City Beat January 2025: Brisbane unit market continues upward trajectory as off the plan enquiry reaches five-month high
After experiencing calendar year growth not seen in nearly four decades, it was inevitable that Brisbane’s unit market would eventually cool.
Although it hasn't reached the exceptional monthly growth levels seen last year, which drove a total annual increase of well over 16 per cent, January kicked off 2025 with a strong 0.6 per cent gain, according to CoreLogic's latest Home Value Index.
The unit market outpaced houses again, which were up 0.3 per cent in Jan.
The median value for a unit in Brisbane is now $685,000, while the median house value is $977,000.
Only Brisbane and Perth recorded an increase in dwelling values (houses and units combined) last month, CoreLogic found, with a nation-wide slowdown expected to only last a brief period given the upcoming interest rate drops.
CoreLogic Research Director, Tim Lawless, noted that affordability constraints and rising advertised supply levels have contributed to the cooling trend.
What happened in Brisbane’s off the plan apartment market in January?
The Brisbane off the plan apartment market showed signs in January that we're in for another strong year.
Enquiry levels across new and off the plan apartment developments in Brisbane were at a five-month high, according to MatterFact, the data partner of Urban.com.au.
Interest in properties priced between $500,000 and $1 million surged, driven largely by the launch of Astra Apartments in Gaythorne which hit the mark on the affordability scale.
A sign of intent is always search - and search activity for suburbs across Brisbane was well over the 2024 median in January.
Upper Mount Gravatt emerged as the most searched suburb across Brisbane, with notable spikes in search for Hamilton, West End, and Kangaroo Point.
The most exciting news in Brisbane in January was an Urban exclusive. We reported that ICD Property, who is behind landmark towers in Melbourne, Sydney and Adelaide, bought the well-known R&F site in West End.
The 1.68-hectare site, formerly home to Riverside Corporate Park, has had previous approvals for a multi-tower precinct with around 1,000 apartments, a retail plaza, and a riverside walkway.
ICD will file a new application with a different design.
The only other significant development application in January was in East Brisbane where RG Property Group is seeking to developer a 10-level apartment development near the future Olympic Games Precinct.
The Wellington Road site already has approval for an eight-level building. RG's plans for the new project, dubbed The Banksii, are for 72 apartments.
The redesign by MAS Architecture incorporates a rooftop swimming pool, a gym, and a public laneway connecting Wellington Road to Manilla Street.
The Woolloongabba precinct continues to attract investment, with several residential projects in the pipeline alongside public infrastructure upgrades.
