Recent Urbis data, relating to the fourth quarter of 2018 shows a 22% jump in sales (307 sales), compared to the previous quarter (236 sales).
Of the 307 apartments sold from October – December 2018, two bedrooms dominated with 41% of the market share with a weighted average sales price of $603,000. However, in the area where The Precinct is positioned, the average price was $813,000 demonstrating that this is one of the most premium locations in WA. This also marries with REIWA data, which demonstrated that Mt Pleasant experienced a 21% increase in median price in 2018.
There were also 753 apartments approved for construction in the last quarter, the highest level since Q3 2016.
One of our directors, Mr Dave Wilson, stated that the buoyancy of the apartment market was a positive sign, however, there is still a long road ahead.
“Apartment living is certainly becoming one of the preferred housing options in WA because of their location and lifestyle that they offer to residents,” Mr Wilson said.
“Buyers are appearing to be very selective in the projects they choose and their decision appears to be largely based on location, quality and certainty of delivery.
Two of our projects are due for completion in the next 18 months, with The Crest in Burswood ready for settlement in April 2019, The Precinct in early 2020. The Beach Shack has commenced foundation works and is expected to be complete in the later part of 2020.