Not sure about Melbourne, but around 10,000 home's building approvals per month Australia wide.
NSW about 2000 homes and 4000 units
VIC about 3000 homes and 3000 Units, of which you would think the majority would be Melbourne. At a guess 80+%?
The July numbers are out today, they are predicting 1.2 percent growth Australia wide. When expressed as a percentage the history of this figure does not seem to indicate any real trend and the forecasts are not all that accurate.
210,000 New apartments in Melbounre and Sydney to be finished over the next two years.
Roughly 40% of unit buyers are owner occupier, 30% overseas investor, 30% local investor.
apartments now account for 70 per cent of residential work under construction."
From JP morgan:
“Our estimate of the total dwelling stock and the number of people per dwelling suggests a national oversupply of about 70,000 units,” JP Morgan economist Tom Kennedy said.
He added a concerning development was the sharp fall in the number of unit sales relative to the number of apartments being completed — a ratio that has been falling since 2014 and is at near record lows due to oversupply and rising settlement times."
Not hard to see whats going to happen here....The question is will it spill over to house prices and the economy in general?
