There exists a potentially large undersupply of larger apartments in Brisbane as the migration inflow rapidly continues, after bottoming out during the years 2010 through 2015. The current surge of population growth aligns with the exodus occurring in Sydney and moreso Melbourne over the last two years. It therefore presents the question as to whether the level of supply will be sufficient to deal with the inherent demand. Approvals for apartments only started to trend higher again in Q4 after a considerable drop off from August 2021; residences of four or more storeys now account for almost 40% of all approvals, a statistic not apparent since 2017 before momentum started to favour single dwellings. It is especially noted that buildings over eight storeys are gaining traction at a considerably quicker rate than those within the four-to-eight storey range. This indicates the level of densification that should continue as the city’s population maintains its existing trajectory.
