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      About KPMG's analysis

      KPMG's analysis of current residential apartment projects in New South Wales (NSW) highlights the role of Non-Bank Lenders in supporting the achievement of the State’s housing supply targets.

      We provide an analysis of 189 apartment development sites in NSW subject to local council development applications. The majority of those projects are located in the greater Sydney area.  

      What's happening in the NSW Apartment Development market?

      Our review is based on active development applications in NSW reported by Cordell, provider of construction project data, building cost information and tender notifications in Australia, extracted in July 2025.

       

      • Total pipeline

        There is a total pipeline of circa 21,451 apartments, with completion dates ranging from late 2025 to 2033. The top 30 projects make up 60% (11,384) of the total apartment pipeline.

      • Finance providers

        The Big 4 Banks have financed 67 projects (36%) and Non-Bank Lenders (predominantly private credit firms) have financed 53 (28%) projects.

      • Project value

        The total estimated project value with registered mortgages by Big 4 Banks and Non-Bank Lenders is $3.4bn (36%) and $3.1bn (34%), respectively.

      • Mortgagees

        Remaining projects (34% of total number and 28% of total value) having no mortgagee registered on title at the time searches were conducted.

      • Project value by location

        Compared to NSW overall, Western Sydney sees 11% more projects by value and 5% more by number with Non-Bank Lenders registered on title. This suggests that Non-Bank Lenders are comparatively not only financing more projects in Western Sydney, but also larger value projects.

      • Top locations

        The top locations were Blacktown City Council (15 projects and 2,883 apartments), Liverpool City Council (12 projects and 2,057 apartments) and City of Parramatta (10 projects and 2,057).

      • Proximity to transport

        56% of projects representing 65% of total estimated value were within a 1km radius of a train station

      Download: NSW Apartment Development Market Report

      KPMG's Insights on residential apartment developments in NSW

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      NSW Apartment Development Market Report

      November 2025
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      Why KPMG

      KPMG’s real estate specialists provide objective, practical and commercial advice on property-related matters. This helps our clients make effective decisions, in often commercially competitive situations, with tight timeframes and extensive geographical coverage.

      We have the specialist skills, industry-focused advisers, and global resources to provide the in-depth advice and follow-through that today’s environment requires. We act for asset owners, developers, construction businesses, lenders, investors and other stakeholders to manage risk and transact at any stage of the investment lifecycle.

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