Building boom is just warming up

If you think Southbank has too many apartments, “you ain’t seen nuthin yet!”

According to the latest development figures, there are more than 12,000 apartments on the way for Southbank.

The City of Melbourne’s Development Activity Monitor (DAM) published in September shows that 8712 apartments have been built in postcode 3006 since 2002.

However, it also shows that there are another 3134 under construction, a further 9037 approved for construction and developers have applied for 5332 more.

The last time Southbank Local News reported on the DAM numbers was in February 2015.  The new figures show that 1764 apartments have been built in Southbank since then.

The report shows that 1199 residential “floors above ground” have been completed since 2002 but that a further 2372 are on the way.  This figure comprises 392 underway, 1179 with permits to build and a further 801 applications in the pipeline.

The figures show that much more commercial space was added to Southbank between 2002 and this year, and this trend is to continue in the future.

Between 2002 and May 2016, some 132,372 sqm of office space was built – much more than the 78,254 sqm of retail, which was added during the same period.

Looking forward, the DAM data predicts a further 111,970 sqm of office space and 20,120 of retail.

In the future commercial category, 50,262 sqm is under construction, 59,456 is approved and a further 2252 sqm is subject to the current applications.

The future retail figures reveal 1226 sqm under construction, 13,912 sqm approved and 4982 sqm applied for.

Lord Mayor Robert Doyle commented: “Melbourne’s construction industry continues to defy residential construction activity expectations.”

“These levels of construction are the strongest since the City of Melbourne started collecting data in 2002,” Cr Doyle said.

The DAM is released just twice a year, detailing all current development activity including projects that have been granted town-planning approval or are awaiting approval, as well as developments that are currently under construction or have already been completed.

Property Council acting executive director Asher Judah said:  “Inner Melbourne’s apartment construction activity results reflect a healthy residential sector being driven by strong domestic and foreign investment.”