APARTMENT unit sales have jumped up in Brisbane and prices have also followed suit.
According to the latest research by Colliers International, there were 273 new unit sales in the three months ending September 2007 – up 31% from 209 sales in the June quarter.
Research analyst Lachlan Walker said Brisbane has been jolted back to life with more than $170 million in new residential apartment deals.
Hamilton Harbour was the star performer reporting 91 unconditional sales, totalling 33% of the quarter’s sales.
In the CBD – 34 apartments sold – more than double the 16 sold during the previous quarter, registering a median price of $702,353 — 28 of these were at Meriton’s Soleil project, at an average price of $507,321.
Meanwhile the report revealed the weighted average sale price was $636,190 which is a $70,000 increase from the previous quarter.
Colliers director of residential project marketing Ben Langfield said enquiry for apartments had increased.
“Momentum is above expectations and should continue into 2010. New apartments in Brisbane’s inner north are selling better than any other precinct – recording 162 sales – a whopping 59% of the whole of inner Brisbane’s new apartment sales,” he said.
Walker said Brisbane is facing a shortage of affordable new apartments which is currently in demand.
He observed that more than $100 million has changed hands in off-the-plan apartment deals in Brisbane’s inner north alone
“If proposed development applications are any indicator of future development, the Inner North looks set to continue to outperform other inner city areas,” he said.
According to Colliers, 4500 apartments are due to come online by 2012 in the precinct.
“The face of Brisbane will see significant development in coming years as the world enters its next cyclic upswing,” Walker concluded.
Australian Property Journal