Apartment Market Holding Firm Despite COVID-19
Despite a decline in new project launches due the dire circumstances surrounding COVID-19, research indicates that the apartment market has been holding firm.
Only 23 new projects were launched across the country compared to 60 in the year prior, indicating that the focus has shifted to selling recently completed stocks as opposed to launching new projects.
Developers have also been forced to adapt to a change in the buyer profile, with measures imposed on overseas investors early last year to reduce investment activity in conjunction with the restrictions on overseas travellers within the current circumstances.
Although COVID-19 has left a significant impact on the off-the-plan apartment market, Sydney is expecting to have 11,771 new apartments to be completed in 2020, and developers are looking to launch new apartment projects as a means of taking advantage of the anticipated recovery in the market.
Melbourne, however, only saw six new developments on the market, compared to the quarterly average of 19 the previous year.
Brisbane has withstood major shifts in the quarter, with new project launches along with sales levels consistent with the previous year.
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