Brisbane off-the-plan sales slow but outlook bright: Place Advisory

Brisbane’s off-the-plan apartment market has recorded a more subdued end to 2012 with 274 unconditional transactions registered for the December 2013 quarter, marginally below the 10-year quarterly average of 307 quarterly transactions.

According to Lachlan Walker of

Place Advisory, this is 25% less transactions than the September 2012 period and reflects limited new project sale launches during the quarter and tightening levels of available stock.

 

 

Other findings of the report include:

• A weighted average of $524,544 was recorded during the December 2012 quarter resulting from a higher proportion of one bedroom sales

• 63% of sales during the three month period to December 2012 were one bedroom apartments, an increase from the 54% of sales during the 3 months to September

• 46% of all transactions recorded were between $350,000 and $450,000

• 1,713 new residential apartments remain for sale across the Inner Brisbane market representing just over 13 months supply

• Metro Property Development’s Plaza Apartments in South Brisbane was crowned the highest selling project with 57 unconditional sales

• Total gross sales in dollar terms for the December quarter was almost $144 million, a decrease of $55 million from the previous September quarter

Walker also highlighted that 2012 was a year of mixed emotions and uncertainty in the Brisbane market, however predicted that 2013 will see an increase in the level of sales volume across the residential market as the purchasing population continue to gain confidence and optimism rises.

A copy of the full report can be found here.