Brisbane Apartment Market In A Healthy Place
- September 26, 2017
- Ayda Shabanzadeh
- Property Investment Brisbane
Despite misguided claims that Brisbane’s apartment market is facing an oversupply, recently released statistics paint a much more positive picture.
Statistics presented by renowned analysts Urbis, stated that the issue of an apartment oversupply in The Sunshine State was being misrepresented.
Paul Riga, Associate Director of Urbis, said that with the average sales price for inner-city apartments being $725,563 that price point helped to indicate a strong apartment market.
“As we predicted in the previous quarters, our sales were steady,” he said. “That’s predicted to continue in the next few quarters as there’s limited product coming through.”
Mortgage broker Keiran Foster agreed with the Urbis report and said that the apprehension regarding Brisbane’s apartment sector with regards to an oversupply held no merit.
“The amount of new projects starting are coming to a grinding halt, with a lot of the ones under construction mainly sold out so I think it’ll level out,” Mr. Foster said.
Using Brisbane’s rental market as an indicator of how the local apartment market is performing, Mr. Foster noted how vacancies across the inner-city remained low.
“Overall it shows that people are voting with their rental dollars,” he said. “They’re taking and absorbing the product we’ve seen come through.”
Ayda Shabanz is hosting The Road to Property Ownership on Tuesday October 24th 2017 at the Emporium Hotel, Brisbane. Visit www.growevents.com.au to secure your seat at the FREE event.