Inner City High-Rise or Something More Boutique?

Are you struggling to decide whether you should purchase an apartment in an inner city high-rise building or something smaller, something a little more boutique? Place Advisory’s annual overview of Inner Brisbane’s high, mid and low-rise apartment buildings will give you all the facts you need.

To start off with, what are the main differences between high, mid and low-rise apartment buildings and what do they offer?

  • High-rise apartment buildings are high density with a high level of amenity such as swimming pools, gymnasiums, communal areas and retail space. High-rise apartment buildings are generally situated closer to the CBD and in areas that have undergone significant redevelopment in recent years such as West End, Newstead and Hamilton.
  • Mid-rise apartment buildings, depending on their size, generally contain a swimming pool and gymnasium and are located around the CBD and in more suburban areas.
  • Low-rise apartment buildings are low density with minimal amenity. Low-rise buildings are generally located in the suburban areas of Inner Brisbane.

*For the purpose of this report, a high-rise apartment building is one which contains 41 or more apartments, a mid-rise building is one with 11-40 apartments and low-rise buildings have 10 apartments or less.

Inner Brisbane Apartment Sales | Past Ten Years

apartment-graph

Prepared by Place Advisory. Source RP Data

Market Overview

Place Advisory has summarised the movements of Inner Brisbane’s high, mid and low-rise apartment buildings over the past ten years in the following points:

  • The chart above displays the sales history of the Inner Brisbane apartment market over the past ten years, broken down by building size.
  • Historically, median apartment prices in high-rise buildings have been significantly higher in comparison to mid and low-rise buildings. However, this has since changed and mid-rise apartments are now at similar prices as high-rise apartments.
  • Low-rise buildings have achieved the highest price growth over the past ten years, recording 4.5% growth per annum.

The most recent six month period ending June 2016 saw the following results:

high-rise-low-rise-mid-rise

  • The sales results for the six month period ending June 2016 shows there was a total of 1,887 apartment sales across Inner Brisbane.
  • High-rise apartments generally account for the majority of Inner Brisbane’s apartment sales, representing 44.6% of total sales for the period. This was followed by low-rise apartment sales, accounting for 29.8% of transactions, whilst the remaining 25.6% of transactions occurred in mid-rise apartment buildings.

*It is important to note that there is a lag in the sales data available for new apartment sales as off the plan sales are recorded at the date of settlement. Therefore, it is important to note that the actual number of new apartment sales in recent periods will be higher than what is shown in the chart above. Click here for a recent overview of Brisbane’s off the plan apartment market.

Apartment Price Points by Building Type

apartment-price-points

Prepared by Place Advisory. Source RP Data

Price is one of the most important factors when it comes to purchasing a property. Place Advisory has outlined the most common price points for each building type in the below points:

  • The above chart shows the sales results for the past six month period ending June 2016, broken down by price bracket and building type.
  • The results indicate that the majority of sales in low-rise buildings occurred in the $300,000 to $399,999 price bracket, accounting for 34% of total sales. This was followed by the $400,000 to $499,999 price bracket, representing 27% of transactions for the period.
  • Meanwhile, in mid and high-rise apartment buildings, the bulk of transactions occurred in the $500,000 to $599,999 price bracket, followed by the $400,000 to $499,999 price bracket.
  • High-rise buildings recorded the highest proportion of apartment sales above $700,000 accounting for 16% of total sales. This was closely followed by low-rise buildings, representing 14% of sales, whilst mid-rise apartment buildings saw just 12% of apartments sell for over $700,000.

Inner Brisbane Apartment Landscape

To maximise the use of this interactive map, please open on a desktop computer or laptop.

Prepared by Place Advisory. Source RP Data, Tableau

The interactive map above shows the location of each apartment building in Inner Brisbane, categorised by high, mid or low-rise. As can be seen, high density apartment buildings are predominantly centred along the Brisbane River, in areas such as the CBD, South Brisbane, West End and Newstead.

As you move into Brisbane’s more suburban areas, this is where the majority of mid and low-rise apartment buildings are located. These suburbs are becoming increasingly popular as they are located close to major transport corridors and lifestyle factors such as retail and entertainment precincts.

Click around the map to see if you can find your apartment building.

*Please note the Inner Brisbane area includes the following suburbs: Albion, Auchenflower, Balmoral, Bowen Hills, Brisbane City, Bulimba, Coorparoo, Dutton Park, East Brisbane, Fairfield, Fortitude Valley, Greenslopes, Hamilton, Hawthorne, Herston, Highgate Hill, Indooroopilly, Kangaroo Point, Kelvin Grove, Milton, New Farm, Newmarket, Newstead, Norman Park, Paddington, Red Hill, South Brisbane, Spring Hill, St Lucia, Taringa, Toowong, West End, Wilston, Windsor and Woolloongabba.

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