Saturday, February 2, 2013

Capital Loss in Meriton's Soleil

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.

1 comment:

Meriton Apartments said...

Please note that Brisbane as a whole suffered a downturn in the housing market; this is not unique to off-the-plan apartments. Brisbane's house prices, for example, remain (according to the capital city growth rate index) 8.4 per cent below their last high in November 2009.

After a two-year trough, the market is only just showing signs of recovery and investors are feeling positive again - see news stories here http://www.news.com.au/national/queensland/low-2013-growth-has-brisbane-set-for-higher-capital-gains-in-new-year/story-fnii5v6w-1226790812038 and here http://www.theaustralian.com.au/business/property/house-price-growth-at-mercy-of-budget/story-fn9656lz-1226792742326)

Kind regards,

Lisa Thomas
Media & Communications Executive
Meriton Group