Brisbane’s Top Performing Developments revealed.
Recently released, Place Advisory’s March Quarter Apartment Report shows a total of 71 projects currently being sold off-the-plan in Brisbane. ‘Brisbane 1’ development in South Brisbane the top performer for the first quarter of 2016.
Other top performers include Mary Lane (79 sales) and Newstead Central’s Capri Tower (43 sales). The three months to March 2016 recorded a total of 828 unconditional sales in inner Brisbane, down 36 per cent from the December 2015 quarter when sales volumes peaked across inner Brisbane.
There were 12 new projects released during the March 2016 quarter adding 1,434 new apartments to the inner Brisbane market. The CBD itself currently has 11 months’ supply, with a weighted average sale price of $741, 509 recorded for the March quarter according to the report, representing the highest weighted average of all precincts across Inner Brisbane. This is reportedly a direct result of higher end owner occupier transactions and higher prices achieved in Mary Lane and Skytower.
However, 50 per cent of Brisbane’s future apartment supply is in the application phase, according to the report, sparking questions regarding the volume of stock yet to arrive.
Higher construction prices and new lending policies will force market change in apartment sales, according to Place Advisory, with Place Advisory director and report author Lachlan Walker stating that the off-the-plan market was changing and developers would need to adapt to shifting trends.
“The Brisbane off-the-plan apartment market has benefited from high demand in recent years, but we are moving into a new property cycle,” he said.
Overall, the March 2016 quarter saw the Inner Brisbane apartment market record a total of 828 unconditional transactions dominated by one and two bedroom transactions. The period recorded a weighted average sale price of $602,415, reflecting a softening of 2 per cent on last quarter’s weighted average. The following points summarise the results recorded for the off the plan sales across the Inner Brisbane market for the three month period ending March 2016.
Australian Bureau of Statistics data, also released today, said building approvals have risen in April.
The trend estimate for total number of dwelling units approved in Queensland rose 2.9 per cent in April and has risen for 10 months according to the report. The trend estimate for the number of private sector houses fell 0.6% in April and has fallen for five months.
Dwelling approvals increased in April in the Australian Capital Territory (6.7 per cent), Queensland (2.9 per cent), South Australia (2.2 per cent), Tasmania (1.9 per cent) and New South Wales (1.4 per cent). Dwelling approvals decreased in the Northern Territory (15.2 per cent) and Western Australia (0.1 per cent) in trend terms, and were flat in Victoria
Original article published at www.theurbandeveloper.com by Staff Writer 1/6/2016