Average unit price down $81,000 with bargains coming next year

first_imgCranes dotting the skyline will be less common next year. Picture: Liam Kidston.SHARP-EYED apartment hunters might score a good deal in the new year with Brisbane’s apartment slowdown seeing 13 per cent of new units unsold at settlement date and the average price down by $81,000.Of 3,382 inner Brisbane apartments that began settlement this quarter, 47 per cent were in sold out projects and “13 per cent remained unsold”, the latest Urbis Apartment Essentials report found. Over half of the apartments that hit settlement this quarter were in the inner north, it said.Urbis said 300 sales were recorded in Brisbane’s new apartment market in the September quarter, which was in line with the previous two quarters when sales logged were 302 and 311.As well it said “the weighted average sale price decreased by $80,896, registering $644,667”, partly because of higher levels of one and two bedroom units on the market.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoLooking towards the city from The Gabba.Development approval for new apartments was also at its lowest level recorded by Urbis, the report said, with “only 672 new apartments which reached development approval status in the quarter”, according to company director property economics and research, Paul Riga.“Between 2014 and 2016, it was normal to see over 2,000 units reach approval status per quarter, and at the height of the cycle in 2014 and 2015, this number peaked at over 5,000 apartments.“We are now in the settlement phase of the cycle, and lower levels of new apartment demand are fast driving a slowdown in the addition of any further future supply.”Mr Riga said in 2016, over 7,000 apartments reached settlement, in 2017 it was close to 6,700 units and in 2018 another 7,100 apartments would reach settlement.“What our research is telling us is that even in current market conditions apartments are still selling. Established local developers with a reputation for quality product and strong networks are achieving great results. For the rest of the market, it is certainly harder than it was 18 months ago but sales continue to tick over quarter after quarter. The coming quarters will continue to see limited new project launches, with only a handful mooted to launch over the next six months.” FOLLOW SOPHIE FOSTER ON FACEBOOK FREE: GET THE COURIER-MAIL’S REALESTATE NEWS DIRECT TO INBOXlast_img