Last month, 73% of first-choice applications for private apartments nationwide were concentrated in three complexes. Among the top three locations by application numbers, two were in regional areas, with competition rates showing a significant difference: Jinju at 34.9 to 1 and Gwangju at 1.01 to 1. Of the 23 complexes surveyed, 14 received fewer applications than available units, indicating a trend of 'selective applications' where demand is concentrated in certain complexes.
On October 5, Ajou Economics reported that, based on public data from the Korea Real Estate Agency, there were 22,859 applications for 11,653 units in 23 private apartment complexes that completed first-choice applications in September. The analysis was based on the number of applications rather than the number of applicants, as individuals can apply to different complexes.
The top three complexes received a total of 16,737 applications, accounting for 73.2% of the total. These complexes offered 3,305 units, representing 28.4% of the total supply. This means that while applications were concentrated in more than 70% of the available units, only about 30% of the complexes had sufficient supply.
The complex with the highest number of applications was the 'Lake Summit Welga' in Jinju's Panmun-dong, which received 12,091 applications for 346 units, resulting in a competition rate of 34.9 to 1. For the 84㎡A units, 91 units were available, with a total of 6,224 applications across other regions.
In second place was 'All New Champions City Phase 1' in Gwangju's Buk-gu, which received 2,974 applications for 2,932 units. Although the number of applications was high, the large supply resulted in a competition rate of only 1.01 to 1. The third place went to 'Brownstone Wolgok Central' in Seoul's Seongbuk-gu, which had 1,672 applications for 27 units.
Applications for the Jinju and Gwangju complexes accounted for 65.9% of the total, with 15,065 applications. However, it is premature to conclude that regional complexes are performing uniformly well based solely on application numbers.
Excluding the top three complexes, the remaining 20 had 6,122 applications for 8,348 units, averaging a competition rate of 0.73 to 1. Among the 23 complexes, 14 (60.9%) had a total number of applications that fell short of their available units.
Ham Young-jin, head of the real estate research lab at Woori Bank, noted, "In annual terms, complexes like 'Beomeo Station Park Dream Diar' in Daegu and 'Hillstate Pyeonggeo Central' in Jinju have also recorded high competition rates. Considering the recent trend of concentrated applications in Seoul, the strong results from regional areas are encouraging."
He attributed the success of the Jinju complex to its price competitiveness, stating, "It was offered at a slightly lower price than apartments completed within the last five years in Jinju. There is also demand for replacing older homes with new apartments in the area."
Compared to nearby complexes that were previously sold, there was a notable price difference. The selling price for the 84㎡ units at 'Hillstate Pyeonggeo Central,' which was sold in April, ranged from 660 million to 666 million won. In contrast, the Lake Summit Welga, sharing the same living area in Pyeonggeo-dong, was priced at 553 million to 556 million won, over 100 million won lower.
However, some experts caution against interpreting the success of certain complexes as a sign of overall recovery in the regional sales market. Ham stated, "This should be viewed as selective applications concentrated in complexes that are performing well. Given the backlog of unsold units and limited demand conditions in the region, this trend is likely to continue for the time being."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.