Perth’s housing market might be struggling, but luxury apartments are red-hot.
While top-end suburbs have suffered the biggest price hits after the mining downturn, sales of high-end apartments are actually increasing.
And industry figures say with more wealthy buyers picking apartments over big mansions, Perth’s most elite postcodes can expect a rise in developments.
New statistics compiled for The Sunday Times by consultants Urbis show that since 2014 the ratio of $1 million-plus sales in the off-the-plan market has more than doubled.
Urbis economics and market research director David Cresp said while data was still being compiled he expected to see a further increase in the figures from the first quarter of 2016.
“The last time we saw this kind of activity in the luxury end was in 2007-2008, but then a lot of people were buying them as investments,” Mr Cresp said.