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Market shows resounding return

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Research released by Urbis this week has demonstrated that the first quarter of 2018 recorded an 18% jump in apartment sales compared to Q4 2017, representing $280 million in value.

Second on the list, for highest number of sales, was the newly launched Beach Shack at Scarborough, which recorded $22 million sales in Q1 2018.

Overall Norup Wilson recorded $40 million in sales for the quarter across its three projects including The Crest and The Precinct.

Mr Dave Wilson, Director of Norup Wilson stated if Perth needed a sign that the market had returned – then this evidence clearly demonstrated an upswing.

“When you see that demand for apartments has risen by nearly 20% in one quarter and that in some instances, prices have been increased, then all the signs demonstrate that the market is regaining confidence and momentum,” Mr Wilson said.

“Furthermore, Government Royalty revenue grew by 28% in 2017 compared to 2016 totalling $6.6 billion, with iron ore reflecting 33% growth in revenue*,” Mr Wilson stated. “Employment also grew by 54,600 since 2016 and all these signs demonstrate that conditions are right for buying and investing**.”

The Beach Shack is located adjacent to Scarborough beach and is now 42% presold, with construction expected to commence in Q4 - 2018. The Crest in Burswood is already at 18 stories with completion planned for early 2019 and The Precinct in Mt Pleasant, which commenced construction this month, will be completed by early 2020.

It’s not just projects in the right locations that appear to be selling, it is those which also focus on delivering quality to an owner occupier market,” Mr Wilson said.

“All three of our projects have ocean or river views, are located in areas undergoing major redevelopment and are complimented with a high level of finishes.

“It’s this combination that we believe our more astute buyers are recognising as having the best return.”

*Source http://www.dmp.wa.gov.au/About-Us-Careers/Latest-Resources-Investment4083.aspx
** Source Deloitte WA Economic Outlook April 2018

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