INVESTORS RIDING BRISBANE APARTMENT WAVE
Written on the 1 December 2015
TALK of an apartment oversupply in Brisbane has been brushed off by Raine & Horne, with the real estate agency saying the city continues to attract investors and local buyers.
Raine & Horne Queensland general manager Steve Worrad says industry figures indicate that the south-east Queensland property market continues to grow.
According to data from realestate.com.au, the median apartment price in Brisbane is $495,000.
"It's long been talked about that the stream of apartments coming into the Brisbane market would result in a situation of oversupply, but from what we're seeing, this isn't the case," Worrad says.
"In fact, the smart money from both local buyers and interstate investors is snapping up quality apartments within a few kilometres of the Brisbane CBD."
He says the Real Estate Institute of Queensland (REIQ) reports that Brisbane has an apartment rental vacancy rate of around 3.3 per cent, with strong interest from investors and owner-occupiers for new apartments.
Raine & Horne Ascot agent Robyn Thomas says the combination of new developments and economic incentives has contributed to growth in the market.
She says apartment complex The Green on redeveloped King Street has provided attractive investment opportunities for buyers, with spaces to be ready for occupation in January 2016.
"Savvy buyers know quality when they see it, and that's why the best properties are continuing to attract strong interest," Thomas says.
"This brand new apartment is in a great complex where the layouts have been carefully arranged to make the most of space, daylight, ventilation and views, so I'm expecting buyers to take note of this.
"What's more, first home buyers can apply the Queensland Government's $15,000 Great Start Grant towards the purchase price."