The Colliers International Brisbane Apartment Report revealed the weighted average sale price was $650,063 – the lowest since March 2007.
In the CBD – 16 apartments sold – a slight increase from 14 during the previous quarter, registering a median price of $639,688.
"Soleil was the top performing project for the period, recording eight settled sales – this was closely followed by Skyline Apartments which registered six unconditional sales, leaving only five new apartments in Skyline still available for sale," said report author Lachlan Walker, Colliers International Brisbane projects analyst.
The report found nearly half (44%) of apartments sold for between $650,000 and $750,000 in the CBD.
A total of 688 new apartments remain for sale within the inner Brisbane ring, according to Mr Walker.
"In order to revitalize the sluggish new apartment market, steps must be taken now by the industry," said Mr Walker.
"Vendors are still recording strong capital growth – those who exited the Brisbane market during the most recent quarter held their properties for an average of six years and returned an annual average capital growth of 8 per cent per annum," he said.
The good news for investors is rents have risen by a whopping 16 per cent in the past twelve months in the Inner Brisbane region.
New apartments in Brisbane's inner north are selling better than any other precinct – recording 41 sales between January and March 2009.
Mr Walker said Promenade Hamilton Apartments had stimulated demand with 15 new apartment sales in the development.
Mr Walker said the Inner North is a hive of activity.
"The first months in 2009 have seen a wave of development applications lodged over the region," he said.
"There is currently 11 new DA's within the Inner North and nine development applications which have been granted," he said.
The inner south registered the highest average sale price across Brisbane – $778,143.
Mr Walker said Brisbane's Inner South is earmarked as a region which will undergo significant development and urban densification.
"This precinct remains as the last inner city domain demanding gentrification and as such, will display significant price growth into the future," he said.
And only five new apartments remain for sale in Brisbane's inner west after a successful quarter.
