Perth sees strongest off the plan apartment sales tally for five years
The latest Urbis report has calculated 475 off-the-plan sales in Perth were secured between March and June.
It was the highest number of sales since the 2006 first quarter.
The top sellers were Edge Visionary Living’s Lumiere South Perth followed by its Rivière project on the waterfront in Applecross which had 33 sales at close to a $2m average price.
Perth's average off the plan apartment price was $900,000 plus.
The report noted off-the-plan sales over the June quarter were higher than resales of existing apartments.
The 475 off-the-plan sales were worth $430 million.
The research by the property consultants suggested the uptick had been driven by wealthy downsizes seeking luxury apartments in the inner suburbs.
Buyers of new apartments qualify for stamp duty rebates of 75 per cent up to $50,000 with no cap on the purchase price.
It is available to both owner occupiers and investors.
Around one quarter of the new apartment buyers in the June quarter were investors.