20 Nov Sydney Construction Industry – Market Trends Update 2019
Sydney Construction Industry Trends 2019
In today’s day and age, the construction market in Sydney is ever changing and hard to keep up with. As one of the leading labour hire agencies in Sydney we like to keep our finger on the pulse of the construction industry to better understand the trends, even before they happen. We did this in 2016, 2017 and 2018 (you see a trend forming?) and now, luckily for you, we have condensed some latest market trends we have observed to keep you up to date on the residential, commercial and infrastructure fields. These market trends also directly link with seasonal labour hire patterns we have observed over our many years in service. Continue reading to find out the latest trends in Sydney’s housing market as well as future infrastructure projects to be aware of.
Sydney Residential Market Update
New approvals for apartments continue to slide in August, down nearly 40 per cent on their 64,553 total a year earlier. Standalone houses also saw a decline in approvals, falling 2.6 per cent to 8,143 whilst attached dwellings rose 1.5 per cent to 4,674, marking the first month-on-month gain since May with the RBA cutting interest rates again. The housing market continues to show green shoots of recovery and looks to have moved through the bottom of a two year down trend. Clearance rates are up around 82% and house prices have been rising over the last few months.
Sydney Commercial Construction Update
North Sydney has proved to be a big player in the Sydney office market and is increasingly attracting a range or tenants due to its location, relative affordability and as such it is in hot demand and now becoming a viable alternative to Sydney CBD. Recently Microsoft have acquired a 10-year lease and they are due to move into the yet to be completed premises in 2021. With the completion of the North West Metro there is a strong outlook for the North Shore, the increased demand has stimulated growth and created further opportunities for the industry.
Green Square Station has seen substantial development. The $13 billion, 278-hectare Green Square urban renewal project is the first new “village” created within three kilometers of Sydney’s CBD, expected to house 61,000 residents in 30,500 new dwellings by 2030. Having recently driven down Botany Road it is a hive of activity and there seems to be new construction site popping up every other day.
Infrastructure Update – Sydney
With the M4 WestConnex section now finished we are looking forward to some of the other infrastructure projects in Sydney that are due to commence in the coming years and some that have already started. Badgerys Creek Airport is now in its 2nd year of construction and with this expected to run until 2026 this will bring much needed jobs to the area from Blacktown to Narellan. Sydney Metro has opened its northern line and work is still on-going under central station to create new platforms, they are also due to extend the metro out to Parramatta with an expected completion date of 2028.
Trend Setting Labour Hire
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