If you couldn’t tell by the rapidly developing skyline, the number of unit approvals in inner city Melbourne have soared over the past year.
According to research by CoreLogic-RP Data the number of approvals totalled 12,516 in the year to April.
To give an example of the scale of Melbourne’s high-rise boom, when you add unit approvals for inner city Brisbane, Sydney and Perth over the same period, the total number is just 11,524 — about 1000 less than Melbourne’s CBD.
This chart from the ABS shows total residential unit approvals for Victoria on a rolling 12-month basis.
It’s clear why many experts are cautious of the outlook for Melbourne’s property market.