Our Development ID platform saw a 147% increase in sales transacted last month compared to April, with $207,594,064 of stock sold through the platform in May.
Sales activity highlighted a clear move away from sub-$500k stock, which fell sharply from 27% in April to just 5% last month. In contrast, the $500k - $750k range emerged as the most active segment, jumping from 18% to 38% month-on-month.
Demand for stock in the $750k - $1m band remained relatively steady comprising 28% of transactions in May compared to 32% in April, while the $1m - $1.5m and $1.5m - $2m brackets saw slight fluctuations, decreasing 2% and increasing 2% respectively.
Notably, demand for high-end product grew, with $3m+ stock representing 13% of sales in May, more than doubling from 6% in April.
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Regarding the most popular bedroom configurations last month, off-the-plan sales transacted revealed a modest shift in buyer preferences, with a notable increase in demand for larger residences.
While 1-bedroom stock remained the most transacted category, its share declined from 61% in April to 54% in May. Meanwhile, sales of 4-bedroom product rose significantly, up from just 1% to 8%, indicating growing interest in bigger stock to accommodate family-oriented or larger share house living.
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Sales of 2- and 3-bedroom stock remained the same month-on-month at 27% and 11% respectively, reinforcing their consistent appeal to both owner-occupiers and investors.
