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Steller’s Managing Director, Nicholas Smedley, recently attended the Urban Development Institute of Australia (UDIA) Apartment Research Breakfast. Over the past few years, economists and analysts said 2016 would be the year that the Melbourne apartment market would be hit with “oversupply” but according to research released at the event, apartment projects commencing in Melbourne fell by a third last year.
“The research definitely challenges the perception of oversupply risk in Melbourne’s apartment market,” said Danni Addison, Chief Executive, UDIA. Further information about the research can be found here: