Annual rise in apartment supply in Chermside and Woolloongabba

Annual rise in apartment supply in Chermside and Woolloongabba
Annual rise in apartment supply in Chermside and Woolloongabba

Brisbane has for some time been the focus of an oversupply of apartments. 

Buyers agent blogger Pete Wargent wrote about it recently, saying "the ubiquitous offers of rent-free periods for tenants, free internet (and so on) in Woolloongabba apartments reflect the clear weakness in the rental market". He observed that during a game of cricket being played at the Gabba and shown on TV. 

In its latest Stock on Market update, realestateinvestar.com.au has listed the Brisbane suburbs with their current stock of units and the stock 12 months previous to that.

Chermside had among the largest new stock - some 185 units. It grew 10% over the previous 12 month period when it was 168. There has been an influx among other suburbs including Woolloongabba and Wynnum with growth in listings of 28 and 38% respectively.

There are other suburbs such as Brisbane City where the increase is greater, but not as dramatic like Woolloongabba. In some like Fortitude Valley, the stock has come down.

Suburb  Current Units  Units 12 months ago % growth
Chermside 185 168 10
Woolloongabba  104 81  28
Wynnum 54 39 38

A three-bedroom penthouse at 37/26-28 Western Avenue (picture above) is open for offers from $550,000. It is situated at Westwing.

At Curwen on the Park, a two bedroom apartment at 504/16-18 Curwen Terrace in Chermside has been advertised for $460,000.

Annual rise in apartment supply in Chermside and Woolloongabba

Tags: 
Brisbane Apartment Oversupply

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