Urbis has released their Brisbane Apartment Essentials report for the June quarter, which analyses sales figures within the Brisbane apartment market.
According to the report, 810 apartments were sold over the quarter, a decline from 1,032 last quarter. 2,671 apartments are currently available for sale in the Brisbane market.
The weighted average sales price was $578,580, which is a decrease of $17,000 from last quarter. The sales price has been continuously declining from a high of $626,853 reached in the December 2015 quarter.
Low and mid-rise apartments have risen in popularity, accounting for 45% of the total sales in the quarter, compared to 17% for last quarter.
The ‘two-bedroom, two-bathroom’ layouts still dominate as the most desirable floorplan, with half of all sales being of this type. 34% (273) of the sales were ‘one-bed, bath, and car’ apartments, up from 27%.
Urbis expects 2,850 new apartments to enter the market over the next quarter, bringing the total stock to over 5,500. At the current sales rate, it would take nearly two years (seven quarters) to absorb the current stock.