Sydney’s new apartment market recorded 381 sales from a sample of 19% of the market in the September 2017 quarter, according to new research released today by leading property consultants, Urbis.
The Inner West Precinct recorded the majority of sales at 27% of total sales in the quarter, closely followed by the Eastern Suburbs (24%) and Parramatta (16%).
Though fewer sales were recorded with 81% of surveyed apartments now sold, the weighted average sale price increased by $46,677 over the previous quarter, reaching $1,205,774. At a product level, the weighted average sale price decreased across one-bedroom, one-car and two-bedroom, two-bathroom apartments, despite these being the two best-selling product types. However, with 18 of the 30 surveyed projects registering a total weighted average sale price of over $1 million, including the top two selling developments, the overall increase makes sense.