Sunday, March 23, 2014

Rents at Madison Heights, Bowen Hills

Madison Heights at Bowen Hills has completed, and apartments are available for rent.  For a 2 bedroom 2 bath apartment,  the listed rent is $445 (with 4 weeks free - so really the rent is $410 a week).  Some are even less.  Under the NRAS scheme, the listed rent for a 2 bedroom is $389 per week.

The building has 308 apartments, with 174 under the NRAS low income rental affordability scheme, which offers apartments for 70% of the market rent (so a two bedroom under this scheme should be $287 a week based on the REA listing quoted above.)  Most of the apartments are 1 bedrooms -- in fact, 228 or about 75% of the apartments in the building are one bedroom apartments with a typical size of 51 sqm internal.

Apt 2901, 2 bedrooms, is for sale for $715,000, which appears to be outrageously expensive.
This two bedroom is $547,000.  67 sqm internal. Crazy!
A one bedroom is for sale for $485,000 -- not a bargain!

Here are some photos of the views from Madison Heights apartments.  The entry to the Airport Link tunnel cannot be seen from these photos, but is just to the right:

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