31 Mar 2016

New apartment sales in Brisbane jumped by 50 per cent in 2015, according to the latest market snapshot.

Released today, the Q4 2015 Urbis Brisbane Apartment Essentials report revealed a total of 6,814 new apartments were sold last year compared to 4,555 in 2014.

Urbis Director of Economics and Market Research Mal Aikman said Brisbane had entered a new era in apartment living.

“Brisbane saw record sales in 2015 driven by price, location and amenity,” Mr Aikman said.

As Brisbane develops and matures as an apartment city we expect to see developers offer more amenities, more quality and more value to attract buyers.

“As Brisbane develops and matures as an apartment city we expect to see developers offer more amenities, more quality and more value to attract buyers.

“As our population density becomes more focused, we will start to see increased investment in lifestyle amenity around major residential hubs.

“Urbis monitored 85 new project launches in 2015 with most activity concentrated in the Inner South* precinct which recorded 43 per cent of the total activity.

“The first quarter of 2016 could bring approximately 3,700 new apartments to the market and keep sales rates strong. However, we expect future supply levels to slow as apartments currently under construction are completed.”

At the end of 2015, the product type of choice remains primarily split between one and two bedroom apartments, combined accounting for over 92% of Inner Brisbane’s potential future supply.

ENDS

*Inner South suburbs include South Brisbane, West End, Highgate Hill, Dutton Park, Woolloongabba, Greenslopes, Annerley, Fairfield and Yeronga.
*Inner West suburbs include Newmarket, Kelvin Grove, Red Hill, Ashgrove, Bardon, Paddington, Milton, Auchenflower, Toowong, Taringa, St Lucia.
*Brisbane CBD suburbs include the central business district and Petrie Terrace.

Urbis Brisbane 2015 Q4 Apartment Essentials report snapshot:

  • The Brisbane apartment market has experienced record sales levels in 2015 with 6,814 transactions recorded.
  • Brisbane recorded a total of 1,417 sales during Q4 2015 compared to 1,899 sales in Q3 2015 and 1,541 in Q4 2014.
  • The weighted average sales price of apartments in Brisbane is $626,853 – increasing by $25,365 compared to Q3 2015.
  • Based on surveyed data, the Inner West* remains the most affordable precinct in Brisbane to buy a new apartment with an average weighted sale price of $543,852.
  • Based on surveyed data, Brisbane CBD* remains the highest priced precinct with an average weighted sale price of $771,269.
  • The two-bed two-bath product remained the most popular across all precincts, equating to 54 per cent of total sales.

Brisbane Apartment Essentials Q4 2015 cover

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