De­mand for city cen­tre units

With a shift to con­ve­nience lifestyle, REIQ data shows CBD sales dom­i­nate when it comes to buy­ing apart­ments but New­stead takes top spot in terms of the av­er­age price

The Courier-Mail - Property - - REALESTATE MARKET OUTLOOK -

REIQ data from the lat­est Queens­land Mar­ket Mon­i­tor re­port re­vealed the CBD is the busiest Brisbane sub­urb for apart­ment sales, with 108 trans­ac­tions for the quar­ter, but New­stead is the sub­urb where apart­ments cost the most.

A rank­ing of the top 10 sub­urbs for apart­ment trans­ac­tion ac­tiv­ity and me­dian sale price re­vealed some sur­pris­ing facts; sub­urbs Nun­dah and Clay­field – tra­di­tion­ally more note­wor­thy for de­tached hous­ing sales – were sell­ing sig­nif­i­cant num­bers of apart­ments.

New­stead ranked num­ber one in the an­nual me­dian sale price list, with a me­dian of $650,000.

This rep­re­sents an in­crease of 7.4 per cent on 12 months ago, but is down 10.3 per cent on five years ago.

The Mar­ket Mon­i­tor re­port re­vealed the Brisbane LGA price point with the great­est num­ber of sales was $350,000$500,000, record­ing 865 trans­ac­tions for the quar­ter. There were 492 sales in the $500,000-$1 mil­lion bracket.

The top 10 sub­urbs with the high­est an­nual me­dian apart­ment price in the De­cem­ber quar­ter were: ($650,000) ($591,000) ($588,788) ($570,000) ($567,750) ($564,000) ($562,000) ($561,000) ($527,500) ($526,500) The top 10 sub­urbs with the high­est num­ber of sales in the De­cem­ber quar­ter were: (108), (68), (48), (49), (55), (55), (53),

(45), (44) and (43). REIQ chief ex­ec­u­tive An­to­nia Mer­corella said the data re­vealed the apart­ment mar­ket was thriv­ing in Brisbane and more gen­er­ally it re­flected a de­mo­graphic shift in Queens­land.

“We are see­ing Queens­lan­ders embrace apart­ment liv­ing and we know they are now adopt­ing a lifestyle that gives them prox­im­ity to work, trans­port and en­ter­tain­ment,” she said.

“Where the dream once was to live in a de­tached home … we are now see­ing a mod­ern shift to­wards a more con­ve­nience­fo­cused style of liv­ing, where homes are smaller … and shops, res­tau­rants and pub­lic trans­port are within walk­ing dis­tance.

“Water views are al­ways pop­u­lar when pur­chas­ing prop­erty, and nine out of the 10 most valu­able apart­ment sub­urbs all line the Brisbane River, so apart­ments pur­chased in these sub­urbs po­ten­tially of­fer stun­ning river views.

“Padding­ton is the only land­locked sub­urb on the list of top 10 high­est apart­ment me­dian sale price sub­urbs,” she said.

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