Brisbane sales to stock levels in Q1 2023 outperforms every capital: Urbis Apartment Essentials Q1 2023
Brisbane's off the plan property market led the country in sales comparative to how much stock is on the market, according to Urbis' Apartment Essentials National Snapshot Q1 2023.
Brisbane just edged the Gold Coast having the highest sales rate as a percentage. Nearly a fifth of apartments that were on the market sold in Q1.
Sydney and Perth were just below the 10 per cent mark, while Melbourne had the largest gap with just five per cent of apartments selling compared to how many are on the market.
Brisbane was pushed to the highest sales to supply rate due to two projects in Toowong.
Mosaic's The Prescott, which is only in its presale phase, secured 94 sales in Q1 with an average sale price of $973,000. There's only 100 apartments in the Lissner Street development.
The next best performer was Monarch Residences, the recently launched project by Don O'Rorke's Consolidated Properties. They scored 75 sales in Q1, at an average sale price of just over $1 million. Nine apartments in the development have sold for over $4 million.
They've got 224 apartments across the two towers, which Hutchinsons Builders have just started constructing.
James MacGinley, Head of Residential at Consolidated Properties Group, said the key to selling in the current market is really understanding the buyer demographic.
"At Monarch Residences, we have split our penthouse collection between the top floors and the lower level along the riverfront.
"This decision was made to appeal to two distinct groups of buyers - those wanting a traditional penthouse with horizon views, and those looking for a ‘river home’ with the benefits of apartment living."
Mirvac's Isle Waterfront project in Newstead, which is currently under construction, secured 21 sales in Q3 as it approaches sell out. The ASX-listed developer has sold over 110 apartments to date, at an average sale price of $1.261 million.
Sekisui's giant West Village masterplan has performed consistently well ever since the national developer started the masterplan over seven years ago.
Their sixth and seventh tower in the masterplan, Uno and Duo, which make up the Allere Collection both saw continued sales through Q1 2023. Uno, which has 94 apartments, secured 19 sales in the first three months of the year, and it's neighbouring Uno tower had 16 sales.
Both buildings, designed by Rothelowman, are under construction and have just over 20 apartments left in each. Two-bedroom apartments are still available, priced from $860,000.
One of the five-bedroom penthouses made headlines earlier this year when it sold for $7,016,000, a record for West End.
the Allere Collection will be the penultimate opportunity to buy into the thriving $1.1 billion community. Only one more tower will rise from the West End precinct, Callista on Park, which will comprise 74 three and four-bedroom apartments.
Read more: First look exclusive: Sekisui's plans for West Village final tower, Callista on Park
Since kicking off the development of West Village seven years ago, on the site of the landmark Peter's Ice Cream factory, the $1.2 billion village has won more than 50 awards, the most recent being the internationally renowned 2022 ULI APAC Award for Excellence.