Sunday, February 5, 2017

Western Suburbs Brisbane Apartments

A real estate agent has issued a interesting report regarding sales of houses and apartments in the Western suburbs of Brisbane (Indooroopilly, Taringa, Toowong, St Lucia.)  The report is available here.

According to this report, the 2016 market was worse than in 2013, 2014 and 2015, based on number of sales and also on total sales prices.

For example, in Indooroopilly, in 2015 a total of $130M in apartments were sold.  In 2016, this dropped to $60M.  In Toowong, $117M in 2015, dropped to $82M in 2016.

It seems that 2016 was a good time to buy but not a good time to sell?

The report lists the top 10 apartment sales in each suburb.  With a number of new buildings reaching completion in 2017, I suspect that the top sales in 2017 will be concentrated in a few of these new buildings.  For example, Aspect Property Group's Centra in Toowong has a number of apartments above $900,000 that settled in January 2017.  All of these sales will be higher than the top Toowong apartment sale for 2016, which was $862,500.

When looking a new buildings, keep in mind this report --  you may be paying top dollar!

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