Investors driving apartment boom

This trend has been highlighted by ABS figures which show that during the two financial years from 2012/2013 to 2014/2015, the value of building approvals for apartments surged by nearly $9 million to a massive $20.1 billion.

It is a trend that has continued into the current financial year, with the latest ABS figures showing the value of building approvals for apartments throughout Australia in December 2015 was $1.92 billion.

Overall, apartment sales in the major capital cities nationwide have remained very strong during the past three years, driven mainly by investors taking advantage of record low interest rates to spur the growing strength of the property market and potential capital growth.

In particular, off-the-plan sales have been vibrant as many investors believe that when the apartment development is eventually completed they will achieve a significant profit due to rising property prices.

Whether you are buying an off-the-plan or an established apartment, there are a few simple tips you should consider to ensure you achieve the best financial outcome.

Tips on buying an apartment for investment purposes