 Greystaines was erected during a revival of an apartment building "boom" in Brisbane in the interwar period, curtailed by the severe economic depression of the early 1930s.With the easing of the depression the construction of purpose-built flats led a recovery in Brisbane residential construction from 1933.In 1933-34 apartment buildings reputedly were returning up to 8-12% on capital and were one of the most attractive small investments of the day.