City Beat August 2024: Brisbane property boom continues
Brisbane's supercharged property market is continuing its bull run in 2024.
If it wasn't for Perth, Brisbane would be the best performing capital city unit market in the country.
CoreLogic's Monthly Hedonic Index showed the value of Brisbane units, which incorporates both apartments and townhouses, rose 1.9 per cent in July.
So far in 2024, units in Brisbane are now 12.8 per cent higher than they started the year, taking the median value from $561,000 to $638,000, surpassing Melbourne and Canberra to become the second most expensive capital city unit market in the country.
CoreLogic Research Director, Tim Lawless, said available supply is a key factor explaining the diverse outcomes in housing growth trends.
“The number of homes for sale in Brisbane, Adelaide and Perth is more than 30 per cent below average for this time of the year, while weaker markets like Melbourne and Hobart are recording advertised supply well above average levels,” Lawless said.
What happened in Brisbane’s off the plan apartment market in July
Sekisui House Australia secured a $5.25 million sale of a penthouse atop Altura, one of its buildings in its $1 billion West End masterplan, West Village.
They've seen a 'reverse sea changer' trend at West Village, which is approaching its final tower release. The buyers, business owners Leo Nipperess and partner Brett Park, are coming from a large home on Sovereign Island.
Nipperess and Park were drawn to the expansive 368 sqm layout complete with multiple living and entertaining zones, five bedrooms, four bathrooms and multiple balconies, only 800m from the Brisbane CBD.
West End is also set for some more future supply with builder-developer Zen Group planning two "climate-responsive and contextually driven" apartment towers at 24 Duncan Street, near Montague Markets.
The towers will home just over 200 apartments.
The vision aligns with Brisbane's goal to become a New World City by 2031, promoting a globally recognisable subtropical urban lifestyle.
Duncan Street will comprise two 17-level buildings housing 202 apartments, from one-bedroom plus study apartments through to three-bedroom units.
Read more: West End set for climate-responsive apartments
The riverside has been where it's at in July. Across the Brisbane River in St Lucia, developer Dusk Group has found a gap in the market with its latest project, Aurora on Depper.
Aurora on Depper presents an attractive opportunity, considering the scarcity of townhouses in the suburb and the competitive starting price of $1.55 million.
The townhouses, currently under construction by Akam Constructions, feature three bedrooms, a two-car garage, kitchens with zero silica benchtops and butler's pantries, and hybrid timber flooring throughout the living areas.
The townhouses are expected to complete by mid-2025.
Read more: Aurora on Depper townhouses to target St Lucia's "missing middle"
The Bulimba riverfront is also set for a new collection of apartments. Architect-turned-developer Joe Adsett is teaming up with developer Zephyr Group QLD for Palais Bulimba at 25-27 Byron Street.
Adsett has designed the two buildings that will home just 13 luxury apartments, focused on taking advantage of the 30 metres of absolute river frontage, connecting residents to nature and views with river-facing balconies.
Adsett is expecting Palais Bulimba to attract significant interest from both local and interstate buyers. Construction is slated to commence later this year, with completion expected in mid-2026.
Read more: First look exclusive: Joe Adsett partners with Zephyr Group for luxury Bulimba apartment development, Palais Bulimba
The only true tower development to launch in 2023, Ruby Ruby in the riverside suburb of Milton, got a little bigger in July.
National developer Kokoda Property was given the green light to add another four levels to the Crombie Street tower. The enhanced scheme will see a further 34 apartments added
Ruby Ruby now comprises 178 apartments across a 26-level building designed by Cottee Parker.
Read more: Kokoda adds more apartments to Ruby Ruby in Milton
Read more: City Beat July 2024: Brisbane units on course for 20 per cent gains in 2024
Read more: City Beat June 2024: Brisbane overtakes Canberra as Australia's second most expensive capital
