Brisbane Unit Market Starting to Receive Interest Again
In the past year, the Brisbane apartments market was overwhelmed by new units resulting in demand being strongly outweighed by supply.
This would often leave the auction room with plenty of room to move, but recent interest in the unit market is seeing this trend to slowly backflip.
Behind this increase in interest is the good value one can get in Brisbane.
As buyers left the Queensland market, sellers have become motivated to adjust their prices to attract the decreasing buying pool to consider their property and the race to the bottom followed - hence the prices being corrected over recent years.
Brisbane Auctioneer Mr Haesley Cush said it seems to be that Brisbane is beginning to pick back up.
“It seems we have hit that bottom and we have just started to bounce.
“The apartment market still represents strong value and I am yet to see any evidence of prices moving. One of the sales last weekend was for a two-bedroom, two-bathroom unit in O’Keefe St, Woolloongabba selling for $330,000.
“It was only a few kilometres from the CBD so it is easy to see why the interest is starting to build,” Mr Cush said.
Lending restrictions are still the main concern for this segment of the market as this week some institutions have slightly increased their rates and others have applied new lending criteria to borrowers.
“These little adjustments will likely temper any growth in the apartment market to a low heat at best.” Mr Cush said.
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