Matt Winney has bought an off-the-plan apartment in The Hudson in Albion at a significantly reduced price. Photo Adam ArmstrongFIRST it was free avocado toast for a year.Then one developer decided to throw in a free car.Now you can get body corporate fees waived and save tens of thousands of dollars — just for buying an apartment in Brisbane.Buyers are firmly in the box seat as developers resort to desperate measures to secure sales — slashing prices and offering lucrative incentives.Off-the-plan apartment sales have slumped more than 70 per cent in a year in the wake of a glut of new unit projects flooding the market.Industry analysts have revealed at least 1700 apartments in nine Brisbane projects have been shelved, as developers grapple with bank lending restrictions and changing market conditions.A host of local developers including CMF Projects, CKP Construction, Bloomer Constructions, Cullen Group and Trac Construction, have all gone bust in the past six months. Off-the-plan apartment sales in Brisbane fell 37 per cent in the first quarter of 2017, according to Urbis. Picture: Mark CallejaNew figures by property consultancy Urbis show only 302 off-the-plan apartments sold in Brisbane during the first quarter of this year — down 37 per cent on the previous quarter and much lower than 1032 sales in the same period a year ago.Supply has also dropped dramatically, with only 225 units launched during the March quarter, compared to nearly 2000 a year ago, as the market starts to self-regulate away from oversupply.Urbis is aware of only four new residential projects being launched in the first quarter of this year, compared to 18 in the same period a year ago.Urbis associate director of property economics and research Paul Riga said he expected a continued slowdown in supply as developers played a “wait and see game”.“Only a small number of developers we work with are pushing projects out at the moment,” Mr Riga said.“The vast majority are sitting back and waiting for the market to show signs of strength and buyer demand before getting back in.” An artists’ impression of the $150 million Banyan Tree Residences project in Kangaroo Point.Place Advisory research shows there are 110 Brisbane apartment projects in the development pipeline and 38 per cent of them are either on hold or unlikely to go ahead.That number has doubled from 19 per cent a year ago.“In short, yes, cranes are beginning to disappear from the skyline,” Place Advisory director Lachlan Walker said. “Anything not under construction has probably been delayed because sales rates haven’t been achieved as fast as originally predicted.“Lending conditions, declining off-the-plan sales rates, policy changes and general market uncertainty have all negatively impacted the residential development market in Brisbane.” An artists’ impression of the view from the pool at The One Apartments in West End.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoOne example is Singapore’s Banyan Tree Holdings’ 76-apartment complex in Kangaroo Point.It was due to get off the ground a year ago, but is still awaiting construction.The developer has slashed the price of entry-level apartments in the project by more than $100,000 to try and spur sales.And it’s not the only one.Brisbane developer ForceOne Development is throwing in a Toyota Yaris for each of the next 10 apartment purchases in it’s The One Apartments project in West End before June 30 — and construction was meant to start last year. The Hudson in Albion has reduced the price of some of its units.Matt Winney has just bought one of those apartments for a bargain — securing a two-bedroom unit in The Hudson at a significantly reduced price.The 31-year-old first homebuyer said units with the same floorplan in the building were priced at $785,000 when he first started looking at the development two years ago, but he paid just $485,000 for one last month.“There’s no way I could have purchased in that building at the prices they were originally asking. It was way out of my reach,” he said.Mr Winney said he was mindful of buying an apartment in Brisbane given the oversupply concerns, but considered Albion less of a risk than other inner-city suburbs. These townhouses at 28 Bute Street, Sherwood, come with free avocado toast. Picture: realestate.com.auAnd another Brisbane developer, Constructions Group, is offering buyers a year’s free body corporate and a white goods package if they settle on an off-the-plan apartment in its Sabre project in Woolloongabba before June 30.Even already completed projects are struggling, with Twin Ocean Corporation recently reducing the price of apartments in The Hudson on the former Albion Flour Mill site by as much 25 per cent in an attempt to boost sales. These townhouses at 28 Bute Street, Sherwood, come with free avocado toast. Picture: realestate.com.auAnother developer, Ferro Property Group, is offering the chance to win a Jaguar to anyone who buys one of the 27 units in its $27 million London Residences project in West End, which only launched this year.Neil Sherington’s LME Capital is giving away free avocado toast every weekend for a year to anyone who buys one of his townhouses at 28 Bute Street, Sherwood. A room in the Sabre on Sword Street development in Woolloongabba.CoreLogic senior research analyst Cameron Kusher said if construction went ahead on all the apartment projects proposed for greater Brisbane in the next 24 months, supply would increase by 25 per cent.“We will see not as many as these figures suggest, but there is still quite a lot of unit construction in the pipeline,” he said.As sales volumes slide there is also some risk that investors may back out of deals fearing lower values.But Nerida Conisbee, chief economist for realestate.com.au sees a slowdown in Brisbane’s apartment market as a positive for the industry.“Now’s the time to take a breather and see what happens,” she said.“We’re not seeing high levels of default. Valuations are coming in lower than what apartments were originally sold at and that’s concerning but apartments are still settling so that’s a good sign.” Mr Riga said he didn’t expect a dramatic fall in the prices of off-the-plan inner city apartments.“I don’t expect to see any drastic reduction in price, especially for quality new product in inner city locations,” he said.