Inner Brisbane New Apartment Rentals Moving On Up

The report found that the take-up of new apartment rentals has been strong, despite the large number of settlements entering the market.

“This is driven by a pent-up demand for inner city apartments that was not satisfied post-GFC, as well as shifting demographics within our city and a growing level of comfort towards apartment living.” said Mr Riga.   

“While concern still surrounds the number of apartments under construction within Inner Brisbane, it is apparent that the market has begun to self-regulate and the supply of new projects selling off-the-plan is drastically decreasing.” suggested Mr Riga.   

The Australian Bureau of Statistics (ABS) New Dwelling Approval data indicates a decrease of 35% for new apartment approvals between 2015 and 2016, with a further decrease of 56% between 2016 and September 2017.

Driven by the relative affordability of the Brisbane property market, particularly when compared to Sydney, net interstate migration increased by 7% over the past quarter, ending March 2017.

Based on ABS data, net overseas migration registered even higher growth at 17% over the same period.

Mr Riga suggested, “As interstate and overseas migration to Queensland continues to increase, the outlook for new apartment rental absorption within Inner Brisbane remains positive.”

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