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.