AUSTRALIA’S ECONOMY BALANCING ON SYDNEY PROPERTY APPROVAL WIRE
All eyes are on Sydney’s development approval activity as an indicator of 2020 economic growth. With apartment and house approvals suffering a downturn over October with 2400 approvals (compared to 4000 approvals five years ago) employment and overall economic activity are on the edge.
Continued property approvals means jobs. Jobs mean mortgages get paid and food is put on the table. A lack of approvals means less jobs and more defaults on mortgage repayments. The Australian economy depends on the ongoing approval of major property development works.
All one needs to do is look to the skies for an indication of economic activity. The number of cranes across our city skyline are an indication of both how much activity is occurring and the location. Residential cranes dominate our cities with 73 per cent of cranes dedicated to property development and the remainder generally spent on transport infrastructure.
With so many Australian’s families dependent upon the industry, let’s only hope those cranes stay visible across our city skylines.