Early 2021 spike in apartment sales volume: Realestate.com.au
Weekly data from realestate.com.au showed 6,556 properties were sold last week, compared to 4,852 in the same week in 2020.
Sales volumes were up 32% nationally over the first 10 weeks of 2021, compared to the 2020 figures.
Sales volume for apartments was slightly higher than the jump in sales volumes for houses. Sales volumes of units were up 31% nationally over the first 10 weeks of 2021, compared to 2020 figures.
Sales volume for houses were up 29%. WA saw the biggest increase in apartments sales at 49% although the number sold was far less compared to the more populous states.
It matches Western Australian-based property investment consultancy, Momentum Wealth, which has reported a significant rise in enquiry from interstate buyers as WA’s residential property market continues to heat up.
Momentum Wealth's Emma Everett, said the rise in interstate enquiry was up 164% in the final quarter of 2020 compared to the same time in 2019. Ms Everett said tightening conditions within Perth’s rental market also meant investors were in a position to benefit from a stronger yield play.
Ms Everett said while conditions were ideal for interstate investors considering a Perth investment, area and property selection would remain critical for those looking to benefit from the market upswing.
“Particularly in a recovering market, not all areas improve at the same rate, and there are some locations that may not have the right factors to support strong capital growth, so it is still very dependent on suburb and even individual property selection.”
The same spike is seen in the NT where the volume in unit sales was up 47%, according to the latest data from realestate.com.au.
In the high volume states Queensland saw a 44% annual increase in the number of apartments sold over the first 10 weeks, while SA was up 40%.
New South Wales had a 21% jump in apartment sales volume. It was up 37% for ACT apartment volumes this year compared to early 2020.
Director of economic research at realestate.com.au Cameron Kusher noted overall supply levels remain low and demand is unprecedented, resulting in properties selling quickly and sales volumes lifting significantly.
He sees a strong autumn season, despite buyer demand on realestate.com.au slipping by 1% nationally for the second consecutive week last week to be down 2.4% from its peak.