Young buyers and downsizers drive rapid growth in city units
Apartment transactions in Brisbane have overtaken house sales, with younger purchasers and downsizers increasingly opting for city living.
The city’s apartment market has experienced significant price growth, supported by ongoing infrastructure investment and heightened demand.
According to Angus Moore, executive editor of economics at REA Group, apartment prices in Brisbane have risen 94% since March 2020, marking the fastest growth among Australian capitals. “That’s consistent with the really strong growth we’ve seen in Brisbane generally – detached house prices are also up just shy of 90% since the pandemic,” he said.
“While Queensland has always seen more people moving in than out, interstate migration was particularly strong during COVID, which was a factor in driving home prices.”
Moore noted that while Brisbane’s affordability relative to Sydney and Melbourne once attracted buyers, the rapid increase in prices has narrowed this gap. Demand for apartments in Brisbane’s inner and middle-ring suburbs is currently outstripping supply. Larger units in areas with good access to public transport are being quickly acquired by both younger buyers and those looking to downsize.
KC Yeung, a real estate agent at K&S Property Group, reported 90 property sales in the last financial year, attributing the volume to a shift in market preferences. The agency credits state government incentives, such as grants for new builds, stamp duty exemptions, and shared equity schemes, as well as anticipation of the Brisbane 2032 Olympic Games, for fuelling buyer interest.
Yeung observed that apartments with quality finishes, ample natural light, and features such as balconies and study spaces are in high demand. “The buyer pool is a healthy mix: first home buyers, downsizers, local investors and interstate or overseas buyers,” he said.
“Well-presented apartments with realistic pricing often sell at or above the asking price, especially if they stand out in their building or suburb. We’ve even broken suburb and building records recently – buyers are willing to pay a premium for quality.”
Yeung advised prospective purchasers to research recent sales, compare buildings, and consider value-adding features such as views, parking, or storage. “Get finance pre-approved so you’re ready to move quickly,” he said.
“If you’re serious about a property, make a strong and clear offer early – sometimes waiting too long can cost you the opportunity.”
Looking ahead, the Brisbane apartment market is expected to remain active, with further interest rate reductions anticipated this year. Historical precedent from the lead-up to the Sydney 2000 Olympic Games suggests that property prices could continue to climb as development accelerates.
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