QLD Brisbane units | middle ring

All of a sudden I'm seeing a lot of social ads for middle ring units in Brisbane. I'm in Brisbane so the target audience is not excluding local buyers. How would you explain this? Lots of low priced units in good locations. Are they not being sold? Why not? Are sellers expecting the market to pick up from now, or are they units that have been listed throughout 2018?

 

I know of at least one developer who has 50 units about to be completed and can’t even sell one of them! A fair bit of media about improving market conditions for units in Brisbane but I think a long way to go yet.

- Andrew

 

So it sounds like Brisbane will suffer oversupply for some time

 

They could just be asking for way too much in a not so great location?

I mean there's a huge difference between a high-rise in Chermside than a boutique block in New Farm.

 

Could be tougher to get finance for them too, due to oversupply lenders are less willing to lend on those apartments in Brisbane.
Article here from April 2018 - Nearly 20pc of Brisbane’s apartments empty amid oversupply: BIS Oxford Economics

 

I'm pretty sure it's a 50 unit block in New Farm. Not 100% sure though, I'll check.

 

I would prefer to live in a boutique unit in New Farm over a high rise in Chermside any day. But the reason the block in New Farm cant sell is because New Farm and Newstead are already over supplied. They are usually really nice apartments but gosh are they expensive. Developers continue to develop all along the river down to the Gateway Bridges.

 

Wasn't New Farm, it's Highgate Hill.

- Andrew

 

Chermside apparently still oversupplied with units. Would rather go a big further out and get a house.

 

Personally I would not buy a unit in Brissy. Even in the smaller, walk up units I wouldn't be buying them. IMHO Brisbane is a housing market. For those who can afford a house in a decent area with land - that's where I'd put my money. If it has add value potential even better.

 

The population doesn't want to live in units. They want to live in standalone houses.

 

Will take another 10 years for brisbanites to accept unit living
Even Sydneysiders who migrate to Brisbane will be interested to live in houses only otherwise why will they migrate

 

I have looked a bit at units for sale online for my ageing mum and disabled sister and it’s so difficult to find anything decent. A courtyard, reasonable size rooms, no stairs is difficult to find. It makes you think they would be better off in a house.

 

Clearly shows that some on the thread have no clue.....well located units are doing really well in Brissie. Affordability in great suburbs is now pushing people into this. Brisbane will hit about 3m people in the next 7 years....given the congestion..it apartment living will be more popular.

Two-bed unit tops QLD hot list

The issue I have is some individuals are presenting themselves as having more knowledge when they have not done much! All talk no action.....

 

What about something like this? East Brisbane, selling below purchase prices in 2010

3/7 Lomond Terrace, East Brisbane, Qld 4169

 

Actually finding almost all units currently advertised are selling below their last sale price

https://www.onthehouse.com.au/property/qld/toowong-4066/2-74-maryvale-st-toowong-qld-4066-4010281

 

Why would anyone invest in units when history says houses do better? Then you have to deal with body corporate. No thanks. In 7 years time my money is on the house.

 

I agree. I am sure some units will do well but my money is always on houses in Brissy. Larger land content and with good scope to add value in some good suburbs. Also less chance of over supply and competition . And longer term I see houses in good areas as out performing other dwelling types on the whole.

For Syd and Melb, units no problem. Everywhere else in OZ I'd go homes.

 

Hahaha! Yes, everyone in Brisbane is dying to experience the Queensland lifestyle of living in a tiny 2 bed unit. They're selling like hotcakes I tell you.