The unit market in Brisbane has certainly fired up, with sales up 25 per cent in the past quarter and almost double the number of sales as the same time last year.
According to the latest Place unit market report, there were 681 unconditional unit sales in the September quarter in Brisbane valued at more than $400 million.
This is the highest sales figure the Brisbane market has experienced in a decade.
Average sale prices have also jumped since March this year, from $518,000 to $600,000. The results follow two previous strong quarters.
Place analyst Lachlan Walker said usually the unit market would soften as bit toward the end of the year.
“It has been going strong from all reports,” he said.
Mr Walker said Brisbane was seen as much better value compared with the Sydney and Melbourne markets.
“There is that value proposition starting to creep in to our marketplace in a big way in terms of price comparisons,” he said.
“Inner-Brisbane apartments are undoubtedly back on the shopping list for buyers, and not just investors, who have continued to be active over the past few years.”
Southpoint, at South Brisbane, and Oxford Towers, at Fortitude Valley, chalked up the highest number of sales during the quarter with 62 units sold each.
Emma Buttfield, of Paddington, has bought a one-bedroom unit in Southpoint off-the-plan.
She said it was the views, the quality of the building and the lifestyle that had attracted her to the property.
Her unit is on the 19th floor and has views across the river to the city.
Ms Buttfield said she liked that it was unlikely her views would be built out.
While looking at apartments she was surprised how quickly some projects were selling, particularly ones offering a point of difference.
“Things were selling really fast,” she said.
“There was always a lot of people around.”
Mr Walker said first-home buyers were looking at what was on offer and the cheaper units, but they took longer to commit.
He said in 2001 about 40 per cent of the Brisbane population was living in apartments, which had increased to 46 per cent in 2011.
Sales during the September quarter were across 54 different projects within inner-Brisbane.
Ten projects were released during the September quarter, including three at West End, one each at South Brisbane, Woolloongabba, East Brisbane, Milton, Kelvin Grove and Bowen Hills.
Original article published at www.news.com.au by Michelle Hele, The Courier Mail 23/11/2013