Brisbane steals the show for September

Greg Brown from the Australian writes:

WHILE booming off-the-plan apartment sales in Sydney and Melbourne have hogged the limelight this year, Brisbane came to the fore in the September quarter, recording the highest number of new apartment sales in more than a decade.

Next year is set to be even bigger, with property experts saying locals are re-entering the market in force for the first time since the global financial crisis, buoyed by apartment price growth.

MacroPlan chief economist Jason Anderson said rising prices had brought back locals who last year were “sitting on their hands” because of price declines.

“People wait until they see a degree of improvement and then they tend to act, which is why when conditions improve you get this increase in demand,” he said.

The value of the sales, at $400 million, was the highest quarterly spend on new apartments in Brisbane.

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