Take care when buying off the plan! At present, Meriton is marking Infinity, a tall apartment tower in the Roma Street area of Brisbane City. Let's look at an example of an investor in Meriton's prior apartment tower, Soleil.
Apartment 6003 was purchased by a Sydney investor in September 2010, off the plan, for $640,000. It is a two bedroom apartment with study, on level 60. None of the apartments in Soleil (or Infinity) have balconies. The apartment is 93 sqm, a good size, but faces West.
This apartment has been on the market for a number of months. Ray White now has it listed for sale, at $575,000. With stamp duty and agent's fees, a capital loss of at least $80,000 or more than 10%.
This is what Ray White says in an email:
Unit 6003/501 Adelaide Street, Brisbane – 2 bedrooms, 2 bathrooms, study, 1 car + storage
Please see below links to the property internet listing along with a link to the floor plan:
6003/501 Adelaide Street, Brisbane - Internet Link
6003/501 Adelaide Street, Brisbane - Interactive Floor Plan Link
This property is open for inspection today 2nd February 2013 from 1:30-2pm.
We also have another property on the market in Soleil, Unit 4803/501 Adelaide Street, Brisbane which is a 2 bedroom, 2 bathroom apartment with a study and 1 car space.
At the end of 2012 we sold Unit 5204/501 Adelaide Street, Brisbane for $570,000 [the vendor had paid $540,000] along with many other sales within the Admiralty Precinct throughout the year.
We currently have buyers that are interested in acquiring quality properties within the Soleil and the Admiralty Precinct.