According to The Australian Financial Review, rising rents and more efficient bank loan approvals have led developer Red & Co to buy and develop more than 100 apartments overlooking the Brisbane River.
“We think it’s time to go in Brisbane,” Red & Co founder David Laverty said, fresh from snapping up the $4.75 million development site a block from Breakfast Creek Hotel at Albion.
Analysis by Domain showed recently that apartment rents had started to rise in Brisbane and, for the first time in five years, it now was more expensive to rent a unit in Brisbane than in Melbourne. Brisbane house and unit rents continued to reach record highs, with median asking rents of $425 and $400 per week respectively, the Domain data showed.
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