Buyers prepared to pay $100k more for a premium apartment

first_imgThe average sale price of an apartment in Brisbane in the June quarter was $757,488, according to Urbis. Image: AAP/Darren England.Five new projects comprising 467 apartments were launched in the three months to the end of June. Urbis director of property economics Paul Riga said the increase in sales was driven by a selection of ‘premium product’ sales, particularly in Brisbane’s CBD and inner east. One new West End project recorded 69 sales, representing 77 per cent of its total stock. “The performance of newly launched projects gives confidence to the fact that strong results are achievable when developers invest in the quality of the project and researching their buyer group” Mr Riga said. More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoUrbis director of property economics Paul Riga.Two-bedroom, two-bathroom apartments were once again the most popular product type, accounting for 47 per cent of total sales. The average sale price of two-bedroom apartments increased by $69,000 in the quarter.A large number of three bedroom apartments were also sold in the June quarter. MORE: Are these Australia’s cheapest blocks of land? And supply is continuing to be steadily absorbed, with only 205 apartments approved in the June quarter. “Our future supply tracking of development applications and approvals shows an increase in the number of potential three-bedroom apartments,” Mr Riga said. More than 20,000 apartments across inner Brisbane remain in the development approval stage, but most of those are not expected to come to the market in the near future. An artists’ impression of the view from the pool at The One Apartments in West End.A new report from property group Oliver Hume also points to a further recovery in the Brisbane apartment market.“The Brisbane apartment market is showing signs of recovery and this comes at a time when a decline in construction activity is expected in the short-term,” the June quarter market insights report said.“The extent of the decline is unclear however and is dependent on the number of marketed projects that commence construction.“Some price growth is already occurring, and this is expected to continue.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:19Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:19 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThe 6 best coastal homes that have sold01:19 Brisbane One is a new $500m development at South Brisbane with 608 apartments across three towers. Photos: Supplied.Seven developments comprising 1062 apartments are expected to launch before the end of the year. “With respect to the future of Brisbane apartments we are noticing developers taking time to delve further into demographics, with a particular focus on the end resident,” Mr Riga said.“This inspires confidence that future developments delivered to the Brisbane market will provide the community with what they need and desire.” Apartment sales almost doubled in the June quarter in Brisbane, according to Urbis. Picture: Mark Cranitch.THERE has been a spike in apartment sales in Brisbane, with investors prepared to pay $100,000 more for a premium product, new research reveals.The latest Urbis Apartment Essentials report, released today, reveals 212 apartments were sold in the June quarter, nearly double that of the previous quarter when only 122 sold.The average sale price was $757,488 — up $113,000. RELATED: Spring has sprung early for property marketlast_img