Brisbane Apartment Approvals Skyrocket in 2014
You might have noticed that the Brisbane residential market, especially new apartment buildings have been thriving over the past year, making it a great time to buy. In 2013 alone the Brisbane City Council received an extraordinary number of development applications with the potential of over 20,000 apartments within the inner-city areas could be developed.
2014 has been no different with even more development applications being lodged with the Council during the 2013/14 financial year than ever before. Work has also begun building these apartment buildings, plenty of which are already making their presence felt.
The reason for this substantial growth is mainly down to foreign and interstate investment alongside a growing population and couples looking to downsize now that their children have left home.
One such suburb that is benefiting from rapid growth is the inner-city suburb Fortitude Valley which was once associated with drugs, grunge and grime and has been undergoing gentrification. Today, a great number of high density developments including residential ones call this suburb home with many more currently underway or being planned. Much of this growth though is based around the eastern end close to Newstead with projects including Newstead Towers; however there has been more activity recently in the retail centre and heart of the suburb.
The Brunswick Street Mall has recently undergone a major revitalisation project and it is expected that the new developments within a 400m radius of the mall will become popular as this area transforms and improves into what is hoped to be an upmarket area attracting young professionals.
With the increased number of development applications being received, the Brisbane City Plan 2014 was introduced on 30 June 2014 with various key changes. Some changes have become stricter and include building height transition controls and building separation amongst others. With these new changes in place, it is thought that developers will incur additional costs which in turn will push the apartment prices up, especially for smaller residential buildings with fewer units. However, medium-large scale projects should not be too heavily affected.
For now, we will have to wait and see how these key changes affect developers and their projects, but with areas like Fortitude Valley undergoing essential regeneration we believe that the larger-scale projects at least will remain successful and an affordable purchase.
Published on 20th of October 2014 by Marty Stanowich