It seems that after a miserable 4 or so years since the floods that caused a drop in the Brisbane market, things are finally picking up for our third most populous city.
Two research reports from Place Advisory and Colliers International confirm that sales in the March quarter were the highest since September 2004, boosted by the release of six new projects.
It also shows that more and more buyers are choosing small apartments that are close to the city or on the inner city areas. Sales volumes are also rising, but won’t translate into price growth until later.
In the March quarter, 625 off plan apartments were sold in inner city Brisbane,
a 40% increase on the year before. This is also a high since the boom in 2004.
What this means for investors is an excellent opportunity to buy in at the bottom of a property cycle, when things are picking up but prices have yet to kick in. This window is often a brief one, once the current offerings have been pre-sold, the next tranche of projects will start to see a premium built in compared to the previous one.