Tuesday, May 31, 2011
Monday, May 30, 2011
Saturday, May 28, 2011
"According to Place research analyst Lachlan Walker, there were 2015 apartments available for sale off the plan at the end of the March quarter, the equivalent of about two years' supply given current sale rates.
There also are another 2000 off-the-plan apartments that could potentially be put on the market by the end of the year.
Mr Walker said the first three months of the year had been challenging for all types of residential property."
See Courier Mail: Unit Supply Hits New Heights
Monday, May 23, 2011
Sunday, May 22, 2011
- Macrossan Apartments (upper Adelaide St)
- Evolution (North Quay)
- Mirvac's Tennyson Reach
- Mirvac's Newstead Riverpark
- Pradella's Waters Edge (West End)
- Scott Street (Kangaroo Point)
- Riverpoint (West End)
- Meriton's Soliel (upper Adelaide St)
- Meriton's Infinity (near Roma Street)
- Mirvac's Park (New Farm)
- The Midtown (Charlotte St)
- Mosaic (The Valley)
- McLachlan & Ann (The Valley)
- Pradella's Urban Edge (Kelvin Grove)
- Edenview (Kelvin Grove)
- Binary (Kelvin Grove)
- Devine's Hamilton Harbour (3 residential towers)
- Multiplex's Portside (Hamilton)
- Rive (Albion/Kingsford Smith Drive)
- Yungaba (Kangaroo Point)
- Alex Perry Residential (The Valley)
- The Chelsea (Bowen Hills)
- Madison on Mayne (Bowen Hills)
- FKP's The Milton
- Australand's Hamilton Reach
- Mirvac's Foreshore (Hamilton)
- The Capitol (South Brisbane)
- The Apple (downtown)
- Belise (Spring Hill / The Valley)
- El Dorado (Indooroopilly)
- Pulse (near Suncorp Stadium)
- Sunland's Carrington project on Alice Street
- Devine's Camelot project on Albert Street
- Southpoint (South Bank)
- 111+222 (Margaret St)
- FKP's The Gasworks (New Farm)
- Chalk Hotel (The Gabba)
- Citimark's Rivana (Hamilton)
- Two towers at 435 St Pauls Terrace
- Waterloo Junction (Ann St at Commercial Road)
- 100 McLachlan St (The Valley)
- 324 Vulture St (The Gabba)
- Parkside Boulevard (Newstead)
- Metro's Valley Cafe Set development
- Station 16 (South Brisbane)
- Buranda Village
- Gabba One
"Two extreme examples can be given to show what clearly falls outside the purpose of the by-law making power:
- Firstly, it could not be intended that the body corporate be empowered to make a by-law saying that residents cannot play chess on their property. This is a completely private activity that could in no way affect other residents. A by-law prohibiting playing chess could not be described as being for the purpose of the control, management, administration, use or enjoyment of the lots and common property.
- Secondly, it could not be intended that the body corporate be empowered to make a by-law saying that residents cannot conduct private conversations on their property. In some cases private conversations could be conducted so loudly that other residents will be disturbed. A by-law requiring residents to shut all doors and windows when entertaining guests after 11pm might be justified as being for the management of noise. However, a blanket prohibition on conducting private conversations that will normally not adversely affect other people could not be for the purpose of the control, management, administration, use or enjoyment of the lots and common property.
The present situation in which a by-law prohibits the normal residential activity of keeping a cat or dog is not as extreme as either of the above examples. However, it is of concern that the body corporate has adopted a blanket prohibition on dogs and cats when the keeping of such pets is a normal residential activity in Queensland and these pets can commonly be kept without interfering with the enjoyment of neighbouring residences. Of course, some pets will interfere with the enjoyment of neighbouring residences. However, adopting a blanket prohibition against every single cat and dog is unreasonable, disproportionate to the potential problem, and outside the scope of a by-law for the purpose of the control, management, administration, use or enjoyment of the lots and common property."
Saturday, May 21, 2011
The natural disasters earlier this year, coupled with the higher interest rate environment, resulted in a weaker March quarter for residential property, according to the Real Estate Institute of Queensland (REIQ). The impact of the Queensland floods was keenly felt in affected Brisbane suburbs over the period with many suburbs not recording enough preliminary sales for a reliable median house price to be calculated.
The REIQ’s March quarter median house price report found that out of about 50 Brisbane suburbs reportedly flood-affected, only 17 recorded a minimum of 10 preliminary sales to allow a median house price to be calculated. The biggest drops in preliminary sales occurred in Moorooka, Graceville and Kenmore when compared to the December quarter last year.
“Many would-be sellers in these areas have wisely either taken their homes off the market – even if they were not flooded – or decided they will ride out any market reaction to properties in flood-affected areas,” REIQ chairman Pamela Bennett said. “While some affected Brisbane suburbs did record a drop in preliminary sales, a number of others that were partially flooded continued to record steady sales over the quarter, which is a testament to the continued desirability of living in locations such as New Farm and West End. About 75 per cent of Brisbane was not affected by the floods and these areas are continuing to record steady sales and results.”
Over the March quarter, the Queensland property market remained soft with sales numbers down about 14 per cent compared to the December quarter last year.
The Brisbane median house price decreased 1.9 per cent to $515,000 over the quarter. Preliminary sales numbers were down about 15 per cent on the previous quarter.
The Gold Coast’s median house price remained steady at $490,000 over the quarter and was also one of the few areas across the state to record a stable number of preliminary sales.
“The majority of Queensland is still very much a buyer’s market,” Ms Bennett said.
A new development application has been lodged for the Vision site (where the Vision building was planned, with many apartments over $1M being sold off-the-plan in 2006 to 2009).
•The taller tower is currently known as 222 Margaret Street and is 90 levels (297m) in height.
•A 5 star 380 room hotel is proposed for this tower, however the hotel operator is not yet known.
◦The hotel will have a ballroom.
•The tower will mostly comprise of 790 one, two and three bedroom residential apartments over the 90 floors.
•Restaurants & bars will be situated throughout the project with a key cross block link from Mary to Margaret Street to be established in stage 1.
•Depending on if the tower's 297m height is AGL (above ground level), 222 Margaret St will share the title of Australia's tallest tower with Eureka Tower - currently the tallest in Australia.
•It is not yet known if there will be an observation deck at the top - similar to what it's predecessor, Vision had.
111 Mary St Tower:
•111 Margaret St tower is the smallest of the two, rising 34 levels.
•This tower will be completely office.
•AMP Capital is funding this part of the development
•980 car spaces will be built across eight underground levels.
The development has been designed by Bates Smart Architects and boasts a glass cylinder like design for the taller building. Billbergia will lodge the development application this week after releasing the plans to the media.
Updated Post: Click Here.
"... Ms Greenwood and Mr Gaffney contracted to purchase an apartment, lot 80, by a contract with the defendant dated 27 December 2006. Their contract specified a price of $508,400. However, on a separate page it contained a special condition, handwritten by Ms Greenwood, which was as follows:
"The settlement to be on forty-five (45) days, but if settlement occurs within thirty (30) days, there will be a rebate of one hundred thousand dollars ($100,000)."
Their evidence is that Mr Kemm asked them to contract in these terms, the mutual intention being that the price would be $408,400, because he thought it desirable that it be represented that this apartment had sold for $508,000, which Ms Greenwood said had become the list price by the time of their contract.
Whilst Mr Stumer knew that Ms Greenwood and Mr Gaffney were themselves buying an apartment, he was unaware of the price and of its significant discount upon the listed price. There is no specific complaint that the non-disclosure of her contract price was misleading and deceptive. However, that non-disclosure, in the circumstances of the long friendship between these individuals, does not enhance her credibility. More importantly, the fact that Ms Greenwood and Mr Gaffney were prepared to facilitate a misrepresentation of their contract price to other potential buyers is relevant to their credibility."
Tuesday, May 17, 2011
Sunday, May 15, 2011
"Looking at going rates for Brisbane
Budget on spending big if you plan using the Riverside Centre’s car park, situated in the heart of the financial, business and Riverside fine-dining precinct – at $21 for up to 30 minutes, it’s the most expensive place to park short-term in Brisbane’s
As public transport fares also continue to skyrocket, leasing a
“Contracting sales below the $500,000 price point can be attributed to the exacerbated impact increasing interest rates and the rising cost of living have had within this price sensitive market”
Brisbane unit product sold within the December 2010 half year has recorded an annual increase of 3.8% ($15,000), to register $415,000. Similarly to the house market, sales activity within all price brackets has contracted, although unit sales within the lower price points have absorbed the brunt of falling demand. This has resulted in median price displaying growth, whereas values have most likely softened as vendors are forced to discount prices in order to sell.
“The CBD Precinct consistently achieves less capital growth than fringe areas due to its location as the primary hub of Brisbane, however this region does yield higher rental returns”
Over the December 2010 half year period, the Brisbane CBD unit market has established a median price of $467,000 through an annual growth of 4.4% ($19,500). This represented the second highest growth across Brisbane throughout the December 2010 six months.
In order to establish the realised returns by vendors who sold their unit during the December 2010 period, PRDnationwide Research conducted a resale analysis. The Brisbane CBD Precinct consistently achieves less capital growth than fringe areas, due to its location as the primary hub of Brisbane in terms of amenity, employment and entertainment. The resale analysis has supported this, recording an average annual capital growth of 3.9% per annum. This product was held for an average period of just under five years.
The number of general apartment sales in the CBD Precinct has tightened significantly by 46% (167 sales) over the December 2010 half year period to register 197 sales. This reflects the second strongest drop in sales volumes for all precincts within the Brisbane LGA over the December 2010 period.
Riverside Hamilton, the third and final residential stage in prestigious Hamilton, is selling fast and due to commence construction later this year with completion in 2013."
Hamilton Harbour is located on the busy Kingsford Smith Drive, and is not riverfront, but one block back from the river.
A tiny 61 sqm internal two bedroom apartment with views to the airport and not the river is available from $533,000 on level 15, or $485,000 on level 2.
Reminds me of the article about the shrinking apartment size. Clearly, this building is aimed at investors and not residents.
RP Data reports:
A new development in the Valley is now in pre-sales, Alex Perry Residential. It has 131 apartments, a mix of 1, 2 and 3 bedrooms. The website says apartments are priced from $375,000 to $3 million. It is located at 959 Ann Street, on the corner of Chester St.