Place Report: Sales of New Apartments in Brisbane

Place Real Estate Agents have issued their report about off-the-plan sales and sales of new apartments in Brisbane in the June 2012 quarter.  Here is an extract:

Summary of the June 2012 Quarter 

• The June 2012 quarter saw a total of 426 unconditional sales. This is in line with the 448 unconditional sales recorded during the March quarter and is 73% above the 240 sales recorded during same period in 2011.
• A weighted average of $567,664 was recorded during the June 2012 quarter. Again, this is in line with previous periods, presenting a weighted average price only 5% below the June 2011 and resulting in a 12 month rolling weighted average price of $548,806.
• Almost 70% of the unconditional transactions during
• the three months to June 2012 were recorded under $550,000. A total of 11% of the period’s sales were made above $750,000. This is representative of a market that remains price point sensitive.
• Total gross sales, in dollar terms for the June quarter, was approximately $242 million, a figure 40% above the average total gross quarterly sales numbers recorded during the past five years.
• There were three new projects launched during the June 2012 quarter. Hamilton Reach’s new release, Watermarque on the Park, Drew Group’s Precinct and a newly renovated building in Kangaroo Point named Bella Vista.
• Brooklyn on Brookes was the top performing project for the quarter, registering 52 unconditional sales and Madison Heights saw a further 49 unconditional sales taking second position. Following this, Precinct in the Fortitude Valley totalled 38 transactions and Watermarque on the Park registered 34 unconditional sales taking the project to 50% sold on release.
• Inner Brisbane supply tightened during the June 2012 quarter. At the close of the financial year, 1,871 new residential apartments remained for sale. Based upon the sales rate recorded during the June quarter, this translates into a market supply of only 13.5 months.
• Of the apartments which remain for sale, two bedroom supply has increased through the past 12 months to now represent 54% of the available supply. A further 33% are one bedroom apartments whilst only 9% of stock are three bedroom configurations.