The Perth apartment market bounced back in the June 2017 quarter, recording 348 sales, an increase of 35% from the previous quarter and the highest sales level since the September 2016 quarter, according to new research released today by Property Consultants, Urbis.
Following on from a strong sales performance last quarter, the Western Suburbs recorded the highest level of sales across Perth in the June 2017 quarter. This is the first time the Western Suburbs has been the top performing precinct, overtaking the Inner City as the most active precinct in recent quarters.
Urbis Director of Property Economics and Research, David Cresp, said that the markets differed for the two top performing precincts, the Inner City and Western Suburbs.
“There are 24 active projects containing 3,140 units in the Inner City, and 54% of these units are sold. Comparatively, in the Western Suburbs, there are only 12 active projects, containing 994 units, and 74% of these units are now sold,” Mr Cresp said. “Essence by Blackburn, which launched last quarter in the Western Suburbs, was once again a top seller. New developments launching in areas like the Western Suburbs are selling well, given the relative lack of new apartment availability in this highly desirable area.”