UNIT sales are leading an improvement in turnover within Brisbane's property market, with 260 deals in the three months ending November.
It compares with 174 the previous quarter. The sales show Brisbane's unit market is becoming balanced with only 13 months' supply, according to the latest Midwood Investment Report.
Report author Bill Morris said that with approvals already in place for shelved development sites, there was the opportunity to quickly reintroduce them to the market. The unit resurgence follows some improvement in the more prestige end of the housing market, which had been lacklustre for more than a year.
A leading Queensland property expert says there is an oversupply of apartments for sale on the Sunshine Coast.
The author of the Midwood Queensland Investment Report, Bill Morris, says only 71 apartments were sold in the latest November quarter. He says the Sunshine Coast has many more apartments ready and waiting for sale than Brisbane and the Gold Coast.
"The current figures show there's about three years of supply sitting there in new apartments at the current take-up rate or demand," he said. "The Gold Coast has got around 18 months supply and Brisbane's even less. Brisbane's about 13 months supply. So Sunshine Coast has a lot more apartments for sale in terms of take-up or sales."
Projects are falling by the wayside as developers struggle to obtain finance, Bill Morris said, and this is contributing to the housing supply demand deficit.
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