While other big cities may be complaining about the cost of living and that even apartments are outside of their budget, new research from property analysts Urbis says that Brisbane property developers can rest easy knowing that the local market still has solid demand for stylish, inner city apartments.
Comparing the number of new apartments sold between July and September 2015 and April and June 2015, the data shows that purchaser demand has maintained strength. Demand is almost exactly in line with supply, as the research also showed that Brisbane has the smallest number of new, available apartments for sale. This is partly due to interstate and international buyers recognising the appeal of our fair city.
This demand has meant that property developers have had to improve their offerings to ensure they are building apartments in line with what buyers want. For buyers, this currently means more choice, a higher quality finish and often an increased opportunity to purchase something affordable. Developers are also installing higher quality amenities to entice buyer dollars in their direction.
Developers are particularly keen to attract investors, as most of the apartments sold from the recent and forthcoming developments will end up rented by young professionals, students and newcomers to the river city. As a result, the biggest demand remains for two bedroom apartments. However, with the increase in home owners opting for apartment living, property developers are keen to include family-friendly apartments with three or four bedrooms in their designs.
The Urbis report also found that the average sale price for Inner Brisbane apartments has increased by over $45,000 since 2014. 27 new development projects launched in December last year and there are even more in the pipeline for 2016.