Sydney’s new apartment market continued its steady performance in the June 2017 quarter, with sales stable and prices up, according to new research released today by leading property consultants, Urbis.
With 731 recorded new apartment sales in the June 2017 quarter, of a sample of 20% of the market, the Sydney new apartment market achieved price and sales growth, despite the majority of sales being one-bedroom, zero car product.
Urbis Associate Director of Property Economics and Research, Alex Stuart, said that for the first time since reporting commenced, two-bedroom, two-bathroom product was not the dominant seller.
“One bedroom, zero car apartments made up 28% of total sales this quarter, just beating two-bedroom, two-bathroom product which contributed 27% of total sales. This is the first time we have seen this happen in our survey,” Mr Stuart said. “As well as higher sales rates of one-bedroom, zero car product, the weighted average sale price of this product type increased by almost $100,000 from last quarter. However, the weighted average sale price of two-bedroom, two-bathroom product increased by over $200,000 in the same period. Comparatively, one-bedroom apartments are still an affordable option.