RPM SEQ Apartments Report - May 2025

SEQ

SOUTH EAST QUEENSLAND APARTMENTS REPORT MAY 2025

SEQ APARTMENTS REPORT - MAY 2025

2

Whats Inside

Overview

05

Lead Indicators

06

Population Growth

07

Approvals and Finance Activity

09

SEQ Apartment Rental Market

16

SEQ New Apartment Pricing

19

Apartment Development Sites

29

Outlook

32

SEQ APARTMENTS REPORT REPORT--MAY MAY2025 2025

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About RPM RPM is at the forefront of the property industry, setting new standards in market intelligence, expertise, and creativity.

With a proven track record spanning three decades, our unsurpassed market knowledge and data-driven insights have ensured our partners achieve excellent outcomes, and our clients, exceptional returns.​ Our services include: • Project Sales & Marketing • Research Data & Insights • Transactions & Advisory

Partner

$4B+

Insights

100+

40,000+

55+

Highly respected, trusted development partner

Research partner of the Urban Development Institute of Victoria

Dwelling yield on current projects

Development land transactions

A multi-disciplined team of property experts

Active projects across Queensland, New South Wales and Victoria

SEQ APARTMENTS REPORT - MAY 2025

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A Data Driven, Holistic Approach to Property RPM’s Research, Data & Insights division provides in-depth analysis on current local and overseas economic and property market conditions. The team consists of economists, property experts, and GIS analysts that provide real-time market intelligence, and analytical and strategic advice.

Our knowledge and expertise are an invaluable resource for RPM’s developer clients, empowering them to make intelligent, informed, and strategic decisions when evaluating residential developments and investment opportunities.

Our data and analysis help clients maximise their marketing efforts and achieve sales targets on their projects.

This rich data helps our team and clients to better understand:

Sales rates

Product mix

Dollar per sqm rates

Distribution of price points

Upcoming competition and supply

Activity levels by market, product & developer

We collate and analyse data on Australia’s medium and high-density markets, providing insights on past and present product and pricing, as well as upcoming supply.

This comprehensive understanding of the different markets forms the foundation of our in-depth reports and bespoke analysis.

Your dedicated research team:

Michael Staedler

General Manager Research, Data & Insights

Simon Brinkman

Research Manager - QLD Research, Data & Insights

Megha Saha

Research Analyst Research, Data & Insights

5

SEQ APARTMENTS REPORT - MAY 2025

Overview • Affluent downsizers are driving apartment demand.

• High rise build costs now exceed $6,000/sqm.

• Only well-located, premium apartments can secure buyer interest.

Brisbane, Gold Coast, and the Sunshine Coast are set to add 887,000 new residents by 2046, placing mounting pressure on housing supply – particularly apartments.

While the SEQRP1 encourages higher density living (especially in Brisbane) developers face significant delivery challenges.

Despite elevated prices and construction costs, new apartment projects across SEQ continue to sell well. Much of this demand is driven by downsizers – older Australians seeking low-maintenance living, particularly in premium and/or lifestyle locations like Brisbane, Gold Coast and the Sunshine Coast. This cohort is expected to be the region’s largest growth driver through to 2046 and is reshaping the type of apartment product being delivered.

However, approvals remain sluggish, down -9% over the year to February 2025, and construction costs have surged. The average cost to build an apartment in Queensland rose 19% last year to $690,045, with high-rise costs now exceeding $6,000 per square metre. Capacity constraints across the construction sector mean the key risk has shifted from presales to project delivery.

At the same time, sale prices for new apartments continue to climb. In the Sunshine Coast, it’s $12,153/ sqm, Brisbane is $15,877/sqm, while the Gold Coast reaches $18,062/sqm.

1

South East Queensland Regional Plan

These figures highlight the premium new products command over established stock (driven by location, design, and amenity) but also the widening affordability gap for many buyers.

Rental markets are also under strain. Over the past five years, rental listings have dropped 2%, largely due to investors selling to owner occupiers. This has pushed up rents, particularly for larger apartments.

On the Sunshine Coast, rents for three-bedroom apartments rose 11% over the year.

Developers will need to balance meeting market demand and managing delivery risk. With construction costs still rising and fewer builders capable of taking on large-scale projects, only welllocated, design-led developments with a clear value proposition will cut through.

The downsizer market is ready to buy – but it’s rising quality expectations that will define success in SEQ’s next wave of apartment delivery.

Clinton Trezise

Managing Director Queensland & New South Wales clinton@rpmgrp.com.au

Peter Neale

Managing Director Queensland & New South Wales petern@rpmgrp.com.au

SEQ APARTMENTS REPORT - MAY 2025

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Lead Indicators Australian Indicators Cash Rate

Consumer Price Index

4.10%

2.4%

The RBA held the cash rate steady at its last meeting

This marks a slight decrease from the 2.5% in January 2025

April 2025

Year to February 2025

Average Weekly Earnings

QLD Unemployment

$1,975

3.9%

This marks a 4.5% annual increase

This is slightly below the national average of 4.1%

November 2024

March 2025

QLD Vacancy Rate

Brisbane Median Unit Price

1.0%

$700,000

This is below the national average of 1.3% for the same period

Marking a 14% increase in the year to March 2025

February 2025

March 2025

Note: Datasets are the latest available information. Units refer to both townhouses and apartments.

SEQ APARTMENTS REPORT - MAY 2025

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SEQ Population Growth 2021 Population by Age Group Age

Brisbane

Gold Coast

Sunshine Coast

Combined

0–14

222,318

112,834

61,188

396,340

15–24

176,887

77,537

38,061

292,485

25–44

405,767

175,342

82,057

663,166

South East Queensland’s population is set to grow by 887,000 residents (+40%) between 2021-2046, with Brisbane, Gold Coast, and Sunshine Coast absorbing much of this increase.

45–64

292,589

158,172

91,834

542,595

65+

166,463

109,879

73,508

349,850

Total

1,264,024

633,764

346,648

2,244,436

The most significant demographic shift will be in the 65+ age group. On the Sunshine Coast and Gold Coast, this cohort will double, while in Brisbane, it will grow by 66%.

2046 Population by Age Group Age

Brisbane

Gold Coast

Sunshine Coast

Combined

0–14

228,928

153,455

84,629

467,011

This aging population will drive demand for housing suited to downsizers – buyers with larger budgets seeking low maintenance living. As this segment expands, developers and investors will need to align their offerings with the preferences of an increasingly affluent, older market.

15–24

208,063

112,846

56,938

377,847

25–44

513,171

261,775

121,509

896,454

45–64

377,474

238,016

133,526

749,016

65+

275,513

216,912

148,921

641,346

Total

1,603,148

983,004

545,523

3,131,675

Source: Australian Bureau of Statistics

SEQ APARTMENTS REPORT - MAY 2025

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Forecast Population Change by Age Cohort (2021-2046) This ageing, more affluent population will directly influence housing demand, driving a growing need for low-maintenance, downsizer-friendly homes.

Count 120,000

120%

100,000

100%

80,000

80%

60,000

60%

40,000

40%

20,000

20%

0 Age Brisbane Gold Coast Sunshine Coast Brisbane % Gold Coast % Sunshine Coast %

Brisbane

Gold Coast

0–14

15–24

25–44

45–64

65+

6,610 40,621 23,441 3% 36% 38%

31,176 35,309 18,877 18% 46% 50%

107,404 86,433 39,452 26% 49% 48%

84,885 79,844 41,692 29% 50% 45%

109,050 107,033 75,413 66% 97% 103%

Sunshine Coast

0%

Source: Australian Bureau of Statistics

SEQ APARTMENTS REPORT - MAY 2025

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Approvals Queensland Approvals by Dwelling Type 30,000

25,000

In the year to Feb 2025, Queensland recorded 6,780 new apartment approvals – a 9% decrease from the previous year. This again fell further away from the level needed to address the state’s housing shortage.

In contrast, house and townhouse approvals rose by 14% and 17% respectively – evidence that dwellings with lower construction costs face fewer barriers to delivery.

20,000

15,000

10,000

5,000

0 Feb-24 Feb-25 Change %

12 Months to February 2024

Houses

Townhouses

Apartments

20,989 23,886 14%

4,487 5,263 17%

7,454 6,780 -9%

12 Months to February 2025

Source: Australian Bureau of Statistics

SEQ APARTMENTS REPORT - MAY 2025

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Construction Activity Queensland Dwellings Under Construction 45,000 40,000

25,000 20,000 15,000 10,000 5,000

Houses

Units and Other Residential

Dec-2024

Jun-2024

Dec-2023

Jun-2023

Dec-2022

Jun-2022

Dec-2021

Jun-2021

Dec-2020

Jun-2020

Dec-2019

Jun-2019

Dec-2018

Jun-2018

Dec-2017

Jun-2017

Dec-2016

Jun-2016

Dec-2015

Jun-2015

Dec-2014

Jun-2014

Dec-2013

Jun-2013

Dec-2012

Jun-2012

Dec-2011

0 Jun-2011

With major infrastructure projects competing for labour and trades, the apartment sector faces mounting challenges in timely project delivery.

30,000

Dec-2010

Queensland’s construction pipeline remains near peak levels, with nearly 40,000 dwellings under construction as of December 2024. The previous high was 42,482 dwellings in 2016, driven

by Brisbane’s apartment boom. At that time, houses accounted for 23% of all dwellings under construction. Today, that proportion has risen to around 35%.

35,000

Source: Australian Bureau of Statistics

SEQ APARTMENTS REPORT - MAY 2025

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Construction Costs Queensland Apartments - Average Build Cost $800,000 $700,000 $600,000

In the year to February 2025, the average construction cost per approved apartment in Queensland rose to $685,166 — a 16% increase on the previous year and a 140% jump from the peak of Brisbane’s 2016 apartment boom. While part of the increase is due to larger apartment sizes — rising from an average of 113 sqm in FY16 to 144 sqm in FY24 — the primary driver has been the significant escalation in construction costs over the period.

High-rise construction costs in Brisbane and the Gold Coast now range from $4,500 to $6,500 per sqm, pushing many developers to require saleable rates of $15,000 per sqm for projects to stack up financially. These cost pressures are reshaping the market – limiting where projects can be built, what can be delivered, and who can afford to buy them.

$500,000 $400,000 $300,000 $200,000 $100,000 $-

Feb 2011

Queensland

Feb 2012

Feb 2013

Greater Brisbane

Feb 2014

Feb 2015

Feb 2016

Feb 2017

Feb 2018

Feb 2019

Feb 2020

Feb 2021

Feb 2022

Feb 2023

Feb 2024

Feb 2025

Rest of Queensland

Construction Costs ($ per SQM) by Building Type Building Type

Brisbane

Gold Coast

Melbourne

Sydney

Up to 10 Storey

$4,250-$5,000

$3,800-$5,000

$3,800-$4,850

$3,900-$5,300

10 to 20 Storey

$5,000-$5,600

$4,500-$5,600

$4,100-$5,500

$4,200-$5,900

20 to 40 Storey

$4,500-$6,500

$4,500-$6,500

$5,000-$6,000

$5,300-$6,700

40 to 80 Storey

$5,500-$6,500

$5,000-$6,500

$5,900-$6,800

$6,400-$8,300

Source: ABS, and RLB Multi Unit Construction - Q4 2024

SEQ APARTMENTS REPORT - MAY 2025

Median Unit Prices by Product and Region

Brisbane recorded the strongest unit price growth among Queensland’s three key markets in the past year to March quarter 2025, with values rising 14%. One-bedroom units led the gains, up 17% to $520,000.

On the Gold Coast, unit prices increased 3% to $775,000, with one-bedroom units rising 9% to $549,000.

The Sunshine Coast saw a 7% annual rise in its median unit price to $760,000, with threebedroom units leading the growth with an 11% gain to $875,000.

Note: This data is for sold apartments and townhouses and includes mainly second hand / older stock.

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SEQ APARTMENTS REPORT - MAY 2025

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Established Median Unit Prices by Product and Region Brisbane led unit price growth in the year to March 2025, growing 14%.

Brisbane

Sunshine Coast Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Change Qtr Change Year

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

1 Bed

$444,000

$470,000

$490,000

$499,000

$520,000

4%

17%

2 Bed

$619,000

$650,000

$681,888

$690,000

$700,000

1%

3 Bed

$730,000

$770,000

$765,500

$810,000

$815,000

4 Bed

$870,000

$969,500

$934,000

$982,500

All units

$615,000

$650,000

$670,000

$690,000

1 Bed

$465,000

$493,500

$515,000

$520,000

$506,000

-3%

9%

13%

2 Bed

$662,500

$666,500

$680,000

$685,000

$707,500

3%

7%

1%

12%

3 Bed

$791,250

$840,000

$850,000

$823,000

$875,000

6%

11%

$938,888

-4%

8%

4 Bed

$1,003,500

$1,035,500

$1,012,500

$1,025,000

$985,000

-4%

-2%

$700,000

1%

14%

All units

$707,000

$750,000

$745,000

$750,000

$760,000

1%

7%

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Gold Coast

Change Qtr Change Year

Combined Total Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

1 Bed

$505,000

$530,000

$535,944

$532,000

$549,000

3%

9%

1 Bed

$455,000

$480,000

$510,000

$505,000

$525,000

4%

15%

2 Bed

$735,000

$760,000

$764,000

$759,500

$770,000

1%

5%

2 Bed

$650,000

$680,000

$715,000

$700,000

$715,000

2%

10%

3 Bed

$820,000

$835,000

$847,000

$880,000

$832,000

-5%

1%

3 Bed

$775,000

$808,000

$825,000

$824,000

$830,000

1%

7%

4 Bed

$1,130,000

$1,260,000

$1,175,000

$1,145,000

$1,177,500

3%

4%

4 Bed

$982,500

$1,115,000

$1,098,000

$1,030,000

$1,020,000

-1%

4%

All units

$750,000

$770,000

$785,500

$780,000

$775,000

-1%

3%

All units

$665,000

$697,000

$740,000

$717,000

$730,000

2%

10%

Source: PriceFinder

*Units refer to townhomes and apartments

Change Qtr Change Year

Change Qtr Change Year

SEQ APARTMENTS REPORT - MAY 2025

14

Unit Sales Volumes by Product and Region Brisbane continues to contribute the lions share of activity with labour shortages holding back the coasts.

Brisbane

Sunshine Coast Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Change Qtr Change Year

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

1 Bed

674

721

267

459

461

0%

-32%

2 Bed

1,699

1,679

612

1,040

1,240

19%

3 Bed

951

927

346

652

769

4 Bed

123

116

40

92

All units

3,447

3,443

1,265

2,243

1 Bed

55

48

64

63

42

-33%

-24%

-27%

2 Bed

338

296

368

355

286

-19%

-15%

18%

-19%

3 Bed

316

307

380

370

259

-30%

-18%

97

5%

-21%

4 Bed

46

60

50

67

26

-61%

-43%

2,567

14%

-26%

All units

755

711

862

855

613

-28%

-19%

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Gold Coast

Change Qtr Change Year

Combined Total Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

1 Bed

307

300

256

137

225

64%

-27%

1 Bed

1,036

1,069

587

659

728

10%

-30%

2 Bed

1,016

955

1,031

500

808

62%

-20%

2 Bed

3,053

2,930

2,011

1,895

2,334

23%

-24%

3 Bed

778

759

800

381

615

61%

-21%

3 Bed

2,045

1,993

1,526

1,403

1,643

17%

-20%

4 Bed

187

183

203

94

142

51%

-24%

4 Bed

356

359

293

253

265

5%

-26%

All units

2,288

2,197

2,290

1,112

1,790

61%

-22%

All units

6,490

6,351

4,417

4,210

4,970

18%

-23%

Source: PriceFinder

*Units refer to townhomes and apartments

Change Qtr Change Year

Change Qtr Change Year

SEQ APARTMENTS REPORT - MAY 2025

15

Value Relativity - Houses vs. Units

90%

$1,200,000

80% $1,000,000

70% 60%

$800,000

$600,000

40% 30%

$400,000

Unit Price

50% $600,000

40% 30%

$400,000

20%

Mar-25

Mar-23

Mar-21

Mar-19

0% Mar-17

$0

$200,000

10% 0%

$0 Mar-25

10%

Mar-15

Mar-25

Mar-23

Mar-21

Mar-19

Price Differential (%)

$200,000

Mar-13

0%

$0

60%

$800,000

20%

Mar-11

10%

70%

50%

20% $200,000

$1,000,000

Mar-23

30%

$400,000

80%

Mar-21

40%

$1,200,000

80%

50% $600,000

90%

Mar-19

60%

$800,000

100%

Mar-17

70%

$1,400,000

Mar-15

$1,000,000

House Price *Units refer to townhomes and apartments

100%

$1,400,000

Mar-13

$1,200,000

Sunshine Coast LGA

Mar-11

90%

Mar-11

The Gold Coast follows a similar trend, with the house-unit gap sitting at 49%, just above its long-term average of 44%, suggesting units still offer relative value.

100%

$1,400,000

Mar-17

On the Sunshine Coast, the gap has remained more stable, currently sitting at 45%, slightly above the long-term average of 39%.

Gold Coast LGA

Mar-15

In Brisbane, the house-unit price gap has typically been around 52%, but after peaking in December 2021 (when house prices more than doubled unit prices) it has now widened to 82%, making apartments appear relatively undervalued.

Brisbane LGA

Mar-13

The price disparity between houses and units is a key driver of apartment demand.

When house prices rise faster than unit prices, apartments become a more attractive option for buyers.

SEQ APARTMENTS REPORT - MAY 2025

SEQ Apartment Rental Market

16

SEQ APARTMENTS REPORT - MAY 2025

Median Rental

Brisbane, Gold Coast, and Sunshine Coast all saw rental growth through the year to March 2025, though the pace of increases has slowed. The Sunshine Coast led the market, with three-bedroom apartments rising 7% to $730 per week.

Despite population and dwelling growth, rental bond data shows a 2% decline in apartment rental stock across the three regions over the past five years – a drop of 2,066 apartments. Brisbane saw the largest reduction, particularly in two-bedroom units, which fell by 2,515 over the five years, with a reduction of 1,344 apartments in the last 12 months. This decline was largely driven by investors selling to owner occupiers, tightening rental supply even as demand remained strong.

Note: Data relates to both apartments and townhouses.

17

SEQ APARTMENTS REPORT - MAY 2025

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Rental Price and Bonds Held by Region Apartment rental prices have increased as the rental pool has declined across SEQ over the past five years.

Number of Bonds

Rental Price Brisbane

Gold Coast

Sunshine Coast

Brisbane

1 Bed

2 Bed

3 Bed

1 Bed

2 Bed

3 Bed

1 Bed

2 Bed

3 Bed

Mar-20

28,632

51,892

8,906

8,481

20,515

5,517

2,042

7,050

2,652

Mar-21

30,093

53,620

9,087

9,304

21,876

5,501

2,156

7,172

Mar-22

30,734

53,188

8,792

9,269

21,216

5,238

2,143

Mar-23

30,660

52,197

8,663

8,951

20,631

5,061

Mar-24

29,968

50,721

8,651

8,935

20,598

Mar-25

29,303

49,377

8,639

8,848

1 Year Change

-2%

-3%

0%

5 Year Change

2%

-5%

-3%

Source: RTA

Gold Coast

Sunshine Coast

1 Bed

2 Bed

3 Bed

1 Bed

2 Bed

3 Bed

1 Bed

2 Bed

3 Bed

Mar-20

$375

$440

$550

$360

$450

$530

$300

$385

$450

2,743

Mar-21

$360

$435

$535

$380

$470

$580

$320

$425

$490

6,899

2,691

Mar-22

$375

$460

$580

$415

$550

$650

$350

$490

$595

2,140

6,772

2,701

Mar-23

$449

$550

$660

$480

$630

$750

$390

$550

$650

4,934

2,303

6,817

2,725

Mar-24

$500

$640

$750

$550

$700

$850

$420

$580

$680

20,510

4,959

2,398

6,853

2,734

Mar-25

$519

$675

$790

$580

$750

$900

$440

$625

$730

-1%

0%

1%

4%

1%

0%

1 Year Change

4%

5%

5%

5%

7%

6%

5%

8%

7%

4%

0%

-10%

17%

-3%

3%

5 Year Change

38%

53%

44%

61%

67%

70%

47%

62%

62%

SEQ APARTMENTS REPORT - MAY 2025

SEQ New Apartment Pricing

19

SEQ APARTMENTS REPORT - MAY 2025

20

Internal Square Metre Rates

Brisbane, Gold Coast, and Sunshine Coast remain the key hubs for apartment development in SEQ. Based on median internal sqm rates, new apartments on the Gold Coast are priced 14% higher than in Brisbane and 19% higher than on the Sunshine Coast.

The largest price jumps occur when upgrading from three to four bedrooms. In Brisbane, four-bedroom apartments are priced 16% higher than threebedroom apartments, while on the Gold Coast and Sunshine Coast, the gap widens to 33% and 32% respectively.

1 Bed

2 Bed

3 Bed

4 Bed

Brisbane

$12,500

$12,554

$16,450

$19,383

Gold Coast

$14,590

$15,052

$19,141

$20,865

Sunshine Coast

$12,254

$14,113

$13,600

$17,138

Grand Total

$13,319

$13,968

$16,351

$19,435

Source: RPM Research Data and Insights - New apartments on market

SEQ APARTMENTS REPORT - MAY 2025

21

Price, Size, and SQM Rates by Region The majority of apartment stock advertised in the Gold Coast is priced above $20,000/sqm, with 39% of the total. Unsurprisingly, this is due to the high number of premium beachside projects which have been able to weather the significant construction cost increases and command premium prices. Just 4% of the new apartment stock on market in the Gold Coast is priced below $12,000/sqm these are found in the more affordable suburbs of Robina and Southport.

Brisbane Apartment developments are concentrated on the inner city along the river. Although the most common size range for stock on market in Brisbane is 75-100sqm, the majority of stock (64%) is over 100sqm.

Around one quarter of Brisbane’s new apartment stock is priced over $20,000/ sqm, this pricing is primarily seen in inner city suburbs such Kangaroo Point, West End, Bulimba and Teneriffe.

Sunshine Coast is the most affordable apartment market of the three regions with 68% of all stock on market priced under $15,000/sqm. The most common product size is 125-150sqm accounting for 48% of all stock.

Stock on Market by Price and Size $10,000,000 $9,000,000 $8,000,000 $7,000,000

$20,000/sqm

$6,000,000 $5,000,000

$15,000/sqm

$4,000,000 $3,000,000

$10,000/sqm

$2,000,000 $1,000,000 $0

50

100

150

200

Size Brisbane

Gold Coast

Sunshine Coast

250

300

SEQ APARTMENTS REPORT - MAY 2025

22

SEQ Price, Size, and SQM Rates by Region Stock on Market - Internal Build Area

$ Per SQM Internal

Count

% of Total Supply 25%

100

19%

80 17%

20%

17%

100

35% 31% 30%

80

25%

70

16% 15%

60

60

20%

50

Sunshine Coast

>300 sqm

275-300 sqm

250-275 sqm

225-250 sqm

200-225 sqm

175-200 sqm

150-175 sqm

125-150 sqm

100-125 sqm

<75 sqm

75-100 sqm

Gold Coast

5%

0%

Brisbane

0%

Gold Coast

Sunshine Coast

$20,000+

0%

0

4%

3%

$19,000-$20,000

0

10%

6%

$18,000-$19,000

1%

2%

5%

$17,000-$18,000

2%

4%

$16,000-$17,000

1%

5%

$15,000-$16,000

10

10

3%

8%

$14,000-$15,000

5%

20

20

9%

$13,000-$14,000

6%

10%

$12,000-$13,000

30

10%

30

$11,000-$12,000

10%

8%

$10,000-$11,000

8%

$8,000-$9,000

40

15%

40

$9,000-$10,000

50

Brisbane

% of Total Supply

90

90

70

Count

SEQ APARTMENTS REPORT - MAY 2025

23

Brisbane Stock on Market - Internal Build Area

$ Per SQM Internal

Count

% of Total Supply

45

35%

40

29%

35

30%

35

23%

30

25%

20%

17%

20

15% 11%

15

10%

8%

7%

15% 11%

15

9%

10 5

9%

9%

4% 2%

10%

8%

4%

5%

4%

6%

4%

5%

1%

0

Brisbane North Brisbane South Brisbane West Brisbane East Brisbane Inner North Brisbane Inner South Brisbane Inner West

Brisbane Inner East

Brisbane North Brisbane South Brisbane West Brisbane East Brisbane Inner North Brisbane Inner South Brisbane Inner West

Brisbane Inner East

$20,000+

$19,000-$20,000

$18,000-$19,000

$17,000-$18,000

$16,000-$17,000

$15,000-$16,000

$14,000-$15,000

175-200 200-225 275-300 >300 sqm sqm sqm sqm

$13,000-$14,000

150-175 sqm

$12,000-$13,000

125-150 sqm

0%

$11,000-$12,000

100-125 sqm

1%

$10,000-$11,000

75-100 sqm

1%

$9,000-$10,000

1%

$8,000-$9,000

5

0% <$8000

5%

<75 sqm

25%

20%

20

25

0

% of Total Supply

25

25%

30

10

Count

SEQ APARTMENTS REPORT - MAY 2025

24

Gold Coast Stock on Market - Internal Build Area

$ Per SQM Internal

Count

% of Total Supply

30

20% 18%

18%

16%

16%

15% 12%

12%

9% 10

5%

4%

6%

9% 6%

10%

6%

5%

0%

0%

Bilinga Broadbeach Kirra Main Beach Mermaid Beach Surfers Paradise Runaway Bay Burleigh Heads

Palm Beach

>$20,000

Southport

0

7%

9%

$19,000-$20,000

Robina

>300 sqm

275-300 sqm

250-275 sqm

200-225 sqm

175-200 sqm

150-175 sqm

125-150 sqm

225-250 sqm

Palm Beach

15%

$18,000-$19,000

3%

0% 100-125 sqm

20%

20

4%

0 75-100 sqm

30

$17,000-$18,000

6%

2%

<75 sqm

25%

$16,000-$17,000

4%

5%

40%

30%

$15,000-$16,000

5%

Bilinga Broadbeach Kirra Main Beach Mermaid Beach Surfers Paradise Runaway Bay Burleigh Heads

40

$14,000-$15,000

10

45%

35%

$13,000-$14,000

8%

5

50

10%

9%

4%

39%

$12,000-$13,000

9%

15

60

$11,000-$12,000

20

14%

% of Total Supply

<$8,000

25

Count

Robina

Southport

SEQ APARTMENTS REPORT - MAY 2025

25

Sunshine Coast Stock on Market - Internal Build Area

$ Per SQM Internal % of Total Supply

60

48%

50

50%

18

45%

16

40% 35%

40

% of Total Supply 17%

18%

17%

16%

15%

14

14%

12

12%

11%

10 30% 25%

125-150 sqm

150-175 sqm

Birtinya Caloundra Coolum Beach Kings Beach Pelican Waters Bokarina Beach Buddina

175-200 200-225 225-250 250-275 sqm sqm sqm sqm

Maroochydore

Noosa Heads

0%

5% 0%

Noosaville

Birtinya Caloundra Coolum Beach Kings Beach Pelican Waters Bokarina Beach Buddina

Maroochydore

4%

3%

$19,000-$20,000

100-125 sqm

0 $18,000-$19,000

75-100 sqm

1%

10%

3%

$17,000-$18,000

<75 sqm

1%

2%

$16,000-$17,000

4%

3%

4%

2

$15,000-$16,000

10

6%

15%

$14,000-$15,000

8%

8%

4

$13,000-$14,000

10%

4%

10%

20%

$12,000-$13,000

13%

5%

$11,000-$12,000

13%

5%

$10,000-$11,000

20

8 6

9%

8%

$9,000-$10,000

30

0

Count

Noosa Heads

>$20,000

Count

Noosaville

SEQ APARTMENTS REPORT - MAY 2025

Brisbane Median Internal Rate Per SQM

Chermside $13k

BRISBANE AIRPORT

Nundah $13k Mitchelton $9k

Lutwyche $12k

Woolloowin $12k

Alderley $11k Albion $11k

Ascot $19k Bowen Hills $11k

Wynnum $10k

Newstead $18k Milton $20k

New Farm $30k

Auchenflower $18k West End $18k

Kangaroo Point $26k

Woollongabba $17k Highgate Hill $16k

Sherwood $10k

Lower Rate

Bulimba $19k

Teneriffe $32k

E. Brisbane $20k

Stones Corner $13k

Carina $10k

Yeronga $13k

Higher Rate

Note: Locations are approximate only, Data is rounded to the nearest 000.

Source: RPM Research Data and Insights - New apartments on market February 2025

U. Mt. Gravatt $11k

SEQ APARTMENTS REPORT - MAY 2025

Gold Coast Median Internal Rate Per SQM

Runaway Bay $22k GOLD COAST NORTH

Main Beach $23k Southport $13k Surfers Paradise $24k GOLD COAST CENTRAL

Broadbeach $20k Mermaid Beach $18k

Robina $13k

Burleigh Heads $26k GOLD COAST SOUTH

Palm Beach $15k

Bilinga $18k Lower Rate

Higher Rate

Note: Locations are approximate only, Data is rounded to the nearest 000.

Source: RPM Research Data and Insights - New apartments on market February 2025

Kirra $15k

NORTHERN NSW

Noosa Heads $18k SEQ APARTMENTS REPORT - MAY 2025

Sunshine Coast Median Internal Rate Per SQM

Noosaville $14k

Coolum Beach $17k

SUNSHINE COAST AIRPORT

Maroochydore $13k

Buddina $12k

Bokarina Beach $16k Birtinya $13k

Lower Rate

Higher Rate

Caloundra $14k Note: Locations are approximate only, Data is rounded to the nearest 000.

Source: RPM Research Data and Insights - New apartments on market February 2025

Kings Beach $12k Pelican Waters $12k

SEQ APARTMENTS REPORT - MAY 2025

Apartment Development Site Sales

29

SEQ APARTMENTS REPORT - MAY 2025

30

SEQ apartment developers take a measured step forward Cautious optimism is steering the SEQ apartment site market back into motion.

South East Queensland’s apartment development site market is slowly regaining momentum. The pace may not be brisk, but it is deliberate and more importantly, grounded in fundamentals.

Transaction volumes remain below long-term averages, but confidence has crept back into the market in early 2025. That confidence, however, is selective. Demand is focused on well-located, DA approved sites – particularly those suited to premium, owner occupier apartments.

The Gold Coast is currently setting the pace as it continues to lead in deal flow and listings. Brisbane, however, is experiencing higher levels of developer demand, the reality is there are just not many premium sites available. Developers are favouring innercity suburbs with views, strong transport links, and established amenities. These areas offer planning certainty and shorter delivery windows – both critical in a market shaped by cost pressures and delivery risks.

The nature of demand has also evolved. Smaller, infill opportunities are the clear frontrunners. These sites align with the preferences of downsizers and lifestylefocused buyers – people seeking low-maintenance, well-located homes without compromising on quality or convenience.

It’s no surprise that developer-builders and vertically integrated groups are leading the charge. With inhouse construction capability, these players are better equipped to manage rising delivery costs and limit exposure to external risks. Execution certainty is a major advantage in a high stakes market.

On the Gold Coast and Sunshine Coast, developer activity has pulled back slightly but remains steady – especially for sites that meet revised feasibility benchmarks. Developers here are leaning into boutique and mid-rise formats, with a sharper focus on architectural quality and differentiation. Caution is the defining theme. Acquisition strategies are

conservative, and pricing needs to reflect the reality of persistent presales headwinds and elevated levels of premium stock already in play.

Across the board, the sites attracting the most attention share a few common traits: a clear delivery pathway, low holding risk, and a track record of buyer demand.

Looking ahead, the fundamentals are still compelling. SEQ continues to be bolstered with strong population growth, low vacancy rates, and an undersupply of quality dwellings, leading to steadily increasing revenues. These conditions suggest a gradual reactivation of the apartment development pipeline through the rest of 2025.

Cautious optimism may not grab headlines – but this is what is driving this market forward.

James Matley

Sales Director Queensland Transactions & Advisory james@rpmgrp.com.au

SEQ APARTMENTS REPORT - MAY 2025

31

Notable Sales 2024 Gold Coast and Sunshine Coast are seeing steady activity with quality-focused developments.

Suburb

Address Full

LGA

Sale Price

Sale Date

Zoning

DA Status

West End

117 Victoria Street

Surfers Paradise

Brisbane

$63,500,000

May-24

Residential

Application

12,500

$5,080

164

27-35 Garfield Terrace

Gold Coast

$56,000,000

May-24

HDR1

Approved

1,980

$28,283

120

Surfers Paradise

75-79 Garfield Terrace

Gold Coast

$53,650,000

Sep-24

HDR1

Approved

1,500

$35,767

75

West End

25 Donkin Street & 9 Buchanan Street

Brisbane

$48,800,000

Oct-24

Residential

Withdrawn

16,823

$2,901

907

Broadbeach

14-20 Mary Ave

Gold Coast

$40,480,000

Feb-24

HDR1

Approved

2,024

$20,000

90

Surfers Paradise

63-65 Garfield Terrace

Gold Coast

$37,118,811

Aug-24

HDR1

Approved

1,011

$36,715

28

Hamilton

32 MacArthur Avenue

Brisbane

$28,000,000

Oct-24

Mixed Use

In planning

10,040

$2,789

n/a

Pictured: Flagstone City

Land Size Land Rate($/sqm)

Total Units

SEQ APARTMENTS REPORT - MAY 2025

32

Outlook Housing supply challenges to persist amid rising costs and labour shortages.

New housing supply in SEQ is expected to remain constrained for some time. Elevated construction costs, a shortage of skilled trades, and tighter developer margins continue to weigh on delivery. Even as population growth begins to ease, the cumulative undersupply will take years to unwind.

Construction costs are still climbing from an already high base, keeping pressure on project feasibility. In Brisbane, major infrastructure projects are pulling labour away from residential construction, making it even harder for apartment developers. Developers are responding by reassessing designs; limiting basements to a single level to manage contingency costs and working more closely with subcontractors to lift productivity through stronger partnerships.

The supply imbalance is likely to persist over the next few years, even as demand builds. While affordability pressures are expected to keep price and rental growth more subdued in the short term, limited new stock will underpin medium-term growth.

*South East Queensland Regional Plan

In SEQ, delivering future housing is an urgent task. The SEQRP1 targets a tripling of medium and high-density housing between 2021 and 2046, with Brisbane and the Gold Coast expected to deliver 87% of it.

But meeting those targets won’t be easy. Labour shortages and rising construction costs are major headwinds and could further deepen the national housing crisis if not addressed.

Right now, around half of new apartment supply is being delivered through 4-8 storey buildings. Higher density projects are facing more industrial pressure, which is shifting the focus to these mid-rise formats.

On the demand side, the market remains split.

High end products (especially those targeted at downsizers) continue to perform. Developers are sharpening their focus on making sure the product fits the demographic. Meanwhile, broader market apartment projects have slowed, with fewer developers actively marketing them.

There are early signs of investor interest returning, particularly in locations set to benefit from Olympicrelated infrastructure or clear housing shortages.

Delivering enough supply (particularly in Brisbane, the Gold Coast, and the Sunshine Coast LGAs) is critical.

Without it, affordability will deteriorate further, and the gap between demand and available supply will keep widening.

Clinton Trezise

Managing Director Queensland & New South Wales clinton@rpmgrp.com.au

Peter Neale

Managing Director Queensland & New South Wales petern@rpmgrp.com.au

For more information, please visit: www.rpmgrp.com.au F or a detailed market analysis or a tailored report, email the team at: contactus@rpmgrp.com.au

SEQ APARTMENTS REPORT - MAY 2025

33

RPM’s SEQ Team Project Sales & Marketing Peter Neale

Managing Director Queensland & New South Wales petern@rpmgrp.com.au

Clinton Trezise

Jasmin McDougall

Andrew Raponi

Simon Brinkman

Managing Director Queensland & New South Wales clinton@rpmgrp.com.au

Project Marketing Manager Queensland & New South Wales jasmin@rpmgrp.com.au

Research, Data & Insights Michael Staedler

General Manager Research, Data & Insights m.steadler@rpmgrp.com.au

Senior Research Manager Research, Data & Insights a.raponi@rpmgrp.com.au

Research Manager Queensland & New South Wales simon@rpmgrp.com.au

Transactions & Advisory Tim Hyland

National Strategy Manager Transactions & Advisory tim@rpmgrp.com.au

James Matley

Sales Director Queensland Transactions & Advisory james@rpmgrp.com.au

Phil Nguyen

Transactions Analyst Transactions & Advisory phil@rpmgrp.com.au

Megha Saha

Research Analyst Queensland & New South Wales megha@rpmgrp.com.au

SEQ APARTMENTS REPORT - MAY 2025

Unlocking Australia’s Property Landscape View our latest reports through the QR code below, or for detailed insights or custom reporting, contact the team at: contactus@rpmgrp.com.au

rpmgrp.com.au

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