Off-the-plan apartment price hike in Brisbane

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Jun 14, 2018

Off-the-plan apartment price hike in Brisbane

The average price of off-the-plan apartments in Brisbane's CBD has seen a dramatic rise over the last 12 months, according to the latest report by Place Advisory.

First National Real Estate

An off-the-plan apartment building in New Farm, for sale as featured on Luxury List.

Place's Quarterly Apartment Report found that demand for inner-city living pushed up the average price for off-the-plan apartments to $663,368 during the March quarter - 5.3 per cent more than this time last year.

Place Advisory’s Lachlan Walker said 3,500 apartments were due to be completed by the end of the year, representing 70 per cent of the stock currently selling off the plan.

“The most recent analysis of apartment supply to Inner Brisbane sheds substantial light on the current state of the market,” Mr Walker said.

“With very little new stock being released to Brisbane currently and in the foreseeable near term, we are definitely seeing a tightening on new apartment stock available for
sale off the plan.”

An off-the-plan apartment in New Farm for sale. View this apartment on Luxury List. Source: First National Real Estate.

Place Projects’ Bruce Goddard said they have seen an increase in the number of inquiries recently compared to previous months.

“There are some great deals on offer for potential purchasers,” Mr Goddard said.

“If you are an investor sitting on the fence, we do believe it’s worth having a closer look at Brisbane investment opportunities given the dwindling supply and forecast investment in infrastructure which will put Brisbane back on the map."

The most popular apartment configuration among buyers are two-bedroom apartments, accounting for 56 per cent of the 144 unconditional transactions made.

Nearly a third of sales (26 per cent) were one-bedroom apartments, followed by three-bedroom (13 per cent) and four-bedroom (18 per cent).

While the most common price point was between $550,000 and $650,000, the Brisbane CBD stood out for prestige apartment sales. A penthouse of more than $3 million went under the hammer and there were six unconditional sales with an average price of $1,550,000.