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10-09-2015, 10:12 PM
- Sep 10 2015 at 5:03 PM
- Updated Sep 10 2015 at 5:03 PM
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[img=620x0]http://www.afr.com/content/dam/images/g/i/0/2/g/h/image.related.afrArticleLead.620x350.gjjj13.png/1441868630088.jpg[/img]Brisbane has just recorded a record number of apartment sales for the June quarter. Glenn Hunt
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by Matthew Cranston
Brisbane has broken its apartment sales record for the June quarter with 2277 new apartments sold across 86 projects in three months.
The sales result as recorded by leading property services group Urbis breaks the previous high of 1541 sales in the fourth quarter of 2014.
Urbis director for economic and market research Malcolm Aikman said the strong demand would continue with Brisbane's selling channels having become quite sophisticated.
"We expect to see a high proportion of interstate buyers and investors as Brisbane continues to outperform Sydney and Melbourne from a rental return and price point," Mr Aikman said.
He noted that 4434 apartments were meant to have been launched in the June quarter but only 2789 went ahead. "We think this is probably a good thing for the market because it means it is self regulating."
Urbis associate director Paul Riga said that the size of apartments had declined in the last few years but that prices had stabilised, which resulted in a rise in the average price per square metre.
Developers who have been selling said they were not surprised to see such strong results. JGL Properties run by John Livingstone and backed by Thakral said the Brisbane apartment market was following the lead of the southern states and that future supply would not be a problem.
"As traditionally happens much of the mooted apartment supply won't materialise, quality differentiated projects will proceed and water will find its level," Mr Livingstone said.