More than half of new land purchasers in Western Australia during the recent quarter were investors, according to Urban Development Institute of Australia WA.
WA's predicted population rise has raised both concerns and expectations in the housing market, consulting firm Urbis and Property Council of Australia say.
No new apartment stock has been launched to the Perth market during the third quarter of 2022, as developers wait for unit prices to catch up with rapidly rising construction costs.
Our weekly appointments wrap includes Lauren Major, Sean-Paul Stephens, Michael Lundberg, Ashwin Nair, Tom Chaney, David Cresp, Addy Wetzler, Alex Maund, Esme Bowen and Liz Dallimore.
Sales activity in Perth's new apartment market has slowed, as developers flag concerns about rapidly increasing costs amid competition with the residential housing construction sector.
Perth's market for new apartments recorded its strongest quarter of sales activity since 2016, according to the latest research from property consultancy Urbis.
Perth's new apartment market recorded more than 400 sales during the fourth quarter of 2020, the highest volume recorded for a quarter since 2016, according to the latest data from Urbis.
Developers are pushing ahead with plans for new projects, hoping recent government initiatives aimed at stimulating the sector will help cushion any further COVID and economic blows.
