The Australian property market would benefit from the provision of more high-rise housing, according to Meriton managing director Harry Triguboff.
Writing in Property Observer, Mr Triguboff pointed to dropping interest rates as a crucial factor in the slight improvement seen in the housing sector over recent months in key markets such as the Gold Coast.
However, he indicated that increasing levels of immigration make it necessary to develop more accommodation over the coming years.
"But until councils become more responsible and approve viable projects on time it will be very difficult," warned the developer.
He suggested increased levels of high-rise building will allow builders to create more housing in central zones, alleviating the current pressure on accommodation levels in urban areas.
The Australian Bureau of Statistics predicts that the country's population will grow to between 30.9 million and 42.5 million by 2056, underlining the necessity of a sufficient provision of housing.
Posted by Steve Douglas