Metro Apartment & Townhomes Report - September 2024 by RPM Group

MELBOURNE APARTMENTS & TOWNHOMES MARKET REPORT

SEPTEMBER 2024

Welcome

Luke Kelly National Managing Director Built Form

luke@rpmgrp.com.au

Welcome to the first edition of our Metro Melbourne Apartments & Townhomes Market Report.

For three decades, RPM Group has been a trusted partner to greenfield developers and the broader property industry. We’ve earned a reputation for providing clear and reliable market research that helps our partners make more informed decisions.

As the Research Partner of UDIA Victoria, our data is known for its completeness, timeliness, and accuracy to offer actionable insights that guide the industry through both stable and uncertain times.

Today, we are excited to extend this same level of expertise to Melbourne’s infill apartment and townhome sector.

Our September 2024 Metro Melbourne Apartments & Townhomes Market Report comes at a critical time. High interest rates, elevated construction costs, and deepening affordability concerns are shaping the landscape in ways we haven’t seen before. Now, more than ever, thorough data and clear insights should inform the basis of good development decisions.

We hope you find this report valuable to better inform your apartment and townhome development goals. If you have any concerns, or would like to request additional information, please contact our Research, Data & Insights team.

RPM Metro

Steve Williams Sales Director Metro

stevew@rpmgrp.com.au

RPM Group launched the Metro division with a view to leverage our industryleading data to offer specialist support to apartment and townhome developer partners, providing actionable insights that translate into successful project outcomes.

We are proud to present the first Metro Melbourne Apartments & Townhomes Market Report, addressing key issues and questions facing the current market, including when construction costs are expected to stabilise and the economic factors developers should consider before moving forward.

Our Metro division offers step by step guidance on the entire project lifecycle, locating and acquiring suitable sites, advice on product and price, bringing your project to life, nurturing active buyers, through to securing sales and aftercare support.

With more than 3,000 apartments and thousands of townhomes delivered across Melbourne’s inner suburbs, valued at over $3.6 billion, the Metro team has the experience, expertise, and insights to help our partners navigate the market.

Executive Summary

Michael Staedler

General Manger

Research, Data &

Insights

m.staedler@rpmgrp.com.au

• Victoria’s population growth remains strong and continues to push up housing demand and rents.

• Townhome and apartment approvals are at historic lows, signaling entrenched challenges in new project development.

• Rising construction costs and labour shortages are hindering large-scale developments.

Victoria’s population continues to expand, despite dwelling supply issues persisting. Most recent figures show that in Q1 2024, Victoria contributed to exactly a third of the nation’s population growth, well above recent trends. Population continues to be driven by overseas migration making up 76% of the state’s total growth. Natural increase has simultaneously recovered to the highest level recorded.

The impact has been especially felt in metropolitan Melbourne, where median unit rents hit a record $575 per week in June 2024. Low vacancy rates are adding further strain to the already tight rental market.

The situation is deepened by the sharp decline in housing supply.

Melbourne’s townhome and apartment approvals continue to remain sluggish. Over Q2 2024, only 2,035 townhomes were approved - a small increase compared to the previous quarter, but still sitting at near decade lows. More concerningly, apartment approval figures sit at a near 20-year low of only 567 units approved over the quarter. Both of these figures will feed into low commencement and completion rates over the medium term.

Despite stabilising materials costs, Melbourne’s construction sector continues to be burdened by labour shortages, with government projects soaking much of the available workforce. Risk is also being increasingly shifted to builders, creating a less favourable climate for new developments as the only way to incorporate risk is to increase pricing. Strategic planning hurdles add to these difficulties, creating a less favourable climate for new developments.

Looking ahead, Melbourne’s (and the nation’s) housing shortage is likely to persist. Whilst strategic planning initiatives such as the Suburb Rail Loop East precincts (to accommodate over 70,000 new dwellings) and planning revisions are on the horizon, new development continues to be discouraged by planning resistance along with high levies and charges. Without significant and meaningful changes, the housing crisis shows few signs of easing.

For more information, please visit: www.rpmgrp.com.au

For a detailed market analysis or a bespoke report through our Research Consultancy Services, email the team at: contactus@rpmgrp.com.au

A Data Driven, Holistic Approach to Property

RPM’s Research, Data & Insights division provides in-depth analysis on current local and overseas economic and property market conditions. The team consists of economists, property experts, and GIS analysts that provide real-time market intelligence, and analytical and strategic advice.

Our knowledge and expertise are an invaluable resource for RPM’s developer clients, empowering them to make intelligent, informed, and strategic decisions when evaluating residential developments and investment opportunities.

Our data and analysis help clients maximise their marketing efforts and achieve sales targets on their projects.

We collate and analyse data on Australia’s medium and high-density markets, providing insights on past and present product and pricing, as well as upcoming supply.

This comprehensive understanding of the different markets forms the foundation of our in-depth reports and bespoke analysis.

Sales rates

Dollar per sqm rates

Upcoming competition and supply

Research, Data & Insights

Your dedicated research team:

Andrew Raponi

Senior Research Manager

Laurence Rao

Research Manager - VIC

Michael Staedler

General Manager

Distribution of price points

Activity levels by market, product & developer

Product mix

This rich data helps our team and clients to better understand:

Market Fundamentals

Australian Economic Indicators

Source: Australian Bureau of Statistics

Population Growth in Victoria

Population growth in Victoria continues to remain at near historic highs.

Over Q1 2024, Victoria added a total of 55,333 new residents, the second highest quarterly level of growth measured since Q1 2023. The state contributed to 34% of the nation’s total population growth, the highest level measured since 2017. This significant spike in population was driven by a recovery in natural increase levels, crossing 10,000 persons for the first time since Q1 2021. While overseas migration ‘only’ contributed to three-quarters of overall growth in Victoria, it has picked up again in absolute terms with a total of 42,264 new persons settling in Victoria.

Long Term Population Projections for Metropolitan Melbourne

Projected Population and Growth Rate 2026-2051

Metropolitan Melbourne’s population is expected to grow substantially in the short to medium term, with a slowdown expected in the long term.

The population is projected to exceed 6 million by 2032 and reach 7 million by 2042. This will see Melbourne need to produce an extra 900,000 dwellings over the next two decades.

Source: Victoria in Future

Medium Term Population Projection by Region

2021-2036 Projections

Overall Forecast (2021-2036)

+1,554,600

The bulk of this growth is projected for Melbourne’s western and northern regions from an absolute perspective, adding around 450,000 and 390,000 persons respectively. However, the inner metro region is forecast to experience the highest growth rate overall at 2.7% per year.

Source: Victoria in Future

First Home Buyers

The present landscape is pushing the average age of first home buyers up to 35 years, and the proportion of 24-34 year olds in this group (currently just over half) will likely shrink further.

Around 42% of first home buyers are couples, with couples with children making up a solid 28% of buyers.

The decline in first home buyer participation has been noticeable since key government programs like the Stamp Duty Concession and First Home Loan Deposit Scheme were phased out. The Victorian Government’s Homebuyer Fund, although helpful, is only set to run until the end of this financial year (i.e. up to June 30th 2025) before being phased out for an as unfinalised federal level program.

The number of first home buyers has dropped from its Covid peak, with loan approvals at mid-term lows. Despite this, their overall market share has steadied at around 35%-36%.

Total First Home Buyer Loans

First Home Buyer New Loan Commitments (monthly)

Source: ABS Lending Indicators

Subsequent Home Buyers

Equity and general price growth has allowed many homeowners to leverage their assets into higher priced, more premium properties.

Currently, the median equity for subsequent home buyers stands at $340,000 compared to just $130,000 for first home buyers.

Established or growing families often need to upsize, requiring additional bedrooms, with the typical age range for these buyers being between 35-52 years, with a median age of 52.

This group has seen a notable decline compared to its pandemic era peaks. Additionally, recent interest rate increases have further reduced turnover in established properties.

Subsequent Home Buyer Loans

18,226

Non-First Home Buyer New Loan Commitments (monthly)

Downsizers

Downsizers tend to have significantly larger equity in their homes and are often debt free. They prefer smaller, simpler dwellings and are open to moving outside their current neighbourhoods.

Three bedroom homes are usually seen as ideal for downsizers, offering a good balance between functionality and a lower maintenance lifestyle.

However, recent trends show an increasing preference for two bedroom homes , as well as apartments and townhomes. According to HILDA survey data, around 75% of owner occupiers aged over 54 years stayed in the same home for 15 years, with downsizing decisions often beginning just before the age of 70 (shortly after retirement).

AHURI research reveals that downsizers are relatively mobile, with only 22% staying in their old neighbourhoods. While downsizers currently represent a small portion of new project demand, Australia’s aging populating will likely drive increased demand for suitable downsizing properties in the near future.

Local Investors

Recent changes in state taxes and policies have made local investors cautious. Despite this, strong factors such as net population growth, tight vacancy rates, and rising rents have kept investors relatively active.

According to the latest ATO statistics from FY21, 71% of property investors own just one property, and 12% are typically in the 65-74 year age bracket. They are also more likely to be negatively geared.

Historically, tax incentives and subsidies (especially for new dwellings) have supported local investor activity. However, recent state level changes (particularly those in Victoria) are starting to shift the once favourable investment environment.

As a result, investor activity in Victoria has decreased from its post-pandemic high and is now aligning with pre-pandemic levels. In Q2 2024, there were 13,789 new investor loan commitments, accounting for 33% of all new loan commitments.

Total Investor Buyer Loans

Investor New Loan Commitments (monthly)

Overseas Investors

Recent figures show that overseas activity, measured by FIRB approvals, has increased as international borders have reopened.

Foreign investors tend to be restricted to purchasing new off-the-plan (OTP) properties, with strict limitations on buying established homes. Historically, this policy has supported Melbourne’s apartment boom, particularly in the mid 2010s.

As of FY23, FIRB approvals have risen despite new levies and taxes. Notably, there have been more investors from China and other Southeast Asian countries.

It is key to note that overseas investor demand is not solely steered by Australian policies. For instance, Singaporean citizens face a 20% surcharge on a second property purchased in Singapore. The surcharge is 60% for foreign buyers purchasing a second property in Singapore. These restrictions encourage capital to flow into markets like Australia, where investment conditions are relatively more favourable.

* Variations from previously published statistics are due to the reconciliation processes. Source: Australian Tax Office and Australian Government - The Treasury

Melbourne Unit Market

Steve Williams

Sales Director

Metro

stevew@rpmgrp.com.au

As of Q2 2024, Melbourne’s unit market remains stable, with prices largely unchanged. Units have generally outperformed houses, although performance varies by region. Middle-ring suburbs are showing signs of weakness, contrasting with the stability seen across other areas.

This follows a challenging period marked by the aggressive interest rate hikes starting in mid-2022, which led to a significant drop in unit values - reaching a four-year low of $611,000 in Q1 2023.

The decline in demand during this period was driven by two main factors.

First, the rapid increase in interest rates created uncertainty, causing many prospective buyers to delay their purchasing decision. Second, shrinking borrowing capacity due to higher interest rates made it harder for people to secure loans, leading many to reassess their financial capacity to buy a home.

Unit prices in Melbourne have remained largely level as of Q2 2024 and continue to perform better than houses on a relative basis. However, Melbourne’s middle-ring have shown some weakening figures.

Despite these challenges, 2023 saw an unexpected turnaround. Although interest rate increases slowed, the anticipated effects of the 2022 hikes were expected to suppress demand and lower prices. However, strong population growth, largely from overseas migration, helped push unit prices up instead.

As of the second quarter of 2024, Greater Melbourne’s median unit price stands at $629,000, unchanged from a quarterly and yearly basis. The outer-ring has seen the strongest appreciation in values, rising 0.4% quarterly and 1.2% over the year. Melbourne’s middle ring, however, continues to largely underperform due to its relative lack of affordable products compared to other areas. Inner-city units have contracted slightly over the quarter and are at a level comparable to the mid-2019 period.

Note: Units include all dwellings that are not detached homes.

REIV defines Inner: 0-10km radius around CBD, Middle- 10-20km, Outer: 20km+, incl Mornington Peninsula Source: REIV and RPM Research, Data & Insights

Melbourne Unit Market by Region

Source: RPM Research, Data & Insights

Melbourne Property House vs. Unit Price Gap

As of Q2 2024, Melbourne’s median house price has decreased by 1.8% to $911,500, while our unit prices have remained steady at $629,000 - marking a 45% price gap between the two dwelling types. Although this gap is lower than the 61% near peak measured 2 years ago, it still remains significantly above the historical average of 30%-35%.

To bring the gap in line with long term trends, unit prices would need to increase by around 10%-15%, suggesting that units may be currently undervalued.

A number of factors will likely drive unit growth. Rising detached house prices are making traditional homes less attainable, leading buyers to seek more affordable medium density units. Additionally, government policies promoting development in established areas (such as the 70/30 plan) are expected to boost demand for units.

The gap between house and unit prices has been narrowing at about 2% per quarter since early 2022, indicating a gradual shift toward a more balanced market.

$1,200,000

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

Source: REIV and RPM Research, Data & Insights

Note: Units include all dwellings that are not detached homes.

Median Property Prices - Capital Cities Comparison

Note: For purposes of comparison, data is drawn from CoreLogic to provide a consistent comparison of values between states, as REIV data is collated for Victoria only.

Source: CoreLogic

All Dwelling Vacancy Rates Melbourne

As of June 2024, Melbourne’s overall vacancy rates have risen slightly to 2.2% from 2.1% in March. While this small increase is a positive sign, vacancy rates are still well below historical averages, indicating a continued shortage in rental availability.

Vacancy Rates by Region

Source: REIV & RPM Research, Data & Insights

All Dwelling Vacancy Rates Melbourne

In the inner and middle rings, vacancy rates have remained largely unchanged over the quarter. However, the inner ring shows slight improvement compared to the same time last year, with vacancy rates moving from 2.0% to 2.2%.

It is unlikely that these below-average vacancy rates will ease in the near future. Strong migration, a lack of new housing supply, and significant disincentives for increasing rental supply suggest that low vacancy rates will persist well into the future.

Vacancy Rates by Region vs. Previous Periods

Source: REIV & RPM Research, Data & Insights

Rental Housing Stock - Melbourne Metropolitan Region

The number of rental bonds in Metropolitan Melbourne currently stands at 535,726 bonds, with the number of bonds decreasing by 1.7% in Q1 2024.

This follows previous declines of 0.7% and 0.3% in Q3 and Q4 2023. Compared to the same time last year, the total number of bonds is down by 2.7%. Unsurprisingly, this shrinking rental stock is driving up prices.

From a sales market perspective, rental properties placed for sale is helping ease pricing pressures.

Source: Rental Report

Unit and Apartment Rents

Rents across Metropolitan Melbourne have reached a record high of $575 per week.

High demand, driven by strong migration, combined with low supply has pushed Melbourne’s unit rents to its new peak, despite the vacancy rates easing in the middle and outer rings.

Note:

Source: REIV and RPM Research, Data & Insights

Melbourne Weekly Rent (2 Bed)

Unit and Apartment Rents - Inner Ring

Rental prices for all three dwelling sizes in Melbourne’s inner ring have remained steady over the quarter, with a slight decrease for the largest products.

However, medium and long term rental price growth has been extremely strong across all product types.

Note: Units include all dwellings that are not detached

Source: REIV & RPM Research, Data & Insights

Unit and Apartment Rents - Melbourne Middle Ring

One bedroom dwellings saw the strongest growth in Melbourne’s middle ring, marking an 8% quarterly increase and a 19% annual increase. Yields also continue to strengthen.

Note: Units include all dwellings that are not detached homes.

Source: REIV & RPM Research, Data & Insights

Inner and Middle Ring Apartment Sales - Q2 2024

Prospective buyers tend to prefer mid-sized dwellings if trading amenity and convenience. Pricing distribution in Melbourne’s inner ring is also tighter due to more uniform products.

Greater Melbourne Dwelling Supply

Townhome Building Approvals

2,035 townhomes were approved in Q2 2024, marking a 15% improvement over the first quarter.

Despite this uptick, townhome approvals remain near a decade low, with the rolling annual total lower than any point during the pandemic.

Market conditions remain tough, defined by inflationary pressures and planning hurdles despite widespread calls for change. Construction costs remain high and competition for labour between the public and private sectors is slowing progress in medium density projects across Melbourne’s established areas.

Total Townhome Approvals Quarter

2,035 Dwellings

Total Townhome Approvals Rolling Annual

8,717Dwellings

Apartment Building Approvals

Melbourne’s apartment markets have shifted to firmly focus on higher quality developments for local buyers, particularly in middle ring growth zones.

Locations like Glen Waverley, Box Hill, and Moonee Ponds are seeking significant large scale apartment projects as strategic planning fosters the development of mini-CBD zones.

This focus away from the CBD and inner suburbs has reduced the overall number of apartment approvals. Recent challenges impacting townhome approvals, such as planning hurdles, as well as many apartment specific hurdles such as current BTR taxation and FIRB settings continue to suppress activity. Many projects (both BTS and BTR) continue to remain unfeasible.

As of Q2 2024, only 567 apartments were approved across Greater Melbourne, marking the lowest quarterly figure since September 2005. The rolling annual total stands at 6,709 dwellings, the lowest since September 2009. These figures highlight a severe lack of dwelling growth, exacerbating housing supply issues for the medium and long term.

Apartment Approvals Quarter

Apartment Building Approvals - Dwelling Mix

Melbourne’s shifting preference for apartment types and locations are reshaping the mix of approved dwellings.

There has been a decline in smaller, low rise apartments, with three-storey units taking a smaller portion of total approvals. One and two-storey apartments have effectively disappeared in favour of townhome projects.

This trend has been taken up by a rise in medium-rise apartments ranging from four to eight storeys. So far in YTD 2024, medium-rise apartment approvals contributed up 37% of all apartment approvals, continuing the trend of sitting well above the 32% pre-pandemic average.

Medium rise apartments will continue to dominate. This shift is driven by increasing demand for highquality projects in middle ring areas, strategic planning changes, such as new development nodes along the SRL, and the growing challenges of initiating large-scale high-rise projects.

Greater Melbourne Apartment Approvals by Building Height

Medium and High Density Construction Outlook

Housing Construction Material Costs - Melbourne

Housing construction material costs have stabilised, driven by decreasing cost of early-stage construction goods as the building pipeline slows down.

Overall, raw housing construction material costs have seen a modest 0.2% increase, while year on year material cost inflation has been just 0.1%, thanks to a deflationary period in Q3 2024.

Melbourne’s material cost inflation over the past two financial years has been lower than the national average and significantly lower than in Sydney and Brisbane.

While overall construction material cost escalation has largely levelled out, we note that this is due to the decrease in price of certain materials offsetting an increase in others. Early-stage construction materials, particularly steel, are becoming increasingly discounted due to falling commencements, as well as an overall slowdown in steel demand. However, other items, particularly highly energy and labour-intensive products such as cement, as well as later-stage manufactured goods such as electrical equipment have recorded price increases.

For builders, overall construction risks in Melbourne have therefore largely levelled out from a material supply perspective. Risk is now being moved further down the construction schedule as finishing items become dearer. For developers, this translates to a need for an increased level of care and scrutiny as projects near completion.

Inputs to Housing Construction (Material Cost Escalation)

Melbourne Raw Material Input Costs Pre vs. post Pandemic Average Escalation

Average Quarterly Change

Other Housing Construction Outputs - Melbourne

Overall construction for apartments and townhomes remains high, primarily driven by labour costs.

The ‘outputs’ to other housing construction (townhome and apartment dwellings) refers to the final price of completed dwellings, taking into account plant and material, labour, as well as sub-contractors margins. In this sense, this index measures the price of a dwelling completed by a builder and handed over to a developer.

As of Q2 2024, Victoria’s construction output for other housing has risen by 1.0%, a slowdown from the 1.2% and 5.7% increases seen in Q1 2024 and Q4 2023, respectively. This recent figure is below other states such as New South Wales (+1.5%) and Queensland (+3.5%), as well as the national average (+1.6%).

Year on year, the escalation remains high at 9.3%, primarily due to the Q4 2023 spike, surpassing the national trend of 7.7%. However, the recent quarterly figures show a slowing trend, which should lead to more manageable year on year numbers.

While output escalation is slowing, the figures remain higher than housing input (ie material cost) escalation. In fact, housing input costs have risen 0.1% in the

Change year to Q2 2024 while outputs have risen 9.3%. This indicates ongoing (albeit slowing) labour costs for townhome and apartment construction in Victoria, impacted by the intense competition between private and public non-residential projects.

Additionally, significant labour shortages are affecting skilled and specialised trades, particularly in the later stages of construction, aligning with the increase in late-stage construction materials noted earlier.

Outputs to Other Housing

Outputs to Other Housing Construction (Townhomes and Apartments)

Melbourne Raw Material Input Costs

Construction Cost Influences

While material input costs and supply chains have largely stabilised, government-led construction spending, general inflation, and labour costs are now the main drivers of rising construction costs.

Material costs, once the most volatile factor immediately post-Covid, have softened, with supply chains calming and fuel and transport costs decreasing. Additionally, severe weather conditions that previously disrupted construction have largely subsided.

However, two major risks remain:

1. Government-led construction: High levels of government-led projects, particularly in Victoria, are draining resources from the private sector and increasing competition.

2. Labour availability: Acute shortages persist, especially in specialist roles, exacerbating the strain on the construction industry.

Contract risk appointment refers to the transfer of risk between developer and builder. The most obvious example of ‘appointment’ is determining which party will be responsible for adverse weather conditions or extraneous circumstances. With developer’s overall risk appetites lowering, there has been a general drive to transfer more risk to the builder. Risk is simply translated from development risk to construction risk resulting in rising costs in the latter.

Given these challenges, developers are finding it increasingly difficult to justify medium and larger scale projects, such as townhomes and apartments. Issues like high government-led construction, elevated financing costs, labour shortages, and risk transfer are collectively creating an environment that hampers the housing industry.

Abnormal Weather

Contract Risk Appointment

Contractor/Sub Contractor Solvency

Foreign Exchange Rates

Fuel Prices

General Inflation

Geo-political Conflict

Increases in Government Led Construction Spending

Interest Rates

Labour Availability

Legislation (Carbon Sustainability etc)

Material Costs

Power Prices

Power Supplly Issues

Supply Chain Logistics

Tender Validity Period

Wage Cost Increases

Builders Margin

Cost of Capital

This chart details 20 key factors influencing construction volatility and their movement over the second half of 2023 across Australia. Each factor is scored out of 200.

Escalation Influences Movement - Q4 2023 vs. Q2 2023

Source: Rider Levett Bucknall

Future Construction Pricing Movement

Construction costs continued to rise through 2023 but is expected to moderate significantly in 2024.

The RLB Tender Price Index (TPI), which measures the price a developer pays for construction projects, indicates that cost increases in Melbourne is forecast to decrease from 8% in 2023 to 5% in 2024. This rate, while still on the higher end compared to Sydney and Adelaide (both at +4.1%), is lower than major Queensland cities.

It’s key to note that the RLB TPI covers the entire construction industry, not just residential projects. Despite the expected slowdown, Melbourne’s residential construction sector may continue to strain based on other leading indicators.

Medium and long term forecasts suggest that escalation will slow further in 2025 and remain relatively stable. Future construction pricing pressures are likely to stem from more administrative requirements, such as compliance, insurance, OH&S, and other non-construction related fees and charges.

Source: Rider Levett Bucknall

Outlook

Michael Staedler

General

Manager

Research, Data & Insights

m.staedler@rpmgrp.com.au

Australia’s economic outlook is uncertain, with monetary policy currently at a crossroads. Regardless of changes to the cash rate, strong demand will continue to place pressure on dwindling supply. Rental vacancies, while fluctuating in the short term, have generally decreased in certain areas like the inner ring, suggesting limited potential for significant reductions in unit rents.

Melbourne’s dwelling supply pipeline has continued to contract, with townhome and apartment approvals at near-decade lows. This will likely result in low commencement and completion numbers over the medium term. Structural reforms are progressing slowly, with both potential positives (such as shifting planning decisions away from local governments) and negatives (such as possible increases in levies on infill development).

As Melbourne’s building pipeline cools, rental vacancies will remain tight and continue to increase rents.

Although migration is expected to decrease, it remains uncertain whether this will limit rent increases.

Reducing immigration is the immediate measure to alleviate market pressure. Although this will have future implications, the excessive post-Covid migration has contributed significantly to housing inflation. The 2024-25 Federal Budget forecasts a decrease in net overseas migration from around 530,000 to approximately 260,000, though the full impact will take time to manifest.

On a positive note, construction cost pressures are expected to ease slightly this year and remain stable from 2025 onwards. The low townhome and apartment construction pipeline and the state government’s infrastructure spending plans may help reduce pressure on construction labour, potentially offering some relief to builders in the medium term.

For more information, please visit: www.rpmgrp.com.au

For a detailed market analysis or a tailored report, email the team at: contactus@rpmgrp.com.au

Our Team

Research, Data & Insights

Michael Staedler

General Manager

Research, Data & Insights

m.steadler@rpmgrp.com.au

Andrew Raponi

Senior Research Manager

a.raponi@rpmgrp.com.au

Laurence Rao

Research Manager - VIC laurence@rpmgrp.com.au

Simon Brinkman

Research Manager - QLD simon@rpmgrp.com.au

Built Form

Luke Kelly

National Managing Director

Built Form

luke@rpmgrp.com.au

Steve Williams

Sales Director Metro

stevew@rpmgrp.com.au

For detailed insights or custom reporting, contact the team: contactus@rpmgrp.com.au

Our latest greenfield market report is also available by scanning the QR code below.

rpmgrp.com.au