The Brisbane apartment market is in the stagnation phase of the property cycle.
This stage of the cycle is characterised by:
- Flat sales when looking at annual totals
- Tight rental vacanciesFalling listings for resale
- Rising asking prices
- Increasing asking rents
We believe the inner Brisbane apartment market will be in upward phase of the cycle from early to mid-next year, seeing a lift in sale volumes and further increases in both asking prices and weekly rents.
There were about 8,000 apartment sales across inner Brisbane over the past twelve months, yet there are just 940 apartments currently listed for sale. This rate of supply is very low – being under 1.5 months – which is placing a sturdy floor under local apartment prices.
As a result, asking prices for inner Brisbane apartments are up 8% on this time last year and up 2% when compared to three months ago. Expectations in 2024 for price growth of apartments both in the resale and off-the-plan market will exceed 2023.