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12-06-2014, 11:03 PM
Rush to supply city’s boom
THE AUSTRALIAN JUNE 13, 2014 12:00AM
DEVELOPERS are racing to complete the construction of apartment towers in inner Brisbane, with the market preparing for a record sales boom in the second half of the year, according to property consultants Urbis.
Urbis senior consultant Paul Riga said demand had caught many developers by surprise, with at least six projects selling out ahead of schedule.
“Developers are desperately trying to get their projects finalised, with about 40 to 45 new apartment projects expected to be ready for sale in the second half of 2014,” Mr Riga said. “This equates to 5500 apartments, which is a substantial amount for the market to absorb.”
However, sales in the March quarter were down 37 per cent on the back of the limited stock released in the period.
Meriton sales manager James Sialepis said the group had seen the market improve during the construction and sales of its 82-level Infinity development in the CBD. “We sold out of our apartments there and the current rental market is strong,” Mr Sialepis said.
CBRE managing director of residential Paul Barratt said about 20 per cent of apartments sold in recent developments were to Sydneysiders.
He said the Brisbane apartment market was much more affordable than Sydney’s and yields were strong, which lured investors from the more expensive Sydney market.
Walker Corporation, meanwhile, is about to start on its $150 million Westmark Milton development, with the listed Devine Group announced as the builder.
THE AUSTRALIAN JUNE 13, 2014 12:00AM
DEVELOPERS are racing to complete the construction of apartment towers in inner Brisbane, with the market preparing for a record sales boom in the second half of the year, according to property consultants Urbis.
Urbis senior consultant Paul Riga said demand had caught many developers by surprise, with at least six projects selling out ahead of schedule.
“Developers are desperately trying to get their projects finalised, with about 40 to 45 new apartment projects expected to be ready for sale in the second half of 2014,” Mr Riga said. “This equates to 5500 apartments, which is a substantial amount for the market to absorb.”
However, sales in the March quarter were down 37 per cent on the back of the limited stock released in the period.
Meriton sales manager James Sialepis said the group had seen the market improve during the construction and sales of its 82-level Infinity development in the CBD. “We sold out of our apartments there and the current rental market is strong,” Mr Sialepis said.
CBRE managing director of residential Paul Barratt said about 20 per cent of apartments sold in recent developments were to Sydneysiders.
He said the Brisbane apartment market was much more affordable than Sydney’s and yields were strong, which lured investors from the more expensive Sydney market.
Walker Corporation, meanwhile, is about to start on its $150 million Westmark Milton development, with the listed Devine Group announced as the builder.