Stock levels shrink toward five-year lows in Brisbane's off the plan apartment market: Urbis Brisbane Apartment Market Insights Q4 2023

The number of off the plan apartments in Brisbane is heading toward five-year lows, data from Urbis found.

The Urbis Apartment Essentials Report showed there were 112 sales in Q4 2023 in Brisbane, with the lowly stock levels resulting in just 512 apartments available to buy. 

Supply has been dwindling since Q1 2023 when there were nearly 1,400 apartments on the market with around 500 of those being sold.

Developers who are able to get their projects in market are reaping the benefits. 

Kokoda Property's apartment development Ruby Ruby in Milton saw took 87 of the 112 sales over the quarter, with a weighted average sale price of $827,011.

The likes of Monarch Residences in Toowong, Skye Residences in Kangaroo Point, Nouveau in Albion, and Queens Wharf Tower in Brisbane City, all secured a handful of sales, but did so at stellar prices, with the weighted average sale price between $1,645,000 and $3.67 million, a sign there's a strong market demand for premium apartments in Brisbane's inner ring.

Outside of inner Brisbane, the inner west region was the most active in terms of sales over Q4 2023 with 94 apartments sold.

Only nine apartments are available to purchase in the CBD, which makes Meriton's 800-apartment development a game-changer for the city. Morris Property Group is also expecting to have around 180 apartments up for grabs on Eagle Terrace after they filed an application to change the use of their commercial office tower plans to residential.