Brisbane’s apartment market outlook is “ominous” and facing a large oversupply according to research from property firm Momentum Wealth, which warns that fewer foreign investors following the state government’s new foreign-buyer surcharge, as well as more restrictive lending practices, will continue to have a negative impact on the sector. From The Australian:
“Given the high levels of activity in the Brisbane apartment sector coupled with this easing demand from foreign investors (who predominantly buy in this property segment), the short-term prospects for the apartment market are ominous, particularly in areas with a high concentration of new projects, either planned or under construction”.