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ConstructionStaff WriterTue 19 May 15

Record Apartment Supply Forecast For Inner Brisbane

T

The Inner Brisbane Apartment (IBA) market has experienced a surge in demand for off–the–plan apartments since 2013/14, according to research by economic forecaster BIS Shrapnel.

In the latest edition of its Inner Brisbane Apartments Market Brief, BIS Shrapnel predicts that the surge will result in record new apartment supply in 2014/15, with completions set to escalate further in 2015/16 and 2016/17.

In particular, development in Inner Brisbane has been dominated by large scale and high rise development in the CBD/Spring Hill, Inner East, Inner North, West End, Toowong, Woolloongabba and Hamilton.

"Demand for Inner City apartments from investors currently shows little signs of abating despite the potential impact on rents and prices of further sizeable new additions to the rental stock across Inner Brisbane," BIS Shrapnel said.

"Relatively less expensive apartment prices, and more attractive rental yields compared to their respective home markets, is likely to lead to heightened demand for Inner Brisbane apartments from Sydney and Melbourne investors."BIS Shrapnel said this should also see overseas investors increasingly favour the Inner Brisbane apartment
market over Sydney and Melbourne, with demand from these investors also being underpinned by low
borrowing costs, buoyant economic conditions locally in their home country, a preference to invest in a more
transparent and stable political environment, and recent falls in the Australian dollar making apartment
prices more attractive.

"Consequently, Inner Brisbane Apartment Area completions are on track to surpass their record level in 2014/15, increasing to 3,610 apartments in 2015/16 and peaking at 4,040 apartments in 2016/17," the report said.

"An estimated 81% of apartments expected to be completed in 2015/16 and 2016/17 are in buildings currently under construction, with the remainder currently pre-selling and likely to shortly achieve a sufficient level of pre–sales to begin construction."The report said that within the IBA area precincts, during the three years to 2016/17 the Inner North precinct will be the main source of new apartments, accounting for 43% of total new apartment supply, followed by
the West End precinct with a 26% share.

Toowong precinct is projected to account for 13% of new apartment supply in the IBA area, with a further 7% occurring in the Hamilton precinct and 6% in the Inner East precinct.

ResidentialAustraliaBrisbaneSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
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Article originally posted at: https://www.theurbandeveloper.com/articles/record-apartment-supply-forecast-inner-brisbane
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