$5.4bn apartment crisis: 10,000 homes shelved across Brisbane and Gold Coast

More than 10,000 desperately needed apartments across Brisbane and the Gold Coast have been put on hold, with new figures exposing a staggering $5.4 billion development backlog threatening to deepen southeast Queensland’s housing shortage. Exclusive data from PRD reveals construction has been postponed or placed on indefinite hold on 112 apartment projects comprising 10,286 dwellings across the two cities, as soaring building costs and chronic labour shortages take their toll on developers. A render of Breakfast Creek Quarter by Arkhefield. In Brisbane alone, 6711 apartments across 71 developments have been deferred, representing almost $2.5 billion in proposed construction. Another 3575 apartments across 41 Gold Coast developments, worth an estimated $2.9 billion, are also on hold. The extraordinary figures come amid warnings that many approved apartment projects may never be built, with construction costs more than doubling in just five years and builders booked out for years in advance. PRD chief economist Dr Diaswati Mardiasmo said the number of apartments in deferred Brisbane developments was almost equal to the number in projects commencing construction. PRD chief economist D...