Currently in the Brisbane property market, there is a high demand for apartments in certain suburbs, with agents advising prospective tenants to submit applications before they have even inspected properties or risk missing out.
According to a new report from independent consultancy Urbis, the tenant demand for Brisbane apartments has risen in the first quarter of 2019. A survey conducted shows a vacancy rate of 1.6 per cent across 2 apartment projects in inner Brisbane.
Inner city locations are especially popular, such as South Brisbane and Newstead. Out to middle ring suburbs like Chermside and Upper Mount Gravatt are also experiencing the demand.
A report by The Courier Mail states that the situation is likely to intensify in the months ahead and will lead to a reduction of availability of high quality apartments. Also, investors should be able to purchase investment property with greater confidence, knowing there is an abundance of tenants.
New infrastructure and the proposed South Bank redevelopment are encouraging new buyers to choose new apartments over houses. Urbis also notes that interstate migration has helped in the increase in demand for rentals, particularly apartments, which provide flexibility for tenants who are just settling into Brisbane.