The Urbis Apartment 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.
Our Q4 findings featured in the AFR; read more from Mark Dawson and the team here.
Snapshot 2024 Q4:
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The average price per square metre for off-the-plan apartments continued to rise, exceeding $19,000. Developers continue to adapt to a market impacted by inflated construction costs, shortages of labour and shifts in buyer preferences.
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Urbis recorded 19,900 apartment completions over 2024, marking a 5% annual growth since 2022. Despite this, completions in 2024 were still nearly 10,000 apartments fewer than the average annual completions between 2017 and 2024.
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Nearly 30,000 apartments are under construction and expected to be completed in 2025, marking the highest level since 2020 and surpassing the average annual completions between 2017 and 2024. As developers navigate the evolving landscape, it will be important to monitor these projects to see how many meet their expected completion dates.
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Rents in new apartments remained high, increasing by 1% quarter-on-quarter and 5% from the previous year. Without significant new rental supply, we anticipate sustained rent growth as markets across the country continue to experience low vacancy rates.
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Get in touch with one of our local, on-the-ground team members today to discuss what’s happening in your market.
Victoria – Mark Dawson and Dylan Gray
New South Wales – Alex Stuart
Queensland – Paul Riga, Monique Ryan and Lynda Campbell
Western Australia – David Cresp