As expected, the March 2017 quarter brought another period of subdued sales activity across Inner Brisbane’s off the plan apartment market as sales momentum continues to soften.
The Inner Brisbane apartment market saw just 272 unconditional transactions take place throughout the first quarter of 2017, a substantial decline of 67% from the same period 12 months prior, which recorded 828 unconditional sales. Meanwhile, the weighted average sale price recovered over the past 12 month period, increasing by 5% from $602,415 in the March 2016 period to $629,963 in the March 2017 period.
Overall, the Inner Brisbane off the plan apartment market has experienced a significant change over the past 12 month period. The market has benefited greatly from the high levels of demand in recent years, however, Place Advisory expects that as we return to a more normal market, these lower levels of transactions will continue in the short term. We expect that the remainder of 2017 will bring some challenging periods as the Brisbane market place continues to adjust to the next property cycle.