Developers are now aggressively loading up on land.
This chart from Colliers International shows the pipeline supply of unsold private homes has fallen by 62% to 15,085 units in Q2 from the peak of 39,184 units in 2011.
Colliers said sales are picking up whilst developers have not been actively replenishing their land banks.
The firm expects the unsold pipeline with planning approvals to empty out in 1.2 years, should the average annual take up of 12,453 units continue.
"It is no wonder developers are now aggressively loading up on land," Colliers said.
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