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
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.