New apartment prices rose 33% in 2024 (Urbis)

New unit prices surge

Urbis released its latest Apartment Essentials Report for the final quarter of 2024.

I've been thinking for a couple of years now that new unit prices are going to have to go on a big run before we get any kind of decent supply response. 

Construction costs and interest rates have been too high for new projects to work otherwise. 

New apartment prices soared to $19,000 per square metre, jumping towards the end of the year, according to Urbis.

The latest report also highlighted a shortage of skilled construction labour. 

Off the plan prices are up 33 per cent from a year earlier, driven by an even larger jump in new unit prices in Brisbane. 

In this cycle to date, off the plan sales are being driven much more by owner-occupiers, rather than investors from interstate or overseas. 

Although there were fewer stalled projects, the supply pipeline remains below average, reported Urbis. 

You can find the full Urbis report here.

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