A total of 71 projects are currently being sold off the plan in Brisbane with South Brisbane's 'Brisbane 1' development the top performer for the first quarter of 2016, with a total of 99 unconditional sales for the period according to Place Advisory's March Quarter Apartment Report released this week.
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.