, 2022 4:31pmGrey Clock < 1 min

A drop in new apartment commencements across the east coast of Australia is setting the country up for undersupply of new homes in two years’ time — when migrants, skilled workers and international students are set to return.

Consultancy Charter Keck Cramer’s latest forecasts for Brisbane, Sydney and Melbourne predict this year’s 28,200 build-to-sell apartment completions across the eastern seaboard’s cities will halve in 2024 to 11,400.

The forecast indicates a ‘large shortage’ in the supply of the east coast which according to Charter Keck Cramer will reinforce warnings of a looming rental affordability crisis.

Rental markets are already tightening according to data from SQM Research. Here, the data indicated the national rental vacancy rate tightened by 0.3% to 1.3% in January — a 16-year low.

The Charter Keck Cramer report predicts 14,000 new build-to-sell apartment completions in Sydney this year, 9600 in 2023 and just 4500 in 2024. Elsewhere Brisbane, will see completions fall from 3100 this year to 2000 in 2023 and 1300 in 2024 while Melbourne will drop from 11,100 this year to 7100 the following year and 5600 in 2024.



MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Property
Wild cities and concrete corridors: How AI is reimagining the landscape
By Robyn Willis 06/12/2023
Property
Heat coming out of V-shaped property market recovery
By Bronwyn Allen 05/12/2023
Property
Not sure about that apartment purchase? Check out the new digital tool bringing surety back
By KANEBRIDGE NEWS 05/12/2023
Wild cities and concrete corridors: How AI is reimagining the landscape

A new AI-driven account by leading landscape architect Jon Hazelwood pushes the boundaries on the role of ‘complex nature’ in the future of our cities

By Robyn Willis
Wed, Dec 6, 2023 2 min

Drifts of ground cover plants and wildflowers along the steps of the Sydney Opera House, traffic obscured by meadow-like planting and kangaroos pausing on city streets.

This is the way our cities could be, as imagined by landscape architect Jon Hazelwood, principal at multi-disciplinary architectural firm Hassell. He has been exploring the possibilities of rewilding urban spaces using AI for his Instagram account, Naturopolis_ai with visually arresting outcomes.

“It took me a few weeks to get interesting results,” he said. “I really like the ephemeral nature of the images — you will never see it again and none of those plants are real. 

“The AI engine makes an approximation of a grevillea.”

Hazelwood chose some of the most iconic locations in Australia, including the Sydney Opera House and the Harbour Bridge, as well as international cities such as Paris and London, to demonstrate the impact of untamed green spaces on streetscapes, plazas and public space.

He said he hopes to provoke a conversation about the artificial separation between our cities and the broader environment, exploring ways to break down the barriers and promote biodiversity.

“A lot of the planning (for public spaces) is very limited,” Hazelwood said. “There are 110,000 species of plants in Australia and we probably use about 12 in our (public) planting schemes. 

“Often it’s for practical reasons because they’re tough and drought tolerant — but it’s not the whole story.”

Hazelwood pointed to the work of UK landscape architect Prof Nigel Dunnett, who has championed wild garden design in urban spaces. He has drawn interest in recent years for his work transforming the brutalist apartment block at the Barbican in London into a meadow-like environment with diverse plantings of grasses and perennials.

Hazelwood said it is this kind of ‘complex nature’ that is required for cities to thrive into the future, but it can be hard to convince planners and developers of the benefits.

“We have been doing a lot of work on how we get complex nature because complexity of species drives biodiversity,” he said. 

“But when we try to propose the space the questions are: how are we going to maintain it? Where is the lawn?

“A lot of our work is demonstrating you can get those things and still provide a complex environment.” 

At the moment, Hassell together with the University of Melbourne is trialling options at the Hills Showground Metro Station in Sydney, where the remaining ground level planting has been replaced with more than 100 different species of plants and flowers to encourage diversity without the need for regular maintenance. But more needs to be done, Hazelwood said.

“It needs bottom-up change,” he said. ““There is work being done at government level around nature positive cities, but equally there needs to be changes in the range of plants that nurseries grow, and in the way our city landscapes are maintained and managed.”

And there’s no AI option for that. 

MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Lifestyle
What We Fight About When We Fight About Money
By JULIA CARPENTER 27/11/2023
Lifestyle
Fisker Stock Tanks After Poor Earnings. EV Concerns Accelerate.
By Al Root 15/11/2023
Money
The Improbably Strong Economy
By JUSTIN LAHART 06/11/2023
0
    Your Cart
    Your cart is emptyReturn to Shop