The Urbis Apartment Market Essentials is the most comprehensive national apartment survey in Australia and the only survey where sales data for apartment projects with 25 or more units is collected at the time of contract rather than at settlement.
Our brightest minds analyse the data quarterly to provide you with the latest market activity and future supply pipeline. Discover more apartment trends in our National Apartment Essentials Snapshot.
Snapshot 2023 Q4:
- Owner occupiers continue to dominate the new and off the plan apartment market – representing 55% of sales in 2023.
- Fewer projects progressing to presales and construction stage as development activity slows. Despite this the volume of apartments approved in Q4 2023 was 34% higher than the quarterly average for the previous five years.
- Following two years of a slower supply pipeline (less than 20,000 apartment completions), the 2024 apartment pipeline stands at 35,000 apartments expected to be completed. However, in light of current market dynamics it is likey some of the 2024 pipeline will spill into 2025.
- The median rent for new apartments increased by 16% in the year to 2023.
- The Build to Rent Pipeline continued to gain momentum in 2023 – with 50% of Build to Rent activity located in Victoria. However, less than 50% has locked in a capital partner with funding proving difficult in the past 6 months.
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