Sunday, May 14, 2017

Sunland Abian Apartment Resales on Alice Street

Sunland is in the final stages of completing Abian on Alice Street, in Brisbane city.  The building is high end residential, overlooking the Brisbane Botanical Gardens.  Settlement of new, off-the-plan apartments, is planned for June.

Sunland reports that the development is sold out.  A few apartments are available for resale:
  • Apt 404, 4th floor, 1 bed, 1 study, 2 cars, 84 sqm, $695,000
  • Apt 1204, 12th floor, 2 bed, 2 bathrooms, 2 cars, 112 sqm, $1.3 million
  • Apt 1603, 16 floor, 3 bed, 3 bath, 2 cars, 225 sqm, $2.7 million
  • Apt 2703, 27th floor, 3 bed, 2 bath, 2 cars, 225 sqm, $2.7 million
The larger apartments are about $12,000 a sqm.

Next door, is Quay West, built by Mirvac about 20 years ago.  It is interesting to compare recent sales in Quay West.  For example, Lot 60, which is 1 bed, 1 bath, 1 car on about level 10, at 75 sqm, sold in January for $500,000.  Lot 102, which is the same apartment on a higher floor, sold late last year for $513,000.

  • Apt 2102 on the 21st floor is up for auction, which will be a good guide to market price.
  • Apt 1203, 12th floor, 1 bed, 1 bath, 1 car, 75 sqm is listed for sale fully furnished at $510,000
  • See also Apt 2001
The Quay West apartments are less than $7,000 a sqm.

It will be interesting to see whether the Quay West apartments increase in value or the Abian decrease in value.  Abian, being newer, should have higher values than Quay West, but nearly double the value is hard to explain.

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