Houses and Apartments

in Australia
Tom Rosewall and Michael Shoory*
Apartments have become an important part of the housing mix in Australia. This has
several implications for assessments of residential activity. The lag from a change in
monetary policy to the effect on residential activity might increase, because it takes longer
to build large apartment buildings than detached houses. Apartment developments use
different construction materials and labour, and may face different cost pressures to the
detached house segment. They also face different supply-side constraints.

Introduction Graph 1
Residential Building Approvals
The composition of homes being built in ’000 ’000

Australia has changed substantially over the past

200 200
decade. The number of apartments constructed Total
each year has tripled since 2009 and, last year,
150 150
apartments accounted for around one-third
Detached houses
of residential building approvals (Graph 1). In
100 100
contrast, the volume of detached houses built
Apartments
last year was roughly in line with the average
50 50
over the past three decades. The shift towards Semi-detached dwellings

higher density housing is bringing Australia

0 0
more into line with international norms because 1996 2001 2006 2011 2016
Sources: ABS; RBA
Australia’s existing housing stock is heavily
concentrated in detached houses and its cities investment, the measurement of housing
have a relatively low density compared with those turnover and price inflation. Although residential
in other industrialised economies (RBA 2014a). construction accounts for a relatively small share
The increase in apartment construction has of economic activity, it has a large effect on overall
driven new housing construction to a historically developments in the Australian economy. This is
high level and made a strong contribution to because new dwelling investment is volatile and
economic growth (Graph 2). it has strong links with spending on household
Differences between the construction processes goods. In addition, dwelling investment is
for apartments and detached houses are relatively sensitive to changes in interest rates
important to consider in the analysis of the compared with other parts of the economy.
housing sector and related macroeconomic As such, the longer development timelines for
variables. This includes the pipeline of dwelling apartment projects have implications for the lags
between changes in interest rates and activity.
* The authors are from Economic Analysis Department.

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Graph 2 accounted for much of the increase in residential

New Dwelling Investment* building approvals since the start of the decade
Nominal, per cent of GDP
% % (‘high-rise’ is defined as projects that are four
storeys or greater; Graph 3).2 Approvals for
4 4 detached houses have increased from their
Total
trough in 2012 to be around their average of the
3 3 past three decades.

2 2
Graph 3
Detached houses Higher-density Building Approvals
’000 ’000
1 1
Higher-density dwellings

60 60
0 0 High-rise apartments
1966 1976 1986 1996 2006 2016
* Private sector; excludes alterations and additions
Sources: ABS; RBA 40 40
Semi-detached dwellings
The relative importance of supply-side issues,
such as land availability and planning processes, 20 20
also differs between houses and apartments.
In addition, the two types of dwellings use Low-rise apartments
0 0
different materials and supply chains which have 1996 2001 2006 2011 2016

implications for our assessment of cost pressures Sources: ABS; RBA

and final prices (which ultimately feed through to Building approvals for apartments have been
the consumer price index (CPI)). highly concentrated in large cities – the capital
cities accounted for 90 per cent of apartment
Dwelling Types and Recent Activity approvals in 2016, of which most were in
Dwellings approved for construction in Australia Sydney, Melbourne and Brisbane (Graph 4). By
can be broken down into two broad categories comparison, approvals for detached houses
(as defined by the Australian Bureau of Statistics have been more geographically dispersed, with
(ABS)): detached houses, which accounted for around two-thirds of approvals last year located
about three-quarters of the dwelling stock in in the capitals, and less than half in the eastern
the 2011 Census; and higher-density dwellings. seaboard capitals. In the major cities, apartments
The latter can be further split into apartments have been mostly constructed in inner (and,
(defined as ‘flats, units or apartments’), which to a lesser extent, middle) suburbs, which are
accounted for about 15 per cent of the stock well connected with employment centres and
of dwellings in 2011, and ‘semi-detached’ amenities, though the concentration has varied
dwellings (such as townhouses, terraces and somewhat by city (Graph 5). In contrast, new
semi-detached houses), which accounted house construction has largely been located in
for 10 per cent.1 ‘High-rise’ apartments have fringe or outer suburbs of cities where land is
more readily available.
1 This level of disaggregation of building type is not available for most
other indicators of residential activity, including other ABS data
releases (such as building work done), and housing price indicators 2 The ABS building approvals data for apartments in buildings that are
compiled by the ABS and other sources. four storeys or greater are unable to be disaggregated any further.

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Graph 4 that for houses, in part because apartments are

Residential Building Approvals typically smaller but also because apartments
Private approvals
’000 Apartments ’000 use land more intensively (Graph 6). In recent
120 120
years, lower relative prices have supported the
Sydney
Melbourne
Perth
Other capital cities
demand for apartments as land supply constraints
90 90
Brisbane Other* in the eastern cities have led to significant land
60 60 price inflation (the supply of land for detached
houses is ultimately more limited relative to that for
30 30
higher‑density dwellings), most notably in Sydney.
’000 Detached houses ’000
Graph 6
120 120
Dwelling Prices
Stratified median, quarterly
90 90 $’000 $’000
Houses* Apartments**
60 60

900 900
30 30

0 0 Sydney
2004 2008 2012 2016 Melbourne
*
600 600
Includes public approvals for all locations
Sources: ABS; RBA
Brisbane
Graph 5 300 300

Residential Building Approvals in Perth

Sydney, Melbourne and Brisbane*
’000 Apartments Detached houses ’000 0 0
1997 2007 1997 2007 2017
*
**
Includes terraces, townhouses and villas
40 40 Primarily units and flats; includes duplexes
Outer suburbs Sources: APM; RBA
Inner suburbs
30 30 Location and lifestyle preferences also influence
buyers’ decisions. New apartments are generally
20 20 located in established suburbs close to
employment and services, while new houses are
Middle suburbs
10 10 often built in greenfield areas that may be awaiting
infrastructure and other amenities. The desire
0 0 to reside close to major employment centres
2006 2011 2006 2011 2016
* Private approvals and transport links is likely to have increased in
Sources: ABS; RBA
larger cities where travel times have lengthened.
Demographic factors and household formation
Dwelling Demand and Buyers
also matter – larger households are more likely
Determinants of demand for different types of to want larger dwellings, such as houses, while
dwellings include affordability, location and buyer smaller households, such as single adults and older
types and preferences, alongside macroeconomic ‘downsizers’, may prefer apartments.
determinants such as population and employment
There are three broad types of buyers for new
growth. Apartments are typically much more
dwellings – owner-occupiers, domestic investors
affordable than houses. The median price of
and foreign buyers (i.e. non-residents). The
apartments is around 30 per cent lower than

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prominence of these buyer types differs for houses on the housing supply will depend on the
and apartments, and can also vary by location location and size of the existing property the
(particularly for apartments) (Shoory 2016). purchaser is moving from and whether there is a
Information from the Bank’s liaison program change in the rate of household formation.
suggests that, in recent years, domestic investors
and foreign buyers have generally been much Development and Construction
more prominent in purchasing new apartments Development and construction timelines for
than they have been for new houses.3 Demand both detached houses and apartments are long
from these buyers has partly driven the shift and variable, and the time taken at each stage
towards apartment construction, and is likely to can vary greatly. These differences are important
have led to an increase in the net supply in rental to consider when assessing market conditions,
apartments. Rental yields for apartments are including changes in supply and demand, and
higher than those for houses (Graph 7). Foreign the response to changes in interest rates.
buyers are also likely to be more familiar with
Even before construction commences, the time
apartment-style living, given many international
spent developing apartment projects is often
cities have a high share of apartments, and are
lengthy. Once a developer has purchased a
likely to prefer locations in more convenient
site, it may take several years until construction
inner-city areas or near existing communities. In
commences (Table 1). Securing a development
contrast, owner-occupiers reportedly account for
approval (DA) may take several months or years,
the majority of new detached home purchases,
particularly if planning issues are encountered.
partly reflecting demographic factors and
Evidence from the Bank’s liaison program
household size. The net effect of these purchases
suggests that most apartment projects require
Graph 7 the majority of apartments to be pre-sold off
Dwelling Rental Yields* the plan for the developer to secure finance.
% %
Marketing to prospective buyers may take
Apartments** months or even longer than a year, depending
on the characteristics of the project. Builders
4 4 are typically secured by developers via a tender
Detached houses
process, and only once all these arrangements
are in place will building permits be obtained.
2 2 This is the stage at which the ABS typically
records a building approval. Given that most of
the development time occurs before a building
0 0
approval is recorded, building approvals data do
2007 2009 2011 2013 2015 2017
not provide a read on how the earlier stages of
*
**
Based on a hedonically adjusted index
Flats, units, apartments, townhouses and villas the development pipeline may be evolving.
Source: CoreLogic RP Data
Developing land and building detached houses
3 Foreign individuals and temporary residents are permitted to
purchase any new dwelling. Temporary residents with visas that
are often separate processes. Greenfield land
allow them to stay in Australia for a continuous period of more than estates are often developed by specialists who
12 months (such as some foreign students and people on skilled
business visas) are permitted to purchase one established home
then sell to individuals (who source their own
provided it is used as their principal place of residence while in builder) or to builders (who sell house and land
Australia and is sold once vacated.

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Table 1: Apartment Projects

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6
Site selection, Authority assesses Market apartments. Receive permit Construction Settlement
design project development Secure pre-sales, to proceed with (dwelling (owners
and prepare application for builder and project construction investment or tenants
development approval (may involve finance (building approval recorded by can occupy
application community input, generally recorded the ABS) apartments)
appeals, amendments by ABS)
and zoning changes)
Source: RBA business liaison

packages to households).4 The timelines for to 6–9 months for most detached houses.5
developing housing on greenfield land can vary Additions to the housing supply from apartment
significantly, particularly if rezoning is required construction are also lumpier, with the largest
(Table 2). Once land has been developed and projects comprising more than 1 000 dwellings.
registered to an owner, construction of a house
may commence quickly. For detached houses in Implications of development timelines
established/existing suburbs, referred to as ‘infill The longer and lumpier apartment project
housing’, the overall planning process is typically construction timelines have a range of
shorter than in greenfield areas (though it may implications for forecasting dwelling investment
be extended if characteristics of the build are activity, and also understanding the contribution
unusual relative to the local area). of dwelling investment to economic activity. In
It generally takes longer to construct apartment the current cycle, the shift in housing composition
buildings than detached houses due to their towards apartments, and more specifically towards
larger scale. Liaison with industry contacts high-rise apartments, has led to an increase in
suggests that construction of a large high-rise the average construction time for dwellings.
project takes 2–3 years, though this can increase Historically, dwelling investment in Australia has
to 4–5 years for very large towers, compared been very responsive to changes in monetary
policy. Although it is difficult to formally test the

Table 2: Greenfield Housing Projects

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6
Land development House construction
Site selection Development Sub-divide land Issue titles Owner of titled Settlement of
and rezoning plan and approval and commence for individual land appoints house purchase
to residential (includes plans civil infrastructure lots/ registered builder, acquires (or sale of
(if required) for roads, utilities works. Marketing owners (once development completed
and community and sales of development approval and house if the
services) individual lots may completed) construction developer was
commence commences also the builder)
Source: RBA business liaison

4 Some land developers are also builders. A limited volume of 5 ABS (2016) suggests that in recent years the average completion
speculative house and land development also takes place, where a time is around 6 quarters for apartments (covering projects of all
builder will construct a house and then sell it on the market. sizes) and 2 quarters for detached houses.

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relationship between interest rates and apartment Graph 8

activity with only a partly completed cycle, it is Residential Construction Pipeline*
Per cent of GDP
likely that the new apartment activity stemming % %
from a change in interest rates will, on average, 12 12
flow through to the economy over a much Total
10 10
longer time period than for detached houses.
The increased length of construction in turn 8 8
Higher-density dwellings
affects the interpretation of the pipeline as 6 6
Detached houses
a leading indicator of dwelling investment
4 4
(Graph 8). An approved apartment typically takes
at least three times as long to complete as a 2
Alterations & additions
2

detached house, which means that the pipeline of 0 0

work to be done provides information on dwelling 2004 2007 2010 2013 2016
* Dwelling units under construction or approved but not yet commenced
investment further into the future. The shift in Sources: ABS; RBA

composition of approvals towards apartments,

the strength in a range of other housing market
if sustained, would result in a larger pipeline of
indicators. It is likely that part of the recent
work to be done. The longer lag between the
weakness in the measured housing turnover
decision to build an apartment and its completion
rate could be due to measurement issues arising
means that the impact of changes in the supply
from the increased share of apartments in new
of housing on other housing market indicators,
housing construction (Leal et al, 2017). As the
including prices, rents and vacancy rates, may be
majority of new apartments are purchased
less predictable than in the past (RBA 2017).
off the plan, well before construction has
There are also other considerations as the commenced, sales can have settlement lags of
length of time between the decision to build around two or three years, or longer. However,
(for developers) or buy (for individuals) changes. data providers have limited information about
For example, changes in financing conditions these sales until settlement, implying that
will take longer to flow through to construction contract-dated measures of housing turnover
activity. Furthermore, there is more time during are likely to be understating actual turnover in
which conditions in the underlying economy or recent years. Elevated levels of new apartment
personal circumstances can change between construction would be expected to increase the
the off-the-plan sale of an apartment and its degree of this understatement.
completion. As such, the full impact of changes
in policies that affect demand and supply may Supply-side Issues
not be fully realised by the dwelling sector for
There are several factors that have affected
several years.6
how the supply of new housing has responded
Housing turnover appears to have been to price movements over recent years.7 These
unusually weak in recent years compared with include the acquisition and development of land
on which construction will take place, providing
6 For example, buyers of off-the-plan apartments may seek a
infrastructure to service that land (if necessary),
pre-approval for a loan. The long lag to the completion of construction
increases the risk that the lender may decide to reduce the amount
they are willing to lend at final approval, thereby increasing the risk 7 See Hsieh, Norman and Orsmond (2012) for a detailed description of
that the buyer is no longer able to complete the transaction. supply factors in the housing sector.

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and the planning and approvals process with increased population density is a necessary
(including land-use zoning, the DA and building consideration for the relevant authorities).8
permits). The impact of these supply issues also varies by
The extent to which supply-side factors influence location. For instance, land supply constraints for
the responsiveness of construction of new houses have been particularly acute in Sydney in
dwellings differs for houses and apartments. Land recent years; geographic constraints and strong
developers and home builders in the Bank’s demand for land have contributed to substantial
liaison program generally report that the greatest price increases and lengthy development lags. For
impediment to the supply of new houses is the apartments, the time and complexity of the DA
availability of land that is serviced with necessary approval process reportedly differs both across
infrastructure. This reflects a combination of and within cities, and influences the number and
geographic constraints (which limit the raw scale of apartment projects, and the speed with
quantity of land available for development), which supply responds to demand. The Bank’s
fragmented ownership of the land that has liaison with industry participants suggests that a
been identified for potential development, and more centralised framework (such as when the
the provision and financing of infrastructure to state government planning department assesses
service that land (including water and sewerage the DA) generally facilitates a quicker response
systems, public transport and roads). The latter compared with situations where local councils
is particularly relevant for the construction of make the decision (Shoory 2016).
new houses because these dwellings are usually
located in new suburbs (i.e. greenfield areas). Input Costs and Dwelling Prices
The planning and approval process is generally There are differences in the labour and material
cited as a significant impediment to new inputs used in the construction of houses
apartment construction by developers in the compared with apartments. These differences
Bank’s liaison program. This includes the zoning and the composition of the new dwellings
restrictions attached to land in established being constructed have potentially important
suburbs, such as density and height restrictions implications for assessing cost and price inflation
and permissible uses of that land, and the time in the economy.
and complexity associated with obtaining a DA.
The Bank’s liaison with industry participants
The availability of suitable land (‘sites’) is also
suggests that labour and materials each account
a factor for new apartment projects, though
for around half the cost of construction for both
geographic limitations and infrastructure provision
apartments and houses. Nevertheless, there
are generally less binding constraints. This is
are some differences in the types of labour
because these dwellings use land more intensively
and materials used. For instance, apartment
than houses, achieving much greater density.
construction typically involves a higher proportion
In addition, those sites are most commonly
of steel, concrete and glass relative to detached
located in established suburbs that are already
houses, while the latter requires a larger share of
connected with necessary infrastructure (though
timber and bricks. High-rise structures also require
upgrading infrastructure and amenities to cope
8 More recently, a tightening in the availability of finance has been
cited as another significant impediment to developing apartment
projects, particularly in markets where banks are concerned about
the potential for oversupply.

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more complex components than detached including larger productivity improvements

houses, such as elevators and reinforced windows. and spare capacity in the construction of office
Site access is often more difficult and costly for property, which uses similar materials and
apartment projects. labour inputs to apartments. Earlier in the 2000s,
The labour requirements also differ, including apartment construction costs were more volatile
in the trades and professions required for than detached costs.
construction, and the organisation of the labour These cost and price dynamics are particularly
(particularly in the larger cities). Bricklayers, for relevant for consumer price inflation, given the
example, are commonly required in building large weight (9 per cent) for ‘new dwelling costs’
houses but not for high-rise apartment projects.9 in the CPI. New dwelling costs were measured
A very large share of labour costs for detached as the cost of construction for a new detached
houses is accounted for by subcontractors who house until December quarter 2016, but from
are often sole traders. By contrast, labour for the March quarter 2017, the CPI also included
high-rise apartment and office construction sites, costs for apartments in the new dwelling cost
at least in the eastern states, tends to be attached series (ABS 2017a). This change in measurement
to large companies with significant workforces. is an important consideration, given the historical
Trends in construction costs over time have differences in cost growth for these dwelling
differed (sometimes considerably) for houses types and the increased share of new dwellings
and apartments, in part due to differences in accounted for by apartments in recent years
the construction supply chain. For much of the (apartments account for about one-fifth of new
past five years, the cost of building detached dwelling costs). There can also be substantial
houses has grown more quickly than the cost of differences in the rate of apartment cost inflation
higher-density dwellings (including apartments) by city (Graph 10). Nevertheless, the near-term
(Graph 9). The slower growth in apartment effect on the national index is expected to be
building costs could reflect a range of factors limited as the current rate of inflation in each
component is similar.
Graph 9
Residential Construction Costs Graph 10
Year-ended growth
% % Higher-density Construction Costs*
Year-ended growth
% %
10 10
New South Wales
15 15

Detached houses
5 5 10 10
Queensland
5 5
0 0
0 0
Higher-density dwellings
Victoria
-5 -5
-5 -5

-10 -10
-10 -10
2001 2005 2009 2013 2017
Sources: ABS; RBA -15 -15
2001 2005 2009 2013 2017
* Apartments and semi-detached dwellings
9 There are some similarities in labour, most notably in the ‘finishing’
Sources: ABS; RBA
components of construction such as internal painting, tiling and
appliance installation.

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Conclusion changed. In particular, the longer and lumpier

construction timelines for apartments mean the
The growing share of apartments in Australia’s
full influence of policy changes may take many
housing mix has a wide range of implications
years to be realised. The increase in apartment
for the analysis of dwelling investment, housing
construction activity is a relatively recent
markets and price inflation. The response of the
development and so the understanding of these
housing sector to changes in interest rates, as
implications may evolve over time, particularly
well as government policies, is also likely to have
after a full cycle of activity is observed. R

Box A
Housing and the Consumer Price Index1

Housing plays an important role in the calculation evaluate levels of inflation in the Australian
of the CPI. ABS estimates suggest that more than economy (ABS 2017b). The ABS has stated that
one-fifth of all spending by Australian households the most appropriate way to measure household
is directed towards housing, and this is reflected inflation is to use the ‘acquisitions’ approach. The
in the weight of housing in the CPI. The purchase RBA has previously stated it ‘strongly supported’
price of new owner-occupied dwellings has an the acquisition approach used by the ABS,
effective weight of around 9 per cent in the CPI, consistent with the CPI being a general measure
while rent has a weight of around 7 per cent. of household inflation (RBA 2010). This approach
These are the largest expenditure items in the defines the basket of goods and services as
CPI basket. Maintenance and property charges, consisting of all those consumer goods and
and utilities (including electricity, gas and water) services actually acquired by households during
account for a further 8 per cent of the basket. the base period.
Importantly, the CPI excludes land, as land is The ABS also publishes a range of indices
treated as investment not consumption. designed to measure changes in living costs
Owner-occupier housing is difficult to include of different groups in the community. These
in consumer price indexes. The methods used ‘living cost’ indices are calculated for selected
to measure these prices differ depending on representative households including employees,
the conceptual approach used, though none pensioners and self-funded retirees. These indices
of the standard conceptual approaches to are calculated using the ‘outlays’ approach, which
measuring price indexes include the cost of measures out-of-pocket expenses. Specifically, it
existing dwellings. The CPI is primarily used as defines the consumption basket in terms of the
a macroeconomic indicator to monitor and actual amounts paid out by households during
the base period to gain access to consumer
1 This box draws on material from ABS (2017b). The authors would also
like to thank Martin McCarthy (Economic Analysis Department) for goods and services. ‘Cost-of-use’ is the third main
his contribution. conceptual measurement approach, based on

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the basket of consumer goods and services is equal to the rent that the household would
actually consumed in the base period, regardless receive for that dwelling, so they measure it as an
of when they were acquired or paid for. ‘imputed rent’. The use of imputed rents is fairly
The practical differences between the common internationally. Rent inflation in the CPI
acquisitions and outlays approaches are limited provides a rough indication of what this might
for most areas of household consumption. look like in the Australian context. Rent inflation
However, there are important differences in the is around levels last seen in the mid 1990s, with
measurement of owner-occupied housing costs, relatively weak outcomes across most cities and
particularly relating to the inclusion of interest strong deflation recently in Perth (Graph A2). The
charges. The acquisitions approach, used for the increase in supply of new housing in some cities
CPI, measures owner-occupier housing costs as is putting downward pressure on rents. R
the net acquisition of new dwellings excluding Graph A1
land. This includes both the cost of detached and Mortgage Interest Charges*
attached dwellings such as apartments (as of the 2011/12 average = 100
index index
March quarter 2017). This assumes the cost of the
structure is the consumable item, while the cost 100 100
of land is investment.
Under the outlays approach, used for the ABS 80 80

living cost indices, owner-occupier housing costs

60 60
are measured as mortgage interest charges, not
the cost of constructing a dwelling. Mortgage
40 40
charges will be affected by the prices of existing
dwellings as they affect the current level of
20 20
mortgage debt, but will also be affected by 2001 2005 2009 2013 2017
*
mortgage interest rates. The ABS estimates Mortgage debt times mortgage interest rate; for employees
Source: ABS
that the rise in dwelling prices over the past
decade has been more than offset by the fall in Graph A2
Rent Inflation
interest rates, so mortgage charges have fallen Year-ended
(Graph A1). The inclusion of interest charges in % %

the CPI is problematic for both conceptual and 12 12

practical reasons. The main conceptual issue is Brisbane
Australia
that interest charges represent a relative price (that 8 8

of consumption in the future as opposed to the Sydney

4 4
present), rather than the current price of a good Melbourne Adelaide
or service. The main practical problem is that the 0
Hobart
0
interest charges as measured tend to distort the Perth

signal offered by the CPI of inflationary trends, by -4 -4

incorporating the policy responses to those trends.

-8 -8
2007 2012 2017 2007 2012 2017
Under the ‘cost-of-use’ approach, statistical Source: ABS
agencies often assume that the cost of housing

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References RBA (Reserve Bank of Australia) (2010), ‘Submission

to the 16th Series Review of the Consumer Price Index’,
ABS (Australian Bureau of Statistics) (2016),
Submission to the ABS 16th Series Review of the
‘Average Dwelling Completion Times’, Feature Article
Consumer Price Index, 17 March.
in ‘Building Activity, Australia, Jun 2016’, ABS Cat
No 8752.0. RBA (2014a), ‘The RBA’s Business Liaison Program’, RBA
Bulletin, September, pp 1–5.
ABS (2017a), ‘Measuring Price Change of Attached
Dwellings in the CPI’, Feature Article in ‘Consumer RBA (2014b), ‘Submission to the Inquiry into
Price Index, Australia, Dec 2016’, ABS Cat No 6401.0, Affordable Housing’, Submission to the Senate
pp 11–16. Economics References Committee Inquiry into
Affordable Housing, 14 February.
ABS (2017b), ‘What Role Does Housing Play in the
Consumer Price Index and Selected Living Cost RBA (2016), ‘Box B: Chinese Demand for Australian
Indexes?’, Feature Article in ‘Selected Living Cost Property’, Financial Stability Review, April, pp 30–32.
Indexes, Australia, Mar 2017, ABS Cat No 6467.0. RBA (2017), ‘Box A: The Pipeline of Residential
Hsieh W, D Norman and D Orsmond (2012), Dwelling Work’, Statement on Monetary Policy, February,
‘Supply-side Issues in the Housing Sector’, RBA Bulletin, pp 36–37.
September, pp 11–19. Shoory M (2016), ‘The Growth of Apartment
Leal H, S Parsons, G White and A Zurawski (2017), Construction in Australia’, RBA Bulletin, June, pp 19–26.
‘Housing Market Turnover’, RBA Bulletin, March,
pp 21–30.

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