Whilst the number of apartment sales across inner-Brisbane have fallen over the past year, they still remain somewhat elevated, especially on an annual basis. More importantly local apartment supply remains tight, so too does the rental market. Remember, real estate is all about supply versus demand.
There were about 7,200 apartment sales across inner-Brisbane over the past twelve months and yet there are only 2,350 apartments currently listed for sale. This rate of supply is very low – being under four months – which is placing a floor under local apartment prices.
As a result, the average asking price for an inner Brisbane apartment are up 13% on this time last year and up 2% when compared to three months ago.
Furthermore, the current inner Brisbane vacancy rate is just 0.9%. There are under 400 dwellings for rent across the area.