Brisbane apartment market selling faster with prices on the rise: PRD Research
Brisbane median unit prices have recovered from a dip in 2020, according to PRD Research.
With all rings recording positive price growth in 2021, the inner median unit price sits at $530,000. The middle is $467,000. The outer meidan sits at $397,000.
"The outer-ring provides affordability for first home buyers and is also the fastest growing," the report noted.
"Buyers must be quick to secure their property," it added.
The 2017-2021 price growth was 6% in the inner ring (+$30,001).
The middle ring growth was 3.1% (+$14,000).
The outer ring growth was 6.4% (+$24,000).
The Brisbane market update report divides the city into the inner-ring (0-5km from the city), middle-ring (5-10km from the city), and outer-ring (10-20km from the city).
Units in all three Brisbane rings are selling for higher than the first list asking price, the report advised.
"There is a revival in the unit market after a period of price discounting in mid-2020."
Units in the outer-ring recorded the highest average premium of 2.7% while inner-ring units recorded the smallest premium.
The other indicator of an improved conditions for sellers is units are selling quicker, especially in the middle and outer rings as demand starts to shift due to an increase in people working from home.
The days to sell a unit continued to decline over the past 18 months to 46 days in the inner ring, 39 days in the middle and outer.
"The Brisbane unit market is moving faster again, allowing for new stock to come to the market," it advised.
Off the plan projects in the inner ring include Bide in the heart of Newstead, 3 km from Brisbane CBD.
Its one bedroom offerings sold out quickly in the 89 apartment project by Dibcorp Properties which was launched last year.
Elsewhere in the inner ring Mosaic will be launching its latest project in Toowong, which will be Mosaic's 11th project in six years in the inner-west.
Its prior projects have included Kensington by Mosaic, positioned directly across from the Toowong Memorial Park featuring 63, 2- and 3- apartments and a penthouse over nine levels.
In the outer ring seaside suburb of Manly, 191 Stratton is a collection of contemporary one, two and three-bedroom residences by the developer, DeMartini Fletcher.
It is one block from the main waterfront.
Designed by Ellivo Architects, the development embraces open-plan living and dining and landscaped balconies.