The greater Brisbane apartment market is actually tipped for growth, reports the Real Estate Institute of Queensland (REIQ).
What’s driving the upswing? It’s the age-old recipe of demand versus supply.
“Apartment supply has slowed significantly, with only around 5,000 apartments due for completion this year, compared with almost 11,000 just a couple of years ago,” says REIQ CEO Antonia Mercorella.
“This means demand will continue to rise and will contribute to meaningful price growth. We are increasingly embracing apartment living and so it makes sense that this sector of the market is poised for strong growth in 2019.”
While that might be a breath of fresh air for apartment holders it’s important to remember that Brisbane, let alone greater Brisbane, is not one homogenous market. You should do your research before you dive into any market, especially if you’re seeking near term growth.
Be especially prudent if you’re looking to buy in Inner city pockets which have had higher stock levels to absorb.
Migration to Queensland is contributing to the turnaround, and so is a growing appetite for high density living, with a 10 per cent increase in apartment living between the 2011 and 2016 census, reports the REIQ.
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