Why is Charlotte apartment market hot but Charlotte apartments are priced too much?
Posted by The ABC on March 16, 2019 02:29:47 It’s been a hot month for the apartment market in Australia, but the average price of an apartment in the CBD has more than doubled in the past year.
Key points: Prices of all types of apartment have increased since mid-year The average price for an apartment has more and more jumped from $1.5 million to $3.6 million in just the past month A report by the Sydney-based property research firm NABRI found the average cost of an Australian apartment has increased by nearly $2,000 in the same period.
The average rent for an average-sized unit in Sydney’s CBD increased from $2.3 million in April to $2 million in May, with the average rent of a typical apartment in Sydney increasing from $3,800 in April.
The median price of apartments in Sydney is currently around $1,200 a week, with most apartments set to see their average rent increase.
Queensland rents have also been on a rollercoaster ride, with prices of apartment homes jumping by more than $500 a week in May.
Brisbane rents have increased by almost $800 a week and are expected to climb further in the coming months.
The CBD rents, on the other hand, are expected only to continue to fall over the next three years.
But it’s not just apartments.
The number of new apartment homes being built in Brisbane has been a big driver of the price increases in recent months, particularly in the lower-end market.
A spokesperson for the Queensland Building, Construction and Land Development Authority said it had been trying to reduce the demand for apartment homes in Brisbane.
“In the past, we have encouraged builders to increase their supply of housing,” the spokesperson said.
“[We] are now reducing the number of units we are building and working with developers to provide more affordable homes in the city.”
What are the best places to live in Brisbane?
Brisbane is the best place in the country to live, according to the latest national research.
The latest ABS Housing Affordability and Happiness report found that Brisbane was the most affordable of the four Australian capital cities, with median prices of $2 per square foot in the state.
However, the average rents in Brisbane are now $3 per square metre, with apartments priced up to $5 million a pop.
More to come.