Saturday, March 10, 2012

Vine on Russell Prices

Vine on Russell was recently released by Aria Property Group.  It is located in South Brisbane, opposite Musgrave Park.  Construction to start in June and to be completed in mid 2013.

As at the end of the first week in March, after about 3 weeks of sales activity, 50 of the 56 apartments were reported as being sold by the developer.  This is a fantastic result, or the developer is not being truthful, take your pick.

Some pricing for the apartments that remain for sale:

  • Apt 702, a studio apartment, 55 sqm internal, $446,000
  • Apt 303, a two bedroom apartment on the corner of the building, overlooking Cordelia St (which is a major road, and noisy), 73 sqm internal, $609,000
  • Apt 705, two bedroom on Cordelia St, 75 sqm internal, $614,000
Looking at current sales of quality apartments in the inner city apartments, and what is currently listed for sale, these prices seem to me to be outrageously high for small apartments with few facilities that are located on a major road.  Obviously, 50 purchasers don't think so.

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