Buyer Confidence Improves

The AFR had a story on Thursday about Brisbane apartments, "Buyer Confidence Improves" (p. 55).  Highlights from the article (copy available here):

• Thousands of new apartments in Brisbane's inner city have helped boost sales volumes 30% in September quarter compared with the June quarter, but the number sold is still substantially lower than the same period in 2010.
• 312 new apartments sold in September quarter, according to Place Advisory research report
• Influx of new projects scheduled for next year - 1000 new apartments are expected to come onto the market in the first half of 2012.
• 2059 new apartments currently for sale in Brisbane
• Average sales price was $580,529.
• "The Brisbane market is at the bottom of its cycle and we are now starting to see an increase in inquiry and sales activity" according to Mr Walker from Place.
• Most of the sales appear to be to overseas and interstate buyers.
• "The biggest positive is the local buyers are yet to enter the market. ... As consumer sentiment improves, they will start buying again."
• The influx of new units, particularly in urban renewal precincts such as Hamilton riverfront, Newstead River Park, and Show Ground Hill, could limit the market's recovery.
• Agents said too much choice and concerns about whether the market has hit bottom could constrain buyers.
• Urbis property economics consultants said Brisbane has a long-term undersupply problem.