Explosion of high-rise residential projects tipped for inner Brisbane

BRISBANE’S inner city skyline is set to be transformed by a surge in high-rise residential projects. GUESS HOW MANY

THE number of new high-rise residential projects across inner Brisbane could top 100 this year.

THE number of new high-rise residential projects across inner Brisbane could top 100 this year, changing forever the face of the River City.

Jon Rivera, a ­director (residential) at property research company Urbis, said from the middle of last year, there had been a surge in high-rise residential projects, fuelled by strong rental returns and affordability.

“The year has taken off like a rocket with the amount of ­activity from the development side,” he said.

BRISBANE PROPERTY PRICES LEAD THE PACK

“In our December quarter report, we are tracking about 90 projects under construction, just completed or selling off the plan. I think the March quarter is going to be pretty crazy and this year we might see more than 100 projects come to market at the same time across inner Brisbane.”

Over the past year, developers, large and small, have swooped on residential development sites, focusing mostly on infill sites or those with pre-existing ­development applications.

News_Module: Join us on Facebook

Some of the most active have been the Pellicano Group at Woolloongabba; Metro Property Development in Bowen Hills/Fortitude Valley; the Pradella Group in West End; and Aria Property Group in South Brisbane.

Not all the projects will be built, but Mr Rivera said there would continue to be strong one and two-bedroom pre-sales, dominated by local, interstate and overseas investors,with a chance of more owner-occupiers entering the market.

“Brisbane is really transforming into a pretty unique metropolitan city,” he said.

“We are not the Brisbane we were 10 years ago.”

However, Mr Rivera said so far the CBD had not quite embraced the residential high-rise mania. “It has some fantastic opportunities for development, particularly with the commercial market softening,” he said.

“We think this year will probably see a number of new sites come on to the market in the CBD.”

In December, Cornerstone Properties paid Devine Ltd $19 million for an office tower development site at 30 Albert St which it has earmarked for a residential project.