The demand is growing strong for new apartments in Brisbane, well above historical averages, and is showing no signs of slowing down.
At the end of the March 2014 quarter, there were only 1,225 new residential apartments for sale, which based on current sales figures, will only supply the market for less than six months.
New off-the-plan stock supply has fallen to an historical low in Brisbane and while it has been implied that the Brisbane market is likely to be oversupplied in the medium term due to the amount of proposed apartments that have been approved for development, the reality is that a high percentage of approved projects fail to eventuate, meaning they never actually making it to market. A much smaller percentage of feasible residential projects evolve into the construction phase.
There is no denying that there is a substantial amount of proposed potential apartments which numbers approximately 22,000 currently. However, this figure is nothing new. It has existed for more than six years and is to be expected of a city whose population growth is the highest in the country and is set to double in the coming years.
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