Brisbane has seen its residential building approvals grow in the past year, in keeping with rising consumer demand.
According to research firm Urbis, the number of approvals reached 744 in the year 2012 to 2013. This is up from the 151 seen in 2010 to 2011.
Increasing population is likely to contribute to this as the growth rate for Brisbane is 5.6 per cent, with 10,000 people set to move to the city.
At the same time, Brisbane is one of the cities that has seen the highest growth in median property prices this year after Sydney and Melbourne.
According to the Bendigo Bank/Real Estate Institute of Australia Real Estate Market Facts report, the median house price increased by three per cent while the apartment prices went up by 2.2 per cent during the September Quarter. Brisbane, Melbourne, Sydney and Hobart were the cities that saw the highest growth.
Posted by Steve Douglas