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Brisbane CBD Apartment Market: Supply Levels Down, Prices to Rise Into 2020

The inner Brisbane apartment market is predicted to stabilise and steadily improve this year and into 2020, reports www.theurbandeveloper.com.

 

JLL have released their 1Q 2019 report and the results show supply is dropping off and expected to level out throughout the year. This will result in Brisbane CBD being able to “recover strongly over the medium-term.”

 

The key market indicators are strong, with approvals for apartments dropping by almost 50% year-on-year to February this year, and sales volumes to the end of December last year have dropped by 6.5% as stock is starting to condense. Rents of 3 bedroom units are proving to be the strong performer, with a 3.8% increase to $675 per week as at December 2018.

 

Head of Research at JLL told urbandeveloper.com indicated demand for Brisbane apartments will continue with population growth, and interstate migration will play a big role in this. 

 

“Increased jobs growth and infrastructure spending are expected to continue to support this growth cycle.” 

“As the market rebalances, supply levels will continue to contract over the next 12-24 months. Prices are expected to steadily improve and stabilise into 2020,” Warner said.

 

2016 saw the peak in apartment supply, with figures for 2019 expected to come out at around 40% the total of 2018. 

 

Moody’s Analytics have predicted the Brisbane CBD apartment market will “outperform the rest of the nation over the next two years,” forecasting 1% growth this year, followed by  5.8% growth in 2020, reports realestate.com.au. 

 

Hannah Schuhmann said the rumblings within the market signal a great time to buy a CBD. In a common mistake, buyers wait too long and prices take off, or they miss out on that perfect apartment trying to ‘time’ the market. 

 

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