Perth’s apartment sales for the 2024 financial year have surpassed $1 billion, a recent report by Urbis shows.

Urbis’ Apartment Essentials report shows a significant uptick in the total value of sold units, compared to $851 million recorded in FY23.

The firm recorded 299 sales from a sample of 64 surveys in the second quarter of 2024, finding the total value of sold apartments in FY24 to be more than $1 billion because of an increase in sales and prices.

In its report, Urbis said this was the highest level of sales recorded since the first quarter of 2022.

The weighted average apartment sales price dropped below $1 million, at $945,640, since the second quarter of 2023, Urbis found.

Owner occupier sales dominated the market, making up 48 per cent, while local investors made up 38 per cent of the transactions.

In its report, Urbis estimated 2024 to have one of the highest levels of apartment completions in Perth since 2017 with 811 apartments already completed and 1,768 under construction so far.

Urbis economics and property director David Cresp said close to 2,600 apartments were expected to be completed by the end of this year.

“This is a real boost to housing supply, close to what we have seen completed in total for the last three years combined,” he said.

“Among these completions are some of Perth’s largest apartment buildings, including Perth Hub, Civic Heart, and The Grove.

“These projects are a testament to our dedication to shaping the future of our cities and communities.

“In 2026 we currently estimate another boost of 1,681 completions, however with half of this supply still in presales this will be market dependant.”

Despite the predicted boost to apartment supply in 2024, Urbis found project launches in Perth remained low with 1,073 new apartments launched to market in 2023 compared to 4,846 in 2015.

“Developers have been trying to get the most bang for their buck targeting the high to premium apartment market over the past five years, a shift away from the perception of apartments as an entry level product,” Mr Cresp said.

“However, the dynamic is shifting a bit in 2024, with close to 70 per cent of new launches targeted mid-market or lower.”