Saturday, March 15, 2008

REIQ Apartment Price Report for Brisbane

REIQ Unit Report - see

Brisbane City - medium price is $469,000 for December 2007 quarter, which is a 8.7% change of the quarter. A number of suburbs have a higher medium price.

From the Brisbane Times this week:

The median sale price of units and townhouses in the inner-city suburb of Milton almost doubled last year, beating growth seen in Hamilton and New Farm.

A suburb known for its student population, proximity to a brewery and a miniature Eiffel Tower, Milton left other city hotspots for dead in 2007. ...

A scarcity of potential development sites in the inner-city area had seen Milton placed "in the firing line" of developers because of its location, he said.

As a result, industrial and commercial lots in the suburb could soon be replaced with new apartment projects, he said.

Units in Milton represent almost 39 per cent of all dwellings, with a higher proportion of older properties built between the 1960s and 1990s.

"The median unit price since 2004 has experienced significant fluctuations, particularly when new apartment stock dominates the total number of transactions," Mr Rivera said.

Prices in the area had performed "exceptionally well" lately thanks to the introduction of high-rise apartments, which achieved a much higher price than mature unit stock, he said.

Planned developments in the area confirmed Milton as a "strategic location" for residents and businesses, as it was likely to bring new infrastructure and improve liveability.

One such project is FKP's Union Milton development situated above the train station, and is proposed to include a 30-storey residential building of 214 apartments.

Along with the residential component, the developer plans to include a hotel and 10-storey office space.

While there was a drop in sales in the December quarter, Mr McGrath said investors would likely return to the market as yields improved over the course of 2008.

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