According to RLB Crane Index, Newcastle has broken its own record for the highest number of cranes running throughout the city at one time. The Index keeps track of the health of the building sector by tallying the number of cranes operating in 11 cities in Australia.
In its April report, there were 10 cranes dotting Newcastle’s skyline, the highest number of cranes seen since the launch of the index, and anecdotally the record number seen in Newcastle.
Out of all the cranes observed in Newcastle, 60% were working on residential constructions. The amount of private and government investment pouring into Newcastle has been unprecedented, driven by a combination of factors. Undermining has caused Newcastle to be a challenging area to develop. But now there is certainty and less risk to developers because of grouting fund.
The $17M Newcastle Mines Grouting Fund was established to grant developers funds for projects to plug voids and address mine subsidence.
Other major drivers are the hard infrastructure from all three levels of government and the city’s ‘desirability.’ It is projected that 300 apartments will be made available on the market in 2018, and 400 in 2019, and the same amount in 2020. In comparison, just 200 apartments had been built through the decade through 2017. But 1000 apartments would have to be built annually to be able to meet demand.
Here are the new crane installations in the city: Westfield Kotara, Westend, Verve Apartments, Stockland, Parque Apartments and Herald Apartments.
Increases in crane activity were not only seen in Newcastle but Hobart, Melbourne and Perth as well.