Brisbane new apartment numbers double in three years
Today more and more people are turning to apartment living when it comes to buying real estate, rather than purchasing a house. In fact, over the past three years, the number of new apartment projects has doubled in Queensland, and it’s easy to see why.
So what has set off this apartment buying trend particularly in Brisbane? Well firstly, Brisbane still remains relatively affordable compared to the likes of Sydney and Melbourne which have seen property prices these last few years sky-rocket. Those looking to buy a new apartment in Sydney and Melbourne are definitely starting to feel the pinch and there is less projects available to choose from.
People are also starting to see the potential benefits of living and buying an apartment within close proximity of the city, within the inner-city suburbs and Brisbane still has plenty of affordable suburbs less than 5km away from the CBD to choose from. Compare this with Sydney, and property buyers are having to turn their heads to the western and southern suburbs with commutes to the CBD taking over an hour.
Being close to the city centre means that residents are closer to their workplace as well as major transport links and core amenities such as shops, restaurants, hospitals and schools. This fits in with their lifestyle needs, particularly for young professionals.
According to REA Queensland, new apartment projects in Queensland have increased from 53 projects three years ago, compared to 120 projects this year – just over double, whilst two to three bedroom units are leading the way.
Data from Real Estate also demonstrates a 126 per cent rise in the number of new projects listed in Queensland over the past three years. In spite of this, this figure is still below the 154 per cent national figure, helped by New South Wales which saw an increase of 248 per cent.
According to REA Group sale director Toby Balazs, there was almost a 50 per cent increase in project volumes this year compared to 2014.
“Already we have 353 new apartments currently listed on our site which is the highest volume we’ve had since August 2012. It’s great news for people looking for a new apartment as now more than ever, there’s so much choice in finding the perfect home to suit their lifestyle needs.”
Interestingly, a quarter of those people viewing new apartments in Brisbane actually come from interstate, helped by the affordable pricing as well as property investors who are making the most of lower prices.
Today, new apartments in Brisbane are taller and far more superior with luxury amenities and on-site facilities to make each development much more appealing, including gorgeous rooftop pools, outdoor cinemas and intimate dining areas. These amenities are much more appealing to buyers looking for a property that also fits their lifestyle needs who want everything they require under one roof.
People today, especially young professionals may not have the time to mow the lawn and clean a whole house. They have different needs and prefer to have short and easy commutes, with easy access to everything they require.
Ken Woodley, marketing director of Metro stated that “Our research shows that people are increasingly looking to move from established apartments to the newer high-rise developments due to the amenities and lifestyle facilities available. This is helping to drive the demand in new projects.”
With interest rates still at an all-time low of 2.0 per cent, this is spurring on buyers and investors to purchase a new apartment, who can benefit from low lower interest rates, whilst low vacancy rates and population growth are also helping to spur on demand.
Today, Brisbane is becoming a vibrant place to live; there is so much happening in Brisbane and so many more new developments that will be transforming the city skyline and foreshore that it is essential that if you want to buy a new apartment in Brisbane that you act quickly before it’s too late.
To find out more information about what new apartments in Brisbane are currently available to buy, why not contact our helpful iBuyNew Property Consultants by calling 1300 123 463 or dropping us an online enquiry using the form.
Published on 14th of September 2015 by Marty Stanowich