Look out Sydney and Melbourne, the exclusive apartments that are planned along the Brisbane River, the Gold Coast and further north are threatening to steal your limelight.
MONEY IN THE BANK
Roseville resident Rhonda Sear knows how to identify a prime apartment in a quality development. This full-time property investor bought a $1,175,000 penthouse in Queensland's South Bank development in 2004 and sold it 18 months later for $1.6 million. Sear has just listed for sale her three-bedroom, two-bathroom apartment in Norman Reach, a $108-million premium development on the Brisbane River at Norman Park.
Sear bought the apartment for $1,739,000 in 2006 and expects to make a profit despite the softer market. "It's an appealing city and it's a lot more affordable than Sydney," she says. "The key is actually buying the prestige product that has a uniqueness because it should still show strong growth in a soft market because it represents a certain lifestyle."
Sear has also spent $1.51 million on a unit on level 55 of Empire Square, Brisbane.