Strong price growth has returned to Sydney and Melbourne and is expected to spread to more affordable Brisbane, according to CBRE research.
While the devastating COVID-19 outbreak has cast a shadow over the economy in the opening months of this year, CBRE’s 2020 market outlook report says Australia’s development cycle is returning to undersupply.
“Apartment supply cycles in the major capitals are past their peak and vacancy levels are well controlled,” CBRE’s head of residential research Craig Godber said.
The report notes that approvals in Sydney, Melbourne and Brisbane are “particularly evident” for large developments in the three capital cities.
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