Apartment sales in Melbourne are steadying, according to property consultancy Urbis. The latest surveys indicate a slowing of sales volume overall from levels seen in the previous year, while the pace of supply additions is also receding.
Prices have climbed compared to the previous quarter in the inner north and inner west precincts, whilst dropping in the central, inner east and inner south precincts and overall.
Urbis Director of Property Economics and Research Mark Dawson says: “Prices tend to move around on a quarterly basis due to variation in stock, so we have not seen evidence of a pullback in pricing. This is more a function of luxury sales in the previous edition.”
Within the precincts, central city sales volumes slowed, which would be expected as 10 surveyed projects had already met presales thresholds. Others have likely been affected by moderating short-term demand conditions.