PropertyESP just completed some research on behalf of the Property Council examining the number of 3+ bedroom apartments located in the Perth LGA.
Contrary to popular belief, PropertyESP actually identified 1135 sales of 3+ bedroom apartments from 2012-2017, with the bulk of these in East Perth (697).
But other locations including Crawley (134), Perth CBD (127) and West Perth (134) also reflected these larger apartments.
But what we also witnessed was the decline in sales for these larger apartments with 279 sales recorded in 2012 and just 95 in 2017.
It makes us wonder if this decline is due to these apartments being tightly held onto or alternatively a lack of supply?
Over 900 of these sales were also apartment houses in contrast to penthouses or home units and interestingly it was these apartments that reflected an increase in median price from $690,000 in 2012 to $860,000 in 2017.
On the other hand penthouses which were selling at a median price point of $1.7 million in 2012 are now selling at $1.5 million and home units (smaller complexes without lifts) which had started at a median price point of $534,000 in 2012 were priced at just $477,500 in 2017.
However, considering trends with baby boomers and the family sector, apartment developers will have to consider increasing the ratio of three bedrooms within the City, beyond a token gesture.
Data has shown that Perth is second to Sydney across the nation for the number of families residing in apartments.
Plus nationally only 5% of our seniors in fact choose a retirement village when looking to relocate out of their traditional family home.
Perth is evolving and people are choosing to reside in the City because of its strong employment base and vitality (as a result of improved infrastructure) and on that basis we need to reflect this in our ongoing housing options.
If you are seeking this kind of intelligence (and who wouldn’t?) then contact the team at PropertyESP. We make sense of property.