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Interest in the Brisbane unit market starting to lift again

By Holly Darwon

A YEAR ago if I was calling auctions for apartments it would be me, the agent and my little yellow gavel.

But last Saturday, with the wheel slowly starting to turn on the Brisbane apartment market, I conducted in-room auctions in Spring Hill and the room was packed!

The story from the day was not the number of sales nor any record prices achieved. It was simply the number of bidders who turned up and bid. The Brisbane unit market was drowning in new units and it seems we are now starting to tread water as demand starts to slowly walk its way toward supply.

What is behind this increase in activity is that it is simply good value.

Prices have corrected over the last couple of years as buyers left the market. This caused motivated sellers to adjust their prices to entice the decreasing buying pool to investigate their property and then the race to the bottom followed.

It seems we have hit that bottom and we have just started to bounce.

The apartment market still represents strong value and I am yet to see any evidence of prices moving. One of the sales last weekend was for a two-bedroom, two-bathroom unit in O’Keefe St, Woolloongabba selling for $330,000.

It was only a few kilometres from the CBD so it is easy to see why the interest is starting to build.

Lending restrictions are still the main concern for this segment of the market.

This week Westpac and St George increased their rates slightly, while other institutions have applied new lending criteria to borrowers.

These little adjustments will likely temper any growth in the apartment market to a low heat at best.

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