Demand for apartments in Brisbane remains strong, according to figures from Place Advisory on the city’s property market.
The most recent information, recorded over the June quarter of this year, highlights a growing demand for apartments in the Queensland capital, with the city seeing a recovery in this area of the property market.
What’s more, growing demand for properties is outpacing the supply of new real estate. Despite Brisbane seeing 14 new projects taking off across the city during the June quarter, representing almost 1,400 apartments, strong demand has meant these units are being purchased quickly.
Demand has been highest in the one and two bedroom market, which make up 94 per cent of total apartment sales. Two bedroom apartments in particular have captured 52 per cent of total unit sales.
Place Advisory did suggest that the number of one bedroom sales would decrease in future, with many individuals looking to become owner occupiers, and therefore preferring larger apartments.
By price, a third of apartment sales are being made in the $350-450,000 bracket. Similar figures were also recorded in larger sectors, with the $450-550,000 and the $550-650,000 bracket accounting for 24 and 27 per cent of the market respectively. The weighted average price across the city for an apartment is slightly over $550,000.
This isn’t the only data in recent weeks to suggest the property market in Queensland is heating up. Land sales across the state have continued to increase, as a growing number of investors and companies look for new property development opportunities.
While the Brisbane apartment market continues to see high numbers of sales, it is important for individuals to secure the right legal advice from a conveyancing lawyer. Purchasing strata-titled property can be a difficult area for people to get right, which makes it important to have the right support during this process.