Urban.com.au’s insight into new and off-the-plan developments in Brisbane
If you are in the market for a new apartment or townhouse in the vibrant city of Brisbane, Queensland, then look no further than Brisbane (LGA). With a bustling real estate market and plenty of new developments on the horizon, this area is perfect for those looking to invest in a modern and stylish home.
The city boasts a strong focus on outdoor activities, including alfresco dining, river and coastal recreation, and national parks. Brisbane also offers a dynamic cultural precinct with prominent galleries and museums such as the Queensland Art Gallery and Gallery of Modern Art. It is a global centre of research and innovation, particularly in medicine, biotechnology, and technology, with Fortitude Valley being a major tech hub.
Brisbane's excellent schools make it an attractive option for families, while major landmarks and attractions such as South Bank Parklands, the City Botanic Gardens, and the Story Bridge draw tourists. The city is well-served by extensive rail, bus, and ferry networks, along with Brisbane Airport and the Port of Brisbane.
Don't miss out on your chance to secure a brand-new apartment or townhouse in one of Queensland's most sought-after locations. Start your search today by contacting local real estate agents who specialise in new developments within Brisbane (LGA).
New Developments in Brisbane
Brisbane’s property market has been one of the strongest in the country over the last four years. In May, Brisbane overtook Canberra as the second-most expensive capital city in Australia, according to CoreLogic.
As of July 2024, Brisbane's unit market recorded a quarterly growth of 5.6 per cent, outpacing both Sydney and Melbourne. This robust performance highlights Brisbane's increasing appeal to investors and buyers in the unit segment. Additionally, the unit market's quarterly growth rate exceeded that of Brisbane's housing market, which saw a 3.3 per cent increase.
The new development market in Brisbane is running in parallel to the established housing market. There’s not enough supply to meet demand, and when supply is realised, it is being swallowed up quickly. It is the imbalance in demand and supply that is driving prices up well past record highs.
Brisbane saw several major apartment and townhouse developments sold out and completed, including Dibcorp Properties' Bide apartment development in Newstead and Aria Property Group’s Trellis in South Brisbane.
New Developments in Brisbane: The Data
Milton has been the most popular suburb for new developments in Brisbane this year as of July 2024, according to research collected by MatterFact, the data partner of Urban.com.au.
Stones Corner was the second most popular new development area in Brisbane, followed by Bowen Hills, West End and Brisbane City rounding off the top five.
MatterFact data showed the majority of enquiry was between $1.5 million and $3 million, and that over 20 per cent of first home buyers were willing to spend in this range. Over half of next home buyers had budgets between $1.5 million and $3 million, while over 90 per cent of next home buyers had budgets over $800,000. Two thirds of investors who enquired were also prepared to spend over $800,000.
New Developments in Brisbane selling in 2024
There’s been little activity in the Brisbane new development space in 2024, with very few apartment developments launching to the market.
Kokoda Property Group launched Ruby Ruby in Newstead, 144 Cottee Parker-designed apartments across a 21-level tower at 12 Crombie Street. Ruby Ruby follows the successful The Ambrose, just 400 metres away in Milton, and Kokoda's first Brisbane foray, Chester & Ella in nearby Newstead.
Family-run Gardner Vaughan Group recently launched their newest Brisbane development, DANBY LN. Traders in Purple launched another Woody Point development, Tydal Woody Point, and Bellevue Queensland launched their luxury Bulimba development, Apollo Bulimba.
What are the new developments in Brisbane coming up?
Brisbane is crying out for new supply in the off-the-plan apartment market.
Confidence in the Queensland capital is at an all-time high, and there's no suggestion of a slowdown in demand.
Assisting in the growth of the unit market is the lack of new projects. There's not been a release of a new apartment development, certainly nothing close to a tower development, in months.
Developers have been active, however, which bodes well for Brisbane's future supply.
- Jonathan Leishman’s Churchill Development Group has submitted a development application for three apartment towers in Newstead, dubbed Breakfast Creek Quarter, housing a total of 752 apartments, with almost 80 per cent designated as build-to-rent units.
- Huon Property Group has received approval for their new residential development project in Brisbane's Stones Corner, a 15-level apartment tower at 22 Cleveland Street, which will consist of 114 apartments. This development is part of Huon's strategy to capitalise on the 2032 Summer Olympics hub in nearby Woolloongabba.
- Developer Kinstone Group has lodged plans for Rochedale Terrace, a $380 million mixed-use master-planned community 15 minutes south of the Brisbane CBD, delivering 280 apartments alongside expansive green space, retail, a 75-room boutique hotel, and a tavern.
- Salter Brothers are seeking to demolish the Mercure Brisbane Garden City Hotel and develop a new 17-level apartment building at 18 Macgregor Street, designed by Bates Smart that will have 101 apartments above a four-level podium.
- Brisbane developer Pikos Group is backing up its recently launched Skye Residences in Kangaroo Point with Gaia, two 15-level buildings designed by DKO Architecture at 108 Lambert Street which will home 215 apartments as well as create a full acre of inner-city parklands in the process.
