It comes as no surprise to me that the latest Midwood Investment report suggests there is an oversupply of new apartments in Brisbane market.
With the market saturated with high-rise apartments, at current sales rates it will take 26 months to sell the stock of 1,683 apartments.
A heap of new projects have been added to the Brisbane stock recently including the “ultra-high rise” 289 Infinity apartments being developed by Meriton in the Brisbane CBD, 77 apartments in Capitol on Peel Street, South Brisbane and the 286 apartment Madison Heights development in Bowen Hills.
The highest stock levels are in Fortitude Valley (381 apartments for sale), followed by the Brisbane CBD (348) and Bowen Hills (325 apartments).
So many apartments up for sale at a time when population growth to Brisbane has been slowing and investor interest has waned is bad news for the inner Brisbane apartment market.
But then, if you’ve been following my blogs for a while, you’d know that this exctly the type of property I’ve been suggesting to avoid.
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