We are now moving firmly into the delivery phase of Inner Brisbane’s first major apartment boom, so the focus is increasingly turning towards the rental potential of these apartments
Mr Riga said approximately 25 new projects are expected to launch between July and December 2016, bringing a potential 2,850 new apartments to the market.
“This is around half the level of supply brought to market at the same time last year,” he said.
The Brisbane Apartment Essentials report also found sales prices had also been steadily decreasing since the end of last year – particularly with two-bedroom product.
“The decline in the median sales price has been largely driven by product availability, with a larger proportion of transactions occurring in more affordable Inner Brisbane precincts,” he said.
Mr Riga said there had been an increase in the proportion of sales in Brisbane’s inner-city for one-bedroom apartments with one-carpark, making up 34 percent of total sales.
However he said the staple configuration remained the two-bedroom, two-bathroom apartment, which represented 50 percent of total sales.
Data from the report showed 162 projects were selling off the plan, with approximately 70 percent of these currently under construction or completed.
“We are now moving firmly into the delivery phase of Inner Brisbane’s first major apartment boom, so the focus is increasingly turning towards the rental potential of these apartments,” Mr Riga said.
“It will be a competitive market and we are progressively going to see a ‘flight to quality’ – with tenants looking for projects that offer value, connectivity, lifestyle amenity and a point of difference.”