The latest sales data for Perth’s apartment market indicates a positive shift in sentiment and activity, particularly among owner-occupiers.
Perth recorded 410 apartment sales during the first quarter of 2018, the most per quarter charted by the Urbis Apartment Essentials report since the first quarter of 2016.
Of those transactions, owner-occupiers dominated purchases, up 17 percent on the previous quarter and accounting for 65 percent of sales.
Of the 410 sales, 97 were two bedrooms/two bathrooms, 47 three bedroom/2 bathrooms, and 115 one bedroom.
Perth’s average price for the first quarter was also $681,000 on par with the 3rd quarter in 2017. In the area where The Precinct is located (Southern), the average price was $781,000, Fringe East (where The Crest is located) averaged a sales price of $651,000 and Scarborough $546,000.
Dave Wilson, Director of Norup Wilson stated that the trends for 2018 indicated that buyers were feeling positive about the market and its opportunities.
“We are seeing couples moving out of their traditional family home, and for them, moving into an apartment is seen as an upgrade in their lifestyle,” Mr. Wilson said.
“The move is not so much about the finances but rather where they want to live and what they want to have around them.
“Our locations offer a great mix of river, beach and café strips/retail and so they are self-sufficient communities in their own right.”
The Beach Shack which was only officially launched in Q1 2018 was one of the top-selling apartment developments in Perth. Offering one to three bedroom apartments and absolute beachfront access, it was recognized quickly as a very unique part of the coastline.
“Perth has 120km of coastline with very few residential opportunities,” Mr. Wilson said.
Whether you are seeking a riverside or coastal location, Norup Wilson offers iconic living