Brisbane achieves extended price growth alongside reducing stock levels in the second quarter of 2022.
Overall encouraging fundamentals have continued to deliver price growth for Brisbane’s apartment market for yet another quarter.
There were 877 off-the-plan sales made during the June quarter which represents a substantial spike from 228 sales in the March quarter. Collectively, the weighted average sale price amongst these transactions was $921,921. This was largely due to the impressive prices achieved in the CBD for the quarter that were made in uniquely large volumes, due to the release of Queen’s Wharf Tower. The current weighted average sale price also reflects a 10% increase from one year prior and displays signs of sustaining prices achieved in the previous quarter.
Project deferrals are rising nonetheless and pose the likelihood of a further imbalance between supply and demand. Place Advisory partly attributes this to the rising cost of construction along with uncertainty surrounding the unfortunate collapse of some building companies over the last 12 months. It is assumed that this will be reflected in price growth across Brisbane.