No Apartment Oversupply in Perth
An article in today’s West Australian on property economist Urbis has dismissed claims that Perth is facing a looming apartment oversupply. Urbis is confident that with increased house prices, land shortage, and shifting demographics, the densification of our city is gaining traction. They cite factors such as off-the-plan sales for the misunderstanding of apartment supply and demand levels. A survey of 79 active apartment projects found that 68% had been sold and most projects were sold out or very close by the time they were finished. However in 2014 only 17% of dwelling approvals were for apartments.
We see increased apartment supply as benefiting our population and that reports similar to the one from Urbis are positive news for our city.
Click the image above to read the article.