Brisbane's top performing residential project in the three months to December 2016 recorded a jaw dropping 46 more sales than the next best-selling project, research has revealed.
A total of 315 unconditional apartment transactions was recorded in Inner Brisbane for the final quarter of 2016, a substantial decline from the same period 12 months earlier which saw a total of 1,293 transactions. The weighted average sale price for the quarter increased by 2.3 per cent over the three month period to $631,270, according to a Place research report.
Chester by Kokoda Property was identified as the top performing inner Brisbane project, recording 70 unconditional sales. The next best project, Gallery House, recorded 24 unconditional sales, while the consistently-popular Skytower achieved 20 unconditional sales during the quarter.
Kokoda Property sales and marketing director Sam Tucker said the project's "leading" design contributed to sales.
Source: Place“Despite negative sentiment surrounding the Brisbane market, we have experienced soaring demand for our projects. We achieve a leading edge through our world-class design, high level of amenity, and dedicated attention to the movements of the market. We create aspirational lifestyles for our owner occupiers and future tenants alike,” he said.
The research reveals the 2016 year was a tough one for the inner Brisbane apartment market, with sales down 60 per cent compared to 2015, but with only five less projects on the market in 2016 than in 2015.
Chester development by Kokoda PropertiesAccording to the report, 25 new projects were launched in inner Brisbane during 2016, with 47 projects currently under construction. The inner Brisbane vacancy rate currently sits at 3.7 per cent.
A total of 2,149 unconditional apartment transactions were recorded during 2016 - a 60 per cent decrease over the previous 12 month period. The 2,149 transactions represented a 68 per cent increase over the number of sales recorded five years earlier in 2011, which is to be expected, given there are a whopping 21 more projects active now than there were during 2011.
Approximately $1.304 billion worth of off the plan apartment sales were recorded during 2016.