Brisbane is predicted to be the first east coast city to experience an undersupply of apartments, having turned down earlier. According to experts, Brisbane requires approximately 23,000 additional dwellings per annum to accommodate its growth.
In 2019 construction commenced on 2,100 apartments—a decrease of 3,000 on the 5,100 commencements recorded in 2018 and was the lowest number of commencements since 2010.
Apartment completions in Brisbane have fallen by almost half over the following two years, and in 2020 are on track to record the lowest level of completions since 2013.
One real estate agent's reaction: The agent said the impending undersupply of apartments signals a likely ‘step up’ in market values for second hand units. There is excellent value-for-money in the CBD with established apartments in great locations. New and ‘off the plan’ units are already selling for 15-20% more than existing stock.
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