In the most comprehensive national survey in Australia, Urbis tracked over 100,000 brand new and off the plan apartments across Sydney, Inner Melbourne, Brisbane, Perth and the Gold Coast, in the December 2017 quarter.
Urbis’ Apartment Essentials survey recorded a total of 1,223 sales from 283 developments within inner-city regions and a further 157 sales from 18 developments in Melbourne’s middle ring. This is similar to the previous quarter which recorded 1,241 sales. Of the surveyed apartments nationally, 75% are now contracted for sale.
Urbis monitored actively selling apartments across 697 inner-city developments nationally. Thirty-four new projects yielding over 6,000 apartments launched in the quarter, and twenty-three projects yielding over 3,300 apartments sold out in the quarter.
Director of Property Economics and Research, Mark Dawson, said, “Nationally, across the inner precincts in 2017, 92 developments yielding almost 11,500 apartments sold out, and 128 developments yielding over 21,700 apartments launched. Whilst this may seem high, when compared to 2016 it is clear the market is self-regulating.”
In 2016, 248 projects launched yielding approximately 35,800 apartments, and 165 developments yielding 20,400 apartments sold out.
“There was a significant reduction in new project launches in 2017 compared to 2016, allowing developers to move existing stock whilst selected new projects launched without overcrowding the market,” Mr Dawson said.