An analysis of major capital cities highlighted the relative affordability offered by the Brisbane apartment market. For the December quarter 2015, Brisbane recorded a median unit sale price of $437,500 being $32,500 and $252,500 more affordable than Melbourne and Sydney respectively. The Brisbane LGA also demonstrated an average annual growth rate of 3.8 per cent for units and 5.4 per cent for houses over a 10-year period to December 2015. Relative affordability and a desire for urban living have been driving investor and owner-occupier demand in Brisbane’s inner suburbs.
Growing apartment demand within the Ascot Catchment (comprising the suburbs of Ascot, Albion, Hamilton and Hendra) can be attributed to a number of factors. One of the main reasons being the relative affordability of apartments over houses in the catchment.
Growing employment and infrastructure in the Ascot Catchment (comprising the suburbs of Ascot, Albion, Hamilton and Hendra) has helped drive long-term rental price growth.
Rental price premiums for new and near-new apartments in the Ascot Catchment have been recorded as high as 7 per cent more than established apartments, while rental price premiums compared to the benchmark Brisbane LGA were as high as 24 per cent. These premiums highlight the increasing demand for new apartment product offering strong amenity and inner-city lifestyle such as that available in the Ascot Catchment.
Apartments offer an affordable alternative to the housing market within the Ascot catchment with this contributing to ongoing apartment demand. The strong apartment market is evident through the high percentage of apartments within the catchment at 35 per cent when compared to the Brisbane LGA at 12 per cent.
The rental market in the Ascot Catchment also is strong with 39 per cent of the catchment renting their dwellings. The Ascot Catchment accommodates a large proportion of high-income professionals, some of who are in a prime position to enter the property market.
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