According to GlobalData, the value of Australia construction market is forecast to decline by 2.7% in real terms in 2024, having decreased by 0.4% in 2023. A key growth market will be the infrastructure market, with output rising by 3.8% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the top five multi-family housing construction projects that commenced in Australia in Q4 2024, according to GlobalData’s construction projects database.
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1. Bentley Redevelopment: Residential Community
The project involves the construction of 1,000 residential homes on 30ha of land in Bentley, Perth.
Construction work started in Q4 2024 and is expected to be completed in Q4 2029.
2. 889-913 Collins Street Residential Development
The project involves the construction of a 3,394m2, 24-story residential complex comprising 499 apartments at 899 Collins Street, Melbourne’s Docklands.
Construction work commenced in Q4 2024 and is expected to finish in Q4 2026.
3. Macquarie Rise Residential Complex
The project involves the construction of three 12 to 14-story residential towers comprising 265 apartments in Sydney, New South Wales.
Construction work started in Q4 2024 and is forecast to complete in Q4 2027.
4. Raleigh Place Apartment Complex
The project involves the construction of 24,568m2, two 15-story towers on top of a three-level basement apartment complex on 0.45ha of land in Melbourne, Victoria.
Construction work commenced in Q4 2024 and is expected to be completed in Q2 2026.
The project aims to provide better residential, retail, and hospitality facilities in the region. Buy the profile here.
5. Prince and Parade Residential Development
The project involves the construction of 166 residential apartments on 0.65ha of land in Melbourne, Victoria.
Construction work started in Q4 2024 and is expected to be completed in Q1 2027.
Initially, JWLand acquired the site and planned the demolition of a heritage building to construct 255 apartments, retail space, and a child care center. However, plans were rejected by the Victorian Civil and Administrative Tribunal. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
