The real estate market in Australia remains in good shape, as evidenced above all by the large number of construction projects in the two largest cities of Sydney and Melbourne. Projects in the residential sector dominate.
If you look out of one of Melbourne’s skyscrapers on the banks of the Yarra River, you can see lively construction activity. The best sign of this is the rotating construction cranes. Near the Eureka Tower, which was completed in 2006 and is the city’s tallest building at 297 meters and the second tallest in Australia, the “Australia 108” construction project (for a visualization, see above; for a current picture of construction progress, see below) is currently spiraling higher and higher. Level 81 was already under construction at the beginning of April this year.
Soaring to over 300 meters
On behalf of the WCL World Class Land company, the Multiplex construction group is building a luxury apartment tower on Melbourne’s Southbank, which with its 108 floors will soon be 319 meters high – and thus set new standards “Down Under. Of course, many pallets are left over from such construction projects. Here, too, there are many pallets for sale. What both buildings have in common is that Fender Katsalidis Architects is responsible for their architecture. The plans envisage a total of 1,105 apartments on 100 floors in the new highest residential building in the southern hemisphere. On completion next year, there will be more than 550 parking spaces in the building complex alone, as well as two so-called “infinity pools” at a dizzying height of 210 meters.
The gigantic project is currently one of a total of over 200 building construction projects in the capital of the Australian state of Victoria in the southeast of the continent. According to the quarterly “Crane Index” compiled by Rider Levett Bucknall (RLB), a total of 222 construction cranes were moving above the metropolis in the opening quarter of 2019. In the city center, the CBD (Central Business District) and Melbourne’s suburbs, 40 percent more cranes were circling in the air than a year ago – and more than ever before.
This construction activity underscores what government statisticians have been predicting for years: Melbourne’s population is expected to overtake that of Sydney in the 2030s, according to the Canberra-based Bureau of Statistics Australia, growing to around ten million by 2066 (as of the end of 2018: around 4.5 million).
The total population on the Australian continent also continues to grow – thanks to the birth rate and not least to the influx from the Asian region – and will exceed the 30 million mark around 2030. Today, the once “terra incognita” landmass has a good 25 million inhabitants.
New luxury apartments with a view of the Opera House
Meanwhile, the city of Sydney can still boast the title of “Australia’s largest city,” and its construction activities are also top, leading RLB’s “Crane Index,” which has just reached its previous high of 735 again. The crane experts counted a total of 310 construction cranes (10% less than last year) above the city, which continues to shine with its Harbour Bridge (from the 1930s) and the Opera House (opened in 1973). Here, as in Melbourne, spectacular new superlatives are on the horizon.
One of these is currently being built on the Barangaroo site in the western part of Sydney’s CBD. The client for the 275-meter skyscraper with the name “One Barangaroo” is the Crown Resorts group. The group wants the new skyscraper to house a six-star hotel, an opulent casino and 82 spacious luxury apartments. The project will be garnished with event halls, cafés, bars, terraces, pools and restaurants. The estimated investment volume is currently 2.2 billion Australian dollars (currently 1.325 billion euros or 1.437 Swiss francs). Completion is targeted by Crown Casinos and developer Lendlease for the first half of 2021.
But there is also currently a flurry of construction activity not far from the Opera House at Circular Quay: For example, the companies Macrolink and Landream are building the “Opera Residences” residential project at 71 Macquarie Street near the ferry piers and in stone’s throw of the Botanic Gardens. There, too, luxury apartments will dominate. There will be 104 of them, most of which will offer unobstructed views of the iconic harbor bridge or, optionally, the Sydney Opera House. The apartments are being marketed by CBRE Australia and are scheduled for completion next year in the new 20-story building. The lower floor will feature around 1,000 square meters of retail space. Here, too, the cranes will not stand still for a while yet. No wonder, then, that according to the Australian “Crane Index”, almost three quarters of all sighted construction cranes concern residential projects “Down Under”. The country’s ever-growing population needs one thing first and foremost: living space.