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 Malcolm 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.
