Sydney faces apartment construction slowdown as developers hit the brakes

In Cronulla, another Sydney locale that has seen significant development, apartment prices have dropped by 12 per cent over the past year.

Record apartment rental vacancies and a softening housing market are creating an odd phenomenon — apartments with no-one in them.According to the Australian Bureau of Statistics, 44,762 units were approved in NSW in the 12 months to April 2017 — when the state was in the midst of its property boom. Developer Phillip George, the founder of Potter George Group, has 15 projects in the pipeline worth around $1 billion.Mr George, who is involved in both residential and commercial development, said the combination of the banking royal commission,"You've got to fish where the fish are," he said.

As well as having a major impact on the residential construction industry, the slowdown will hit tomorrow'sIn December's mid-year budget update, the NSW Government revealed it had slashed $8 billion in expected stamp duty revenue.

Good. Far too many poor quality appartements being constructed.

Cheap apartments by the thousands about to be released due to building faults showing their ugly head. Corruption at all levels has come back to bite these developers and politicians.

sasbites livcasben Stine Baska should be happy that the apartment boom slows down. Otherwise her house would be next to be demolished. I wonder why ABC picked her for an interview. Most E-Ping residents hate to see all these apartment towers destroying the suburb

Might be a good thing given a number of them are cracking.

...meanwhile massive uptick in cladding removal and building crack repairs

it would be good for Syd n Melb In d past decade developers have gone rogue in bulldozing homes/industrial for ugly units towers The r building ugly concrete towers clad with glass Poor design &mass produced Below is a good design

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