Good news everyone! The Urbis Apartment Essentials report for the first quarter of 2018 has just been released and its given Perth’s new apartment market a big two thumbs up with the highest number of surveyed sales recorded in two years.
Further encouraging statistics to show that 55% of sales were for off the plan apartments (up from 34% in the previous quarter) and that owner-occupier sales have dominated the market with 65% of transactions compared to 48% in the previous quarter.
So it seems that things are looking rosy for the Perth apartment market, but what’s behind this continued recovery and record levels of owner-occupier participation? According to Urbis Director David
But what exactly does this mean? Well, on one end you have people looking to buy property in desirable areas that would otherwise be beyond their budget (such as first home buyers and young professionals without children), and on the other, you have people looking to sell their family home and right size to a more lifestyle-friendly location, now that their children have left home.
“The Perth apartment market recovery continues, and along with it we are seeing a more active in the downsizer market, driving owner occupier sales. I expect as long as developers are able to provide consumers with apartments which more than meet their needs in locations which otherwise would not be affordable, this market segment will continue to grow.”
The Urbis report also highlighted that apartment development approvals remain at low levels, so increasing demand and a limited supply can only mean one thing: prices will continue to rise as time goes on. To make the most of these fantastic market conditions to get yourself into an apartment at The Beach Shack, The Precinct or The Crest, get in touch with us today. When it comes to the Perth apartments, it seems that the only way is up!