Property Development

Inner Brisbane Apartment Market to Stabilise in 2019

Written by The ReReport
As seen in the Source link, written by on 2019-05-06 07:46:18

Related: Confidence Returning to Inner Brisbane Apartment Market

Approximately 31 projects comprising 5700 apartments are currently under construction across inner Brisbane, with the inner south (28 per cent) and inner north (39 per cent) precincts home to the majority of construction.

While 1100 apartments are currently being marketed across nine projects in Brisbane. JLL notes that a number of developments stopped marketing last year, and remain waiting to re-launch.

The first quarter of 2019 saw no completions, but seven projects are expected to be finished in the second quarter, including the Brisbane Skytower (lead picture) at 222 Margaret Street by Billbergia.

Despite slow sales and restricted lending conditions, two projects kicked off construction in the first quarter, including Aria’s 261-unit development, The Standard.

Brisbane’s inner city apartment approvals has declined by 49.3 per cent for the year to February 2019, as projects continue to be deferred amid current market conditions.

JLL notes that a total of 2,181 apartment dwellings were approved over this period, with most concentrated in Fortitude Valley (23 per cent), South Brisbane (17 per cent) and West End (14 per cent).