Off-the-plan unit prices have jumped by a record 24% on the back of rising material costs and labour shortages.

The increase has pushed the average cost of a new unit to $19,000 per square metre, which Urbis says is the biggest increase it has recorded in a decade.
The average price of presales and under-construction projects across Sydney, Melbourne, Brisbane, Perth and Gold Coast is now up by 34% year-on-year.

Urbis says the unit market in Brisbane in particular, is strong, with off-the-plan prices up 33% in the December 2024 quarter to $23,000 per square metre.
Australian Bureau of Statistics figures show approvals for apartments, townhouses and semi-detached homes increased 7.5% in the 12 months to February.
Urbis director, Mark Dawson, says more than half (55%) of off-the-plan sales are now to owner-occupiers compared with 43% in 2018.

While the proportion of foreign buyers of units dropped to 8% in 2024, Urbis says local (living in same state) investors account for 24% of purchases and interstate investors account for about 13% of sales.