Sydney's residential crane activity remains strong: RLB Crane Index Q1 2024
Sydney's residential tower activity remained stable in the first quarter of 2024.
According to the latest RLB Crane Index® for Q1 2024, there were seven fewer residential cranes compared to Q3 2023. There are 251 cranes active across Sydney currently, which is 64 per cent of Sydney's total crane count.
The index, which tracks crane counts as a proxy for construction activity, indicates that New South Wales continues to be a powerhouse in construction, accounting for nearly half of all cranes in the country.
Nationally, the crane count stands at 869, marking the second-highest count in the history of the index. Of these, 540 cranes are engaged in residential projects.
Among the residential projects contributing to Sydney's crane count are Viciniti and Destination in Macquarie Park with five cranes, and Deicorp's Tallawong Village with four cranes.
Certain regions across Sydney saw increased crane activity quarter on quarter. The eastern and northern parts of the city experienced a rise in the number of cranes, while the western region recorded a decrease in crane activity.
Inner Sydney (CBD and surrounds) saw the addition of 37 cranes, against the removal of 41 cranes. This brings the total number of cranes to 86 cranes.
There were new cranes added to ICD's City Tattersall Club redevelopment on Pitt Street, as well as Annandale's Abbie's Lane by Ceerose. One Circular Quay saw a crane added, as did Greenland's Park Sydney.
Despite being two of Australia's most populated cities, Sydney has 196 more cranes in the sky than Melbourne, which is contributing to the huge undersupply of new property in the Victorian capital.