A new residential report from global property services firm, JLL predicts an upcoming supply of approximately 20,000 apartments in Brisbane over the 2016-2018 period. It will be the first time such a large amount of stock comes online in the inner city precincts in such a short period of time.
JLL’s October Brisbane Apartment Market Indicators Report states that of the estimated 19,800 apartments that are either currently under construction or being marketed within the inner city precincts of Brisbane, approximately 13,600 are expected to complete during the 2016-2017 time frame.
JLL’s Head of Residential Development Valuations, Troy Linnane said, “The Brisbane apartment market has continued to flourish off the back of strong investor demand, as interstate and foreign investors seek to take advantage of the lower price point and higher yields Brisbane currently has to offer compared to capitals like Melbourne and Sydney.
“Interstate purchasers are currently dominating the market, accounting for over half of the off-the-plan apartment sales within the inner precincts, whilst foreign purchasers (25%) and local purchasers (22%) make up the balance over the past year,” said Mr Linnane.