High-rise boom in Perth
10 June 2015 by News Desk
The current boom in high-rise construction in Perth has seen more than 15,000 apartments sold off plan or approved for development.
Of the 9,427 “active” apartments – those selling off plan, under construction or recently completed – just 2,832 remain on the market. A further 6,000 flats have been approved for development, according to property firm Urbis.
Perth inner city has the most stock, with 2640 apartments with an average price of $626,147 of which almost 70% was already sold. Atwell, Success and Cockburn Central had the cheapest average price at $467,308, with 370 active apartments and 276 approved for development.
More than 2000 apartments are sold each year in Perth, 90% of which go to buyers in Western Australia.
Darrell Todd, CEO of thinkingaustralia, says: “The current trend in housing is for apartments, given the shortage of traditional houses. Given the high number of new apartments coming onto the market some observers claim there is a threat of over-supply – which would bring prices down – but the facts do not bear this out as current demand still outstrips supply”.
