Summary
Perth’s median house price is projected to reach $850,000 by 2027, creating a demand for affordable apartments, yet developers face challenges due to rising construction costs outpacing market acceptance of prices. Urbis’ report highlights that only 19% of approved apartments since 2020 have begun construction, despite a sustained buyer confidence evidenced by over $1 billion in sales in the last year. Developers who can efficiently manage costs and understand market segments may find opportunities in this constrained supply environment, as mid-market apartments emerge to meet diverse needs.
