There are two large apartment buildings currently in presales in South Brisbane. One is Metro's The Plaza development. The other is Pradella's Canvas.
The Plaza is 12 levels of one and two bedroom apartments, priced up to $575,000. It is on the corner of Russell and Manning Streets.
Canvas is located on Boundary Street, and has 141 one and two bedroom apartments. The one bedrooms start at $346,000 and the two bedrooms start at $538,000. The one bedrooms shown on the website are small -- 44 sqm internal plus a 10 sqm balcony. This is about the size of a hotel suite. The two bedrooms range in size (internally) from 76 to 82 sqm. They are lower quality apartments, with the air conditioning compressor on the balcony for example.
To get a good idea of how small these apartments will be, have a look at a prior Pradella project in South Brisbane -- Allegro. Some details about Allegro are here, and video here. Go and have a look before you buy off the plan, so you can see what a small apartment is like. Apt 96 is for sale for $410,000, and it has two bedrooms. Apt 72 is two bedrooms with city views, listed at $420,000.
Or you can buy a top quality 2 bedroom apartment today in Saville South Bank, for $500,000 to $540,000. Saville is in a better location than The Plaza and Canvas, and is a much higher quality build than Allegro. Apt 1115 is a two bedroom listed for sale for $529,000, and it is 85 sqm internal with a 10 sqm balcony. I could be wrong, but this seems to me to be a much better buy than a smaller, lower quality apartment in Canvas which is more expensive, and has the added significant risk factor of buying off-the-plan.