Meriton continues 2021 with excellent results
Meriton has continued 2021 with excellent results, achieving over 70 sales in the first two weeks of the new year. Demand for this time of year is at an all time high and confidence is growing as inspection numbers are increasing every day.
The demand for Meriton apartments remained high throughout 2020 despite COVID-19, with the leading developer achieving over 1,000 apartment sales, a figure that will surely be surpassed in 2021 if momentum continues. The big difference so far in 2021 is that local investors have returned, taking advantage of historically low interest rates which have more than offset the slight fall in rents. The apartment rental market has also improved in the new year, with 350 signed leases in the first two weeks and rents in some areas up by 5%.
While buyers remain active, apartment supply is expected to drop significantly due to COVID-19 related delays and the growing number of builders and developers going into administration. Residential construction in Sydney is predicted to drop from 8,000 units per quarter in 2017 to just 2,000 from late 2021, while the number of launched apartments experienced a sharper decline, from 23,500 units in 2018 to 5,300 in 2020.
With the market on the rise and a COVID-19 vaccination roll out plan brought forward by the Australian government, Meriton Founder Harry Triguboff is confident in the company’s commitment to building more quality apartments for home seekers and has already splashed over $100 million on two new Sydney sites last December.