Brisbane’s significant pipeline of apartment projects is changing buyer habits and shifting prices

Brisbane is falling in love with apartments – and it’s creating a dramatic shift in the way we live.

QUEST realestate. 148 Logan Rd Woolloongabba. City South News.

BRISBANE is falling in love with apartments – and it’s creating a dramatic shift in the way we live.

In the inner-southern suburbs, CoreLogic RP Data’s median unit price of $688,750 outstrips the median house price by almost $80,000.

Real Estate Institute of Queensland CEO Antonia Mercorella said many significant apartment projects were now well under way.

“Like many inner-city suburbs such as Stones Corner, Coorparoo, East Brisbane and Carindale, significant developments are springing up,” she said.

“Brisbane residents are falling in love with apartment living and we are seeing a dramatic shift in the way we live taking place.”

Coorparoo Square is expected to transform the suburb.

Ms Mercorella said The Frasers development, Coorparoo Square, would transform part of Coorparoo, bringing new retail and entertainment outlets to the suburb.

“We expect this will lead to demand and long-term growth in median house and unit prices,” she said.

A recent realestate.com.au search of local properties listed for the median unit price revealed hundreds of apartments for sale between $650,000 and $700,000, across about 20 projects.

The housing market in this price range offered just 32 homes.

Brisbane One, South Brisbane.

South Brisbane listings included a two-bedroom, two-bathroom apartment with one car park at the Brisbane One project for $659,000; a two-bedroom apartment with Mt Cootha views at The Art House priced at $676,500 or, a two-bedroom, two-bathroom apartment with two car parks at SkyNeedle for $700,000.

Skyneedle, South Brisbane.

The Linton at Kangaroo Point had a three-bedroom penthouse with city views for $688,300 while a two-bedroom, 119sq m apartment in The One project at West End, was $650,000.

In Woolloongabba there was a 99sq m, three-bedroom, two-bathroom apartment at South City Square for $665,000.

All of the projects include significant resident facilities with resort-style pools, cinemas, saunas, rooftop spas and gardens, gyms and even a tennis court helping to entice buyers out of suburban homes and into the towers.

The rooftop swimming pool to be built at Coorparoo Square.

Ms Mercorella said significant development, particularly in the inner-city suburbs, had impacted property prices.

The Kangaroo Point median house price of $951,000 in the 2015 September quarter grew 25.4 per cent compared with 12 months ago, and 42.6 per cent compared with five years ago.

“In suburbs where affordability is a key factor driving demand, such as Moorooka, growth has been more modest and we expect similarly modest growth to continue throughout 2016,” she said.

Moorooka’s annual median house price was $560,000 in the 2015 September quarter, up 5.2 per cent compared with 12 months ago and 14.3 per cent compared with five years ago.

For those buyers still keen to secure their own space and a backyard in the inner-southern suburbs, there were a number of options at the lower CoreLogic RP Data house median price of $610,272.

A tennis court, to be a feature at Coorparoo Square, is one of the resident facilities enticing residents out of houses and into apartments.

Homeowners Michael and Jacky Hall, who are selling a recently renovated five-bedroom house at 60 Industries Rd, Moorooka, for $589,000-plus said having extra bedrooms and dual-living options were important factors when they purchased.

“A lot of houses only have three bedrooms – our house is good value for money with the extra room downstairs,” Mr Hall said. “We had it for my son when he used to live with us, or you can have it for elderly parents downstairs.”

Other house listings included a post-war four-bedroom home at Yeronga for $619,000-plus, a recently updated three-bedroom home at Tarragindi for $620,000-plus or a three-bedroom Annerley home with original ornate ceilings and picture rails for $609,000-plus.

New houses on offer included a Moorooka house-and-land package for $633,670 negotiable, from Rise Property. Features included stone benchtops, airconditioning, security screens and downlights.