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Positive signs for Brisbane apartment market

“Turning point” is the phrase used by Urbis property economics and research director Paul Rigor to describe the current situation of the Brisbane apartment market, reports theurbandeveloper.com.

 

Urbis research has shown that in the second quarter of 2018, while quantity of sales dropped slightly, the average sale price reached a high of $767,000, which is an increase of $87,000.

 

Rental vacancy in inner Brisbane is classified as “very low.”

 

In regards to the future of the CBD apartment market, Mr Riga said the level of new apartments coming onto the market will soon ease, giving way for demand to catch up with supply. Next quarter there will be around 800 apartments released to the market. He isn’t expecting new apartment launches to increase in future quarters as the climate isn’t “getting any easier for developers.”

 

Corelogic data has shown that over the last 12 months Brisbane and Adelaide are the only two capital cities to register positive results in home values with 0.9% and 1.0% respectively. Sydney recorded -5.6%, Melbourne -1.6% and Perth -2.2%.

 

BIS Oxford Economics has forecasted Brisbane house price growth of 2-3% in 2019-20 with 6% in 2020-21, along with referring to the Brisbane property market as a “surprise performer.”

 

Hannah Schuhmann says while Brisbane is on track to transform into new world city, affordability is a key factor moving forward with a buyer able to purchase a one bed unit with car park for under $400,000, or a 2 bed unit with car park for under $500,000.

 

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