The Brisbane apartment market shifted from undersupply to oversupply in the space of three months, due to the COVID-19 pandemic that has cut population growth and demand, according to valuation firm m3property.
A drop in demand for new apartments due to weaker population growth as well as less appetite from first-home buyers and investors would result in the market heading for oversupply in the 2021 financial year, m3property said in a new report.