patrick.net

There is no doubt that Brisbane’s apartment market has suffered over the past few years. Amid the alarming headlines of plummeting approvals and collapsed developments, the impact on sales and prices is very real.

Data from the Domain Group shows Brisbane’s median unit price has fallen every quarter since June 2016 and is now sitting at a four-year low.

The latest figures show prices dropped by nearly 3 per cent in the 12 months leading up to March this year and, looking further afield to include Greater Brisbane, the figures are even more glum: units fell by 4.3 per cent in the three months to March 2018 alone.

Across town, prices are (often reluctantly) being reduced to meet the market. Recently it was reported a Brisbane unit development had resorted to huge price cuts to move the last of its units – prices for Belise apartments in Fortitude Valley were slashed nearly 25 per cent. In Kelvin Grove, units in the Urban Village that were valued at $450,000 two years ago are now going for $399,000.