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Demand for SEQ apartments intensifies

150310 Devine-ModeDemand for new apartments in South East Queensland is taking off, with multi dwelling approvals now tracking at “record levels” according to new research. Leading property services group Oliver Hume has released new research revealing multi dwelling approvals made up 46 per cent of total dwelling approvals in South East Queensland, compared to 32 per cent 10 years ago. A total of 90 off-the-plan apartment projects were released in 2014, a 27 per cent up swing in releases over the previous year (71 projects in 2013). The 90 projects will result in an additional 12,500 units being added to market upon completion. Approximately 83 per cent of the projects, delivering around 19,490 units, were located in Brisbane, while the remaining 18 per cent were on the Gold Coast. New releases tapered off over the year, but remained strong in the December quarter, with an additional 27 projects launched, delivering close to 2,900 units. The December quarter was approximately 47 per cent up on the 2,035 units launched in the March quarter 2014. Oliver Hume National Head of Research Andrew Perkins said the rise in approvals was a clear indication that more buyers were moving towards apartment living. “As the future supply of apartments in South East Queensland strengthens, we are seeing a growing confidence in the apartment market,” he said. “We estimate that the five inner precincts of Brisbane (CBD, Inner North, Inner South, Inner West and Inner East) will account for 50 per cent of the future supply within South East Queensland. “The inner suburbs of Brisbane offer a number of lifestyle benefits, with many being well connected to transport and close to vibrant dining and shopping precincts.” Mr Perkins said domestic and international investment had mostly driven the demand for new apartments. The research was compiled by Oliver Hume, which is marketing over 11,000 land lots within the entire South-East Queensland market. For more information visit www.oliverhume.com.au