With Sydney and Melbourne’s soaring property prices stealing the spotlight in 2017, Brisbane has emerged as a possibility for the city with the best deals for 2018 with the average price of units dropping by $81,000 and 13 per cent of units remaining unsold at settlement date.

According to the Urbis Apartment essentials report, 47 per cent of the 3,382 apartments in Brisbane that reached settlement this quarter were in sold out projects, while “13 per cent remained unsold.”

While the number of apartment sales (300) remained consistent with the previous two quarters (302 and 311), “the weighted average sale price decreased by $80,896, registering $644,667” influenced by an influx of one and two bedroom high-rise units.

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As a whole, however, apartment development in Brisbane has hit an all time low, with “only 672 new apartments reaching development approval status in the quarter” compared to an average of roughly 2,000 per quarter between 2014 and 2016, peaking at 5,000 mid-2015.

According to Urbis’ company director of property, economics and research, Paul Riga, units are continuing to sell despite the tough market conditions.

“What our research is telling us is that even in current market conditions apartments are still selling. Established local developers with a reputation for quality product and strong networks are achieving great results,” he said.

“For the rest of the market, it is certainly harder than it was 18 months ago but sales continue to tick over quarter after quarter. The coming quarters will continue to see limited new project launches, with only a handful mooted to launch over the next six months.”

The drop in the average unit sale price follows a mind-boggling weekend in the city of Brisbane, where a two bedroom home within a 10km radius of the CBD sold for a ridiculous $151,000, more than a quarter of a million dollars less than the medium sale price in that suburb.

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