The Perth new apartment market picked up pace in the December 2017 quarter, with four of the seven top-selling projects launching in the quarter.
The Urbis Apartment Essentials report for Q4 2017 recorded 348 apartment sales in the Perth market, up from 276 sales in the previous quarter. Over $800 million of sales were recorded in 2017.
The Inner City Precinct recorded the highest proportion of sales at 29% of the total, however, the top-selling project was Blackburne Property Group’s new riverfront project Marina East, located in the Fringe-East Precinct.
Across Perth, the weighted average sale price was $696,695, this was higher than the previous quarter with the price increase driven by more expensive product transacting in the Inner City Precinct and a higher proportion of three-bedroom plus sales. In the December quarter, 17.5% of all sales were three-bedroom plus product compared to 9.9% in the previous quarter.