The number of off-the-plan apartments advertised for sale has jumped by 154 per cent in Australia in the last three years.
Investors continue to show interest in off-the-plan apartments despite fears of an over supply in certain inner city areas, with Victoria recording a 127 per cent rise.
New South Wales led the charge with a whopping 248 per cent lift in advertised off-the-plan apartment projects.
Victoria does however have the highest number of off the plan projects currently advertised for sale, with 282 listed at the moment.
REA Group director of sales and marketing, Toby Balazs, told News.com he has seen a 48 per cent growth in the volume on projects on their site in the last 12 months alone.
“There’s definitely a lot more people interested in buying off-the-plan apartments than there was three years ago, as they are starting to realise the benefits of inner city living,” he said.
The plethora of cooking television shows could well be having an impact on buyers in Melbourne, with off-the-plan purchasers commonly looking for European appliances as part of the deal.
Buyers in Melbourne are also looking for swimming pools, courtyards and bars to be included in their off-the-plan apartment.
The off-the-plan action is also hot in Queensland, the number of projects up for sale today has more than doubled from 53 to 120 over the last three years.
Interestingly, Marini Peries from realestate.com.au told News.com that one and two-bedroom apartments were what buyers were after, and that around a quarter of people clicking on Brisbane off-the-plan apartment listings were from interstate buyers looking for something in the relatively cheaper Brisbane market.
Predictably, Brisbane buyers were looking for apartment projects that included swimming pools and rooftop entertaining areas to make use of the fabulous weather in the State.
As for Western Australia, the move towards inner-city living has really started to gain momentum, with changes to Government height regulations making developments easier.
The people of Perth are looking to densify their living arrangements to halt urban sprawl as their CBD continues to transform into a more vibrant, culturally exciting place.
The figures in WA are similar, with numbers more than doubling over the previous three years from 43 to 100.