Friday, May 22, 2009

Colliers March 09 Apartment Report

"Currently, the new apartment market is not healthy. A lack of appropriate product, has led to a lack of demand. Only 87 new apartments were sold the Inner City during the three month period to March 2009 producing a weighted average sale price of $650,063. From a historical perspective, this is the lowest weighted average price Brisbane has recorded since the March quarter in 2007 and displays the mind set of the current consumer who is seeking a price driven product. A total of 688 new apartments remain for sale within the Inner Brisbane ring. The bulk of this Inner City product exists as two and three bedroom apartments totalling 41% and 37% of new stock respectively. Based on recent demand through the past three months, the 688 available apartments allow an apartment supply of almost two years, a subjective figure but an eye opening one nonetheless."

Source: Colliers International Brisbane Apartment Report March Qtr 2009

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