The RLB Crane Index has been released for Q1 2024 and is showing stable yet high results in crane numbers across both residential and non-residential property types. The current national index of 204 is the second highest rate recorded since the survey's inception in 2015 and represents 869 cranes, with 540 representing residential projects and 329 across commercial asset types. The high signals a rebound in confidence for construction across the country with urgency surrounding residential and mixed-use developments moving ahead of other non-residential developments. Civil projects also feature highly with investment into infrastructure across the country, however, many commercial projects are coming to an end and limited new developments are in the pipeline until occupancy levels improve.
Greater Sydney (including Central Coast) remains home to the greatest activity with 402 cranes across the skyline, aligning with strong population growth for the state. Over the last six months this region has seen 108 cranes removed and 100 new cranes erected resulting in a net decrease, although accounting for 46.3 per cent all crane activity in Australia. The greatest number is located in Sydney’s North with an increase in mixed-use developments and strong residential activity in suburbs like Macquarie Park. Sydney’s West is also busy with 31 new cranes erected for both residential and non-residential projects including Western Sydney Airport, Kemps Creek and Tallawong Village. Cranes are now seen in 35 suburbs across the western suburbs. While residential developments dominate greater Sydney activity, an increase in commercial, data centres, hotels and mixed-use developments has also been recorded.
Greater Melbourne and its 194 cranes represent 22.3 per cent of activity across the country. During this period we have seen strong net increases across a number of types of developments including residential (up 13), civil (up nine) and mixed-use (up five), while some non-residential projects have come to an end with commercial cranes down by six with little scope for this to increase given high vacancies recorded across Melbourne office markets.
The high population zone of south east Queensland continues to be the third greatest location for cranes representing 17.8 per cent of activity. However, this period we have seen a reduction in crane numbers across some regions, with Brisbane down seven cranes to 78, Sunshine Coast down six to 16 as projects come to an end, while the Gold Coast remained stable at 16 cranes. The greatest number of cranes, however, remain for residential developments followed by civil projects, unsurprising given the huge investment into infrastructure in the region. For Brisbane and Gold Coast there has been an increase in cranes erected for health developments. Commercial cranes have come down across Brisbane but have popped up on the Gold Coast, while the Sunshine Coast is home to only residential cranes with no non-residential cranes recorded.
Across most other markets, crane numbers have fallen, Perth down by five to 45, with 66.7 per cent representing residential projects. Seventeen new cranes have been erected this period, however, 22 were removed with aged care, education, hotel, and mixed-use all growing their activity. Canberra was one of the markets who had seen an increase in numbers, while 11 were removed this period, an additional 16 have been added to total 26 active cranes on the skyline with growth in commercial and data centres and education projects.
