Saturday, January 29, 2011
Friday, January 28, 2011
“Units are still without power, some without sewage services and so property managers have no option but to advise owners not to move back in. Some unit owners whose units were not flooded still do not know when they will be able to return to home," said Helen Abrahams.
“Clearly, it is necessary for a serious review of whether it is appropriate for high rise units along this river bank,” said Cr Abrahams."
Wednesday, January 26, 2011
It has been reported that settlements for the $700 million Oracle Broadbeach apartment project on the Gold Coast are likely to be delayed by the Queensland floods.
This is because Brisbane lawyers working on the contracts are unable to return to their flooded city offices, according to the receiver for the project. ... Since October, about 180 of those presales had settled after values of Gold Coast apartments typically fell by 30 per cent since the global financial crisis.
Source: The Australian
It will be interesting to see the auction results for these apartments:
- Apt 2405, $2.4M (or over $9K a sqm, which is outrageous!)
- Apt 2605, 2 bedrooms, $1.5M (note the 2006 off-the-plan price for this apartment was $1,320,000)
- Apt 1404, $795,000
- Apt 1505, $680,000
- Apt 1907, 2 bedrooms
- Apt 3401, 3 bedrooms, $1.5M
- Apt 3801, 3 bedrooms, $2.5M (or over $13K a sqm -- the vendor is on another planet!)
- Two bedroom at rear, $1.6M
- Two bedroom, $1.3M
- Two bedroom 27th floor, tower one
- One bedroom on 6th floor, just over $600,000
- One bedroom, tower 2 $800,000
- List of resales
See also RealEstate Buzz
Monday, January 24, 2011
Sunday, January 23, 2011
Saturday, January 22, 2011
Pradella, I wonder….. who you fed your big fat envelope to! When you were spruking to purchasers that the 1974 flood height was to the level of the swimming pool and that the complex would be built 2.5 metres above this height so that there would never be any flood risk.
I was assured when I purchased my apartment Parklands @ Sherwood from Coldwell Banker the selling Agents for Pradella Developments that the complex would not flood as it was built 2.5 metres above the 1974 flood levels. Do you think I would ever waste my money buying an apartment which was in the 1974 flood zone.
Who do you hold responsible? The Developer Pradella, The Water Board!, and/or the Brisbane City Council who aided and abetted in the development.
Why did Queensland Water allow a massive discharge of 645,000 megalitres from Wivenhoe Dam on Tuesday, at the peak of the flood crisis.
Between cleaning up and moving out on Tuesday 12 January 2011, several owners have expressed dismay that the only people that Pradella’s on site Managers addressed was their 30 or so rental Property tenants not once in their address did anyone from PRADELLA acknowledge the huge financial losses now impacting the Owners, nor the disruption to living and the associated expenses imposed as a result of water inundation.
Somebody from Pradella maybe even Mr Kim Pradella himself should explain to property owners the true flood levels and the Council should consider why the development, should have been approved!
Confused – Angry Lot Owner"
Friday, January 21, 2011
Wednesday, January 19, 2011
"Yesterday, as the smell in the luxury dwellings at Tennyson Reach, home to tennis greats including Ashley Cooper, rose with the temperature and humidity, owners wondered how the planning controls that were meant to regulate development could have gone so wrong.
Several said they were assured before buying that the ground level would not flood unless the Brisbane River reached a mark of 8.4m, well above the 4.46m at which it peaked last Thursday after a massive discharge of 645,000 megalitres from Wivenhoe Dam on Tuesday.
Between cleaning up and moving out yesterday, several owners said they needed explanations from Mirvac and the council about their true flood immunity and whether the development, completed less than two years ago, should have been approved, given its history of inundation.
The flooding at Tennyson Reach is one small part of a major problem for Brisbane City Council and the Queensland government, as the losses of owners, the liability of developers, and the policies of governments combine in a perfect storm of recrimination and confusion. The residential precinct went through all the council's usual approvals process after the Beattie government sought tenders to make something glorious from the site of the abandoned and obsolete power station.
Apartment owner Chrissie Buchanan, who bought in June 2009 with her husband, Sam, who is a quadriplegic, has had damaged floors, walls and cabinets. She said she was fortunate to have insurance and was in a lot better position than many in Brisbane.
"The things that have been damaged are easily replaced," Ms Buchanan said. "There are people who have lost their businesses and houses. I feel for people who are a lot worse off than ourselves."
She said flooding risk was "not an issue" that was canvassed when she and her husband bought the property. "You never believe it's going to happen to you," she said.
Keith George, who paid $2.25 million for his ground-floor apartment 18 months ago, said he had waist-level water throughout his property. As a result, he will have to rip up floors and carpets, rebuild walls, and most of the apartment's cabinets will have to be replaced. "I'm going to have to spend at least $100,000 to replace the cabinetry," he said. "We won't be back in here for months."
Mr George said the flood risk never came up when he was buying the property, partly because City Hall had approved the development.
"And I always believed the Wivenhoe would not let the Brisbane River come up," he said.
Another resident, Julie Savage, said most people living in the complex were not too concerned on Tuesday night when other parts of the city started to evacuate their homes.
"I got the impression everyone was relaxed because it could withstand a flood of 8.4m, so it would all be fine," she said.
It is not only residents on the ground floor who are affected, with those on the many levels above unable to return home because there is no power and no lifts working. "They were saying 12 weeks until they can return, but it might be eight," Mr George said.
Mirvac Development Queensland chief executive Matthew Wallace, who inspected the development yesterday, said the priority was to work with the body corporate to get the buildings reinstated, and "get peoples' lives and properties back together".
The flooding hit the apartments 12 hours before the peak in Brisbane of 4.46m. It is believed the body corporate does not have flood insurance.
Several owners who bought their apartments before the global financial crisis had looked for loopholes to litigate a way out of their contracts before settlement, but failed after filing actions in the District Court. The irony is that being misled over the level of their flood immunity might have provided a perfect exit.
After successfully defending itself against some residents' claims that it misrepresented the quality of the river views, as well as a host of technical legal arguments surrounding the contract documents, Mirvac said the original buyers had to meet, in some cases, hundreds of thousands of dollars in default interest and associated costs."
Mirvac Group said its Waterfront Newstead development had experienced some basement flooding, while its Tennyson Reach building had basement and ground floor inundation.
Mirvac added that the Brisbane floods were having a limited impact on its residential projects.
Monday, January 17, 2011
LJ Hooker Indooroopilly principal real estate agent Scott Gemmell said it could be 10 to 15 years before some flooded suburbs regain their popularity. ‘‘In the short period it probably scares me a little; what the flood will do to house prices,’’ he said. ‘‘In some cases, houses will be unsellable."
Sunday, January 16, 2011
Most property experts said yesterday that it was too early to estimate the exact effect on prices, but all agreed there would be a negative impact on values.
"The immediate impact is going to be that houses which have been impacted directly by the floods that require repairs will likely be taken off the market," Mr Christopher said.
"The floods are going to remind buyers of the risks of buying near the floodplains. There is the risk some of the most prestige areas are going to take a hit because buyers are aware of the risks now of buying there."
Some of the most affluent suburbs in Brisbane -- New Farm, West End, St Lucia, Indooroopilly, Graceville and Chelmer -- have been the most severely affected by the floodwaters. Residex managing director John Edwards said the higher-priced areas would suffer a greater price hit compared with flooded suburbs in Brisbane's outer west and close to Ipswich.
"I think we are going to find that the big pricing adjustments will be the higher-cost areas that are along the river's edge," he said.
Friday, January 14, 2011
- Admiralty Towers
- Admiralty Two
- Admiralty Quays "
- Riparian (access tunnel to carparks - carparks are above ground level)
- 212 Margaret
- Festival Towers
- River City
- Vue at Milton
- Water's Edge
- Parklands Sherwood
- Fresh Toowong
- Encore Toowong
- Arbour on Grey at South Bank
- Tennyson Reach
- Most apartments on the river at St Lucia
- the list goes on
Saturday, January 8, 2011
Sunday, January 2, 2011
Saturday, January 1, 2011
Demolition has started for a new apartment building at 127 Charlotte Street, directly opposition Charlotte Towers. (Charlotte Towers is being surrounded - don't buy in Charlotte Towers for the views!) The building is called The Midtown, and will consist of studio, one and two bed apartments.
"A NEW year will not necessarily bring renewed confidence to the southeast Queensland property market, with predictions it will struggle for at least another six months.
Economic forecaster BIS Shrapnel expects little price growth even if turnover increases. Senior project manager Angie Zigomanis said that while other states had seen a pick-up this year, Queensland's market was still very weak.
"The Queensland market collapsed a little later than other states, so it was natural it would take longer to bounce back," he said.
Property analyst Michael Matusik believes there is no end in sight for Queensland's property market slump, which is stuck in a buyer's market. He predicts sales will decline, properties will take longer to sell, there will be little or no price growth, and there will be slight falls in value during the year.
Mr Zigomanis predicts the first interest rate rise will be about June, and the second in the December quarter. He also believes investors may decide to re-enter the market towards the end of 2011.
Despite advertised stock levels falling away in the usual Christmas slow down, the total number of properties on the market was still 20 per cent higher than in 2009.
Australian Property Monitors predicts homebuyer activity to remain restrained in most markets early this year, with potential price growth by mid-year.
Its annual state-of-the-market report found that while Perth and Sydney would see strong price growth next year, Melbourne, Brisbane and Adelaide would experience more modest growth."