Leading property consultants, Urbis have released data for the June 2017 quarter and its showing positive signs for the Brisbane CBD new apartment market.

The data for new apartments in Brisbane shows the number of sales recorded was 311, up from 302 in the previous quarter, and the weighted average sale price is the highest ever on record, increasing by $54,702 to $725,563. The CBD drove this figure recording 22.5% of total sales with a staggering increase of $322,262 of the weighted average sale price pushing the figure to over $1 million, a first for this type of report from Urbis.

Two-bedroom, two-bathroom apartments were the most popular sales in this period, with an increase of 35% from the previous quarter, totally 51% of sales. With less of the three-bedroom apartment on the market due to selling out of projects and fewer projects launched, this type of property saw another decline down to 10% of total sales (15% of total sales two quarters ago).

In locations with a high house medium sale price such as Kangaroo Point, Coorparoo and Bulimba, popularity of smaller developments with bigger apartments remain popular with owner-occupiers.

The local investor market took a step back this quarter and the foreign investor was dominant in the market, with 31% of sales made by owner-occupiers and 46% of transactions by foreign investor buyers; possibly due to the changes in foreign investment lending. Southbank property was the majority of the foreign investment purchases.

Urbis Associate Director of Property Economics and Research Paul Riga sees the foreign investment figures as a positive for the city, as the international market has confidence in Brisbane and can see the potential.

Mr. Riga says he has confidence in the new apartment market in Inner Brisbane, and as the city continues to develop with such developments as Queens Wharf, more people will not only come to the city for work, they will want to live centrally.

Hannah Schuhmann of HS Brisbane Property said “these figures make established apartments in sought after buildings like Felix and 212 On Margaret look even more attractive with great facilities and excellent potential for growth.”