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31-05-2015, 08:51 AM
Apartment sales still strong in Qld capital
Matthew Cranston
370 words
28 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
The number of apartments being purchased in Brisbane's booming market has dipped in the first quarter of this year but the dollar value of sales is still 200 per cent above the 10-year average for the city.
Place Advisory reports that $742.9 million worth of apartments were purchased in Brisbane during the March quarter across a total of 1225 unconditional sales. That figure is down from the record 1621 sales worth $894 million recorded in the December quarter.
Place Advisory director Lachlan Walker said the back-to-back results reflected "sustained confidence" in Brisbane's apartment market where interstate buyers have been attracted to the comparatively better value.
"These results were built on the strength of the previous record-breaking December quarter and show the Brisbane market continues to capitalise on affordability and high yields. This, coupled with the historically low interest-rate environment, means confidence and sales have remained exceptional," Mr Walker said.
He said sales across inner Brisbane remain supply-driven and were marked by one and two bedroom apartment transactions representing 94 per cent of all sales. He said they were mainly driven by investor buyers.
Despite major banks having ramped up the cost of loans and tightened serviceability models in response to growing regulatory heat and surging prices, Brisbane has benefited from increased price growth.
Place Advisory reports that the weighted average sale price has jumped more than 10 per cent in three months. The weighted average sale price has reached $606,469, up from $551,558 in the December quarter.
The best performing projects in Brisbane during the quarter were AMP and Billbergia's Skytower with 170 transactions, Anthony John Group's Southpoint Stage C project with 130 transactions, Mirvac's Unison development with 124 transactions and Citimark's Hercules with 112 transactions.
"With many projects preparing for launches within the next six months, it's reasonable to say the supply will remain strong and our outlook is that unconditional sales in Brisbane will remain solid for some time," Mr Walker said.
According to Place Advisory, there were 2455 apartments for sale across inner Brisbane at the end of the March quarter.
Fairfax Media Management Pty Limited
Document AFNR000020150527eb5s0002m
Matthew Cranston
370 words
28 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
The number of apartments being purchased in Brisbane's booming market has dipped in the first quarter of this year but the dollar value of sales is still 200 per cent above the 10-year average for the city.
Place Advisory reports that $742.9 million worth of apartments were purchased in Brisbane during the March quarter across a total of 1225 unconditional sales. That figure is down from the record 1621 sales worth $894 million recorded in the December quarter.
Place Advisory director Lachlan Walker said the back-to-back results reflected "sustained confidence" in Brisbane's apartment market where interstate buyers have been attracted to the comparatively better value.
"These results were built on the strength of the previous record-breaking December quarter and show the Brisbane market continues to capitalise on affordability and high yields. This, coupled with the historically low interest-rate environment, means confidence and sales have remained exceptional," Mr Walker said.
He said sales across inner Brisbane remain supply-driven and were marked by one and two bedroom apartment transactions representing 94 per cent of all sales. He said they were mainly driven by investor buyers.
Despite major banks having ramped up the cost of loans and tightened serviceability models in response to growing regulatory heat and surging prices, Brisbane has benefited from increased price growth.
Place Advisory reports that the weighted average sale price has jumped more than 10 per cent in three months. The weighted average sale price has reached $606,469, up from $551,558 in the December quarter.
The best performing projects in Brisbane during the quarter were AMP and Billbergia's Skytower with 170 transactions, Anthony John Group's Southpoint Stage C project with 130 transactions, Mirvac's Unison development with 124 transactions and Citimark's Hercules with 112 transactions.
"With many projects preparing for launches within the next six months, it's reasonable to say the supply will remain strong and our outlook is that unconditional sales in Brisbane will remain solid for some time," Mr Walker said.
According to Place Advisory, there were 2455 apartments for sale across inner Brisbane at the end of the March quarter.
Fairfax Media Management Pty Limited
Document AFNR000020150527eb5s0002m