Thousands of new apartments in Brisbane's inner city have helped boost sales volumes 30% in September quarter compared with the June quarter, but the number sold is still substantially lower than the same period in 2010.
312 new apartments sold in September quarter, according to Place Advisory research report
Influx of new projects scheduled for next year - 1000 new apartments are expected to come onto the market in the first half of 2012.
2059 new apartments currently for sale in Brisbane
Average sales price was $580,529.
"The Brisbane market is at the bottom of its cycle and we are now starting to see an increase in inquiry and sales activity" according to Mr Walker from Place.
Most of the sales appear to be to overseas and interstate buyers.
"The biggest positive is the local buyers are yet to enter the market. ... As consumer sentiment improves, they will start buying again."
The influx of new units, particularly in urban renewal precincts such as Hamilton riverfront, Newstead River Park, and Show Ground Hill, could limit the market's recovery.
Agents said too much choice and concerns about whether the market has hit bottom could constrain buyers.
Urbis property economics consultants said Brisbane has a long-term undersupply problem.
"Buyer Confidence Improves"
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