East Coast Apartment Shortage On The Horizon | Kanebridge News
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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, 2022Grey 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.

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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174