Tuesday, May 2, 2017
Recent Brisbane City Apartment Sales
Apt 1506, 1 bed, 1 bath, no car - $310,000
Charlotte Towers
Apt 4011, 1 bed, 1 bath, 1 car - $390,000
Apt 2804, 1 bed, 1 bath, no car - $311,000
Apt 3602 - 1 bed, 1 bath, 1 car - $410,000
Casino Towers
Apt 2306, 1 bed, 1 bath, no car - $310,000
Riverplace
Apt 277, 2 bed, 2 bath, 1 car - $600,000
Apt 157, 2 bed, 1 bath, 1 car - $552,000
Apt 175, 2 bed, 1 bath, 1 car - $552,500
Apt 234, 2 bed, 2 bath, 1 car - $772,000
Aurora
Apt 528, 2 bed, 2 bath, 2 car - $808,000
Admiralty Towers Two
Apt 3, 3 bed, 2 bath, 2 car - $975,000
Apt 95, 3 bed, 2 bath, 2 car - $1,350,000
Apt 100, 2 bed, 2 bath, 1 car - $730,000
Felix
Apt 216, 2 bed, 2 bath, 1 car - $520,000
Admiralty Quays
Apt 49, 3 bed, 2 bath, 2 car - $1,075,000
More the most part, these prices are similar to prices that were being achieved 7 years ago. Riverplace has had the biggest increase in value over this period.
Monday, January 4, 2016
Brisbane apartment market looking grim
See full report here.
Brisbane apartment prices (to 31 December 2015):
Median price based on settled sales of Brisbane apartments over the quarter - $390,000
The long term view for the Brisbane apartment market looks very uncertain.
There are a huge number of apartments being constructed. There are also a number of new hotels opening, which impacts the short term rental markets (for example, negatively impacting rents in apartment buildings such as Charlotte Towers, Aurora, Felix, Casino Towers and Festival Towers). At present, from my informal survey, rents are decreasing in Brisbane and vacancy periods are significantly increasing. This will only get worse. I am not the only one say this. See AFR article.
It is likely that valuations for new apartments sold off the plan in Brisbane will come in lower than the contract price, which may impact whether non-cash buyers will be able to settle.
My prediction for 2016 is that we may see values fall in 2nd tier buildings and remain flat in prestige buildings. Rents will likely continue to decrease. It looks grim. What happened to the Gold Coast about 5 years ago (remember, Soul, Hilton and Oracle) may happen in Brisbane this year or next.
Sunday, August 2, 2015
Recent Brisbane City Apartment Sales
Quay West - 132 Alice Street
- Apt 88, 1 bed, 1 bath, 1 car, park views - $512,000 in June 2015
- Apt 50, 2 bed, 2 bath, 1 car - $705,000 in February 2015
- Apt 119, 3 bed, 2 bath, 2 cars, river front - $1,240,000 in February 2015
- Apt 78, 3 bed, 2 bath, 2 cars, river front - $1,100,000 in March 2015
- Apt 3701, 1 bed, 1 bath - $368,000 in July 2015
- Apt 2504, 1 bed, 1 bath, 1 car - $436,000 in July 2015
- Apt 1702, 2 bed, 2 bath, 1 car - $545,000 in Juune 2015
- Apt 2101, 2 bed, 2 bath, 1 car - $872,000 in July 2015
- Apt 1506, 1 bed, 1 bath, 1 car - $334,000 in July 2015
- Apt 2104, 1 bed, 1 bath - $384,750 in June 2015
- Apt 1307, 2 bed, 2 bath, 1 car - $480,000 in June 2015
- Apt 288 - 2 bed, 2 bath, 1 car - $740,000 in July 2015
- Apt 38 - 2 bed, 2 bath, 1 car - $677,500 in June 2015
- Apt 5501, 2 bed, 2 bath, 1 car - $695,000 in July 2015
Sunday, February 2, 2014
Recent Brisbane City Apartment Sales
Skyline, 30 Macrossan Street
- Apt 242, 2 bedrooms - reported sold at $725,000
- Apt 73, 2 bedrooms - reported sold at $660,000
- Apt 121, 3 bedrooms - reported sold at $715,000
- Apt 113, 2 bedrooms - reported sold at $602,000
- Apt 125, 1 bedroom - reported sold at $347,000
- Apt 173, 2 bedrooms - $588,000
- Apt 2202, 1 bed plus study - no car - $362,500
- Apt 245, 2 bed, 1 bath - $620,000
- Apt 435, 2 bed, 1 bath - $556,000
- Apt 4305, 3 bedrooms - $1,850,000
- Apt 215, 1 bed - $510,000
- Apt 37, 2 bed - $690,000
- Apt 2002, 2 bedrooms - $690,000
Saturday, December 14, 2013
Brisbane Apartments
It is interesting that this same real estate agent, who is selling an apartment in Metro 21 states, as a feature of Metro 21:
"No hotel-style accommodation within the building".
Tuesday, September 17, 2013
Casino Towers Large Apartment
Saturday, February 23, 2013
Echo looking for massive casino site in Brisbane
Friday, October 12, 2012
Recent Brisbane Apartment Sales
- Riparian, 71 Eagle Street, 3 bedrooms on level 44, sold for $2.3 million
- Charlotte Towers, 128 Charlotte St, Apt 1903, 2 bedrooms, 1 bathroom, sold for $465,000 (after being on the market for some time)
- River City, 79 Albert St, Apt 2706, 2 bedrooms, 1 bathroom, sold for $420,000
- River City, 79 Albert St, Apt 2106, 2 bedrooms, 1 bathroom, sold for $430,000
- Admiralty Towers One, 35 Howard Street, Lot 110, 2 bedrooms, 2 bathrooms, sold for $535,000
- Roma Street Parklands, Apt 6008, 3 bedrooms, sold for $1,220,000
- Riverplace, 82 Boundary Street, Apt 82, 2 bedrooms, sold for $645,000
- Casino Towers, 151 George Street, Apt 1604, 1 bedroom, sold for $347,000
- Festival Towers, 108 Albert St, Apt 3402, 2 bedrooms, 2 bathrooms, $495,000
- Aurora Towers, 420 Queen St, Apt 568, 2 bedrooms, $750,000
Thursday, August 23, 2012
Rental Crash Coming?
If anyone has any evidence on this topic, please let me know.
The economy is not strong in Brisbane. Some government departments are doing forced redundancy programs, where 30% of employees and almost 100% of contractors are being let go. Small business is hurting, with costs increasing and revenue decreasing. My guess is that the actual inflation rate and unemployment rate is higher than being reported.
Sunday, June 3, 2012
Brisbane Northbank Redevelopment
See stories on Brisbane Development and Brisbane Times.
According to Newman, re the image shown above: “It’s just an artist’s impression to give people a feel for the excitement we have for the revitalisation of the precinct.”
Tuesday, February 21, 2012
Casino Towers Auction Result
The owner/vendor purchased this apartment in August 2006 for $875,000, and so lost money.
The first owner purchased this apartment off the plan from Devine for $840,000 in 2005, and so over 6 years, this apartment went down in value.
Saturday, November 12, 2011
New William Street Building
Tuesday, May 31, 2011
Old State Library to Become 400 Room Hotel
Sunday, May 15, 2011
Casino Towers - Recent Sales
Friday, May 6, 2011
Oaks
Saturday, January 29, 2011
Oaks In Financial Troubles?
Friday, December 24, 2010
Capital Growth
Saturday, December 11, 2010
Casino Towers to Loose River Views
Sunday, October 31, 2010
Risks With Short Term Rental Buildings
When I am looking to buy an apartment in Brisbane, I look at Trip Advisor to see if there are reviews about the apartment building and the onsite manager. As a general rule, if the apartment building is listed with TripAdvisor, I will only buy if I am seeking a non-residental investment. There is limited resale opportunities for short term non-residential buildings.
Example Reviews:
- 212 Margaret
- Casino Towers
- Aurora
- Charlotte Towers
- RiverCity
- M on Mary
- Evolution
- Felix
- Festival Towers
- Skyline
Many reviews highlight the problems -- these buildings were designed for residential apartment living, not as hotels. People ask for adjoining rooms, and don't get them (of course). Items from rooms are stolen. Linen trolleys and food trays are left in hallways, as there are no service cupboards or service rooms for hotel staff. Furniture breaks, as the apartments were furnished for residents, not using hotel quality furniture. No minibars. Parking problems. I wonder what the owners of these apartments think about their real estate agents who are managing their investment -- a real estate agent pretending to be a hotel company.
I love this recent review for Evolution: "What a disaster. We never new accomadation could be so foul .. so many light bulbs broken, Filthy carpets, No drinking glasses (even when you ring & ask a certain staff member who couldn't have been any more passive agressive they still don't come) We changed rooms which was even worse, kitchen tap fell off in our hand, no shower door as it had broken off, huge rip in the lounge, even filthier carpets, rug all ripped, more light bulbs out, TV not tuned so most of the channels hissed at you a lot like most of the staff.. broken light shades, blind pullies broken. When we checked in they held on our credit card $200 for breakages.. there was nothing left TO BREAK!! This place is not rateable unless there is a minus."
Why would anyone want to buy in this building?
Sunday, May 9, 2010
Recent Apartment Sales in Brisbane City
- Apt 1205, 1 bed, 1 bath, no car - sold for $350,000
- Apt 1902, 2 bed, 2 bath, 1 car, river views - sold for $660,000
- Apt 3205, 2 bed, 1 bath, 1 car - sold for $520,000
- 2 bed, 2 bath, 1 car - 7th floor, sold for $475,000
- 1 bed, 1 bath, 1 car - sold for $345,000
- Apt 1903, 2 bed, 2 bath, 1 car - sold for $460,000
- Apt 2809, 1 bed, 1 bath, 1 car passed in at auction - auctioneer's bid of $395,000