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GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE New research by PRDNationwide reveals the number of townhouses in greater Brisbane is set to surge by nearly 250 per cent this year, with construction scheduled to start on more than 5400 new townhouses. In comparison, there is set to be a 170 per cent increase in the number of new apartments predicted to Mortgage brokers Oak Laurel Nundah, 60 London St, Nundah QLD 4012, 0430 129 662 hit the market this year. Berge Street Townhouses is a residential project due to start construction in Mount Gravatt this year.Source:Supplied A townhouse development on Brinawa Street, Camp Hill.Source:Supplied It comes as recent building approvals figures from the Australian Bureau of Statistics revealed townhouse approvals are at their highest level in 20 years, as the country’s ageing population seeks to downsize. Real Estate Buyers Association of Australia Queensland representative Zoran Solano predicts Brisbane is facing a townhouse glut over the next two to three years. Mr Solano, who is a buyer’s agent with Hot Property Buyers Agency, said he had been dealing first-hand with many developers who had been snapping up sites around the city for townhouse developments. Habitat on Kersley is a residential development in Kenmore that will include townhouses, due to be built this year.Source:Supplied Habitat on Kersley is a residential development in Kenmore, with townhouses due to be built this year.Source:Supplied “We’ve seen an unprecedented amount of apartment settlements in recent years, so it’s getting harder and harder for developers to sell that product,” he said. Mr Solano said he had noticed a trend in developers shifting to lower-density development opportunities such as townhouses and house-and-land subdivisions, particularly within a 20km radius of the CBD. “There’s been a lot of transactions over the last 18 months and a lot of development applications and approvals of this lower density style product, which I believe has the potential to oversupply some pockets of our market,” he said. Mr Solano said pockets of Brisbane around McDowall, Doolandella, Ellen Grove and Pallara were experiencing high rates of housing development and had the potential to become oversupplied markets.
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