High land prices will push people back into apartments
Apartments are the next go-to!
The Australian Construction Industry's Forum's May 2021 indicated that increasing land price will push people away from detached houses and back into apartments. The next four years, we will be seeing a boost in new apartment construction. This will be well supported by investors.
ACIF predicted housing for 2021 to go over $105 billion from the initial $97 billion forecast last November.
"High land prices will moderate demand for house," Kerry Barwise, ACIF's consulting economist said.
"Over the next year to two years we will see that affordability and access to land will drive a resumed demand for apartments and attached dwellings."
Source: 2021 Australian Financial Review by Michael Bleby
