Showing posts with label Charlotte Towers. Show all posts
Showing posts with label Charlotte Towers. Show all posts

Sunday, January 13, 2019

Brisbane Apartment Market Update

In the downtown area of Brisbane, there are a few new apartment buildings adding stock to the market.  These include:

  • Mary Lane which is on top of the newly opened Westin Hotel in Mary Street, with many apartments sitting empty (this is the replacement for 111+222 that did not go ahead)
  • 443 Queen Street, on the Brisbane River, which is currently under construction
  • Brisbane SkyTower, which is nearing completion but with the lower floors occupied prior to completion (this is the other part of the replacement for 111+222 that did not go ahead)
  • The One Residents at Brisbane Quarter (which is where the W Hotel is located), currently under construction
  • Spire Apartments on Queen St, but not riverfront, complete but with very few new apartments available for sale

For sales of existing apartments, the trends depend upon the building (quality and location).  Ray White has recently published a report of sales from October 2018 to December 2018.  It shows:

- In some buildings, there have been no sales.  These are good quality buildings, in good locations, with large apartments and fewer apartments.  The owners don't want to sell.  There are less renters and more owner occupiers.  An example is Admiralty Towers Two, at 501 Queen St on the river.

- In some buildings, there are a few sales, and there have been capital gains over the past 10 years.  For example, in this period, a large 1 bedroom in Quay West on Alice St has increased in price from about $390,000 to $525,000.  Riverplace has also done well over the past 10 years.

- In buildings which are in second rate locations, with a poor quality build, there have been no capital gains over the past ten years, and in reality, capital losses.  Buildings by Devine (and the people who did this are now at Metro) are an example.  For example, in Festival Towers, a 2 bed, 2 bath, 1 car was selling for about $500,000 ten years ago, and one sold recently for $470,000.  In Charlotte Towers, 1 bed 1 bath no car apartments have been selling consistently in the price range of $300,000 to $330,000 for the past 10 years with no capital gain.  Unilodge (which is really student accommodation) has stayed flat at the $125,000 to $130,000 range for ten years.


Tuesday, May 2, 2017

Recent Brisbane City Apartment Sales

M on Mary
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.

Thursday, January 26, 2017

Brisbane City Apartment Sales

Recent sales in November and December 2016:

Parklands
Apt 3104 - 2 bed, 1 bath, 1 car - $590,000
Apt 3036 - 3 bed, 2 bath, 1 car - $650,000

Charlotte Towers
Apt 1207 - 2 bed, 2 bath, 1 car - $460,000
Apt 1502 - 2 bed, 2 bath, 1 car - $490,000
Apt 1704 - 1 bed, 1 bath, 0 car - $322,500
Apt 602 - 2 bed, 2 bath, 1 car - $510,000

Riparian
Apt 4301 - 3 bed, 3 bath, 2 car - $2,562,000

Admiralty Towers One
Apt 135 - 2 bed, 2 bath, 1 car - $615,000
Apt 21 - 2 bed, 2 bath, 1 car - $720,000

Admiralty Towers Two
Apt 29 - 3 bed, 2 bath, 2 car - $1,059,000

Meriton Infinity
Apt 2907 - 1 bed, 1 bath, 1 car - $420,000
Apt 5006 - 2 bed, 2 bath, 1 car - $600,000
Apt 5406 - 2 bed, 2 bath, 1 car - $580,000

Riverplace
Apt 109 - 1 bed, 1 bath, 1 car - $516,800

Festival Towers
Apt 2905 - 1 bed, 1 bath, 1 car - $390,000

Aurora
Apt 248 - 2 bed, 1 bath, 1 car - $400,000

Capital gains were best for direct riverfront buildings and worst for the large apartment towers built by Devine (Charlotte Towers and Festival Towers and Aurora).  The Devine developers now run Metro.


Monday, March 14, 2016

Recent Apartment Sales in Brisbane 4000

Here are some recent sales (all early 2016) with actual sales prices of apartments in Brisbane Postcode 4000.  These are all B and C quality buildings, and so expect to pay more for A quality:
  • Skyline, Apt 91, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 1 car - $747,000
  • Skyline, Apt 261, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 2 cars - $800,000
  • Skyline, Apt 41, 30 Macrossan Street, 3 bedrooms, 2 bathrooms, 1 car - $731,500
  • Festival Towers, Apt 3605, 2 bed, 2 bath, 1 car - $529,000
  • Festival Towers, Apt 4006, 2 bed, 2 bath, 1 car - $570,000
  • Festival Towers, Apt 1805, 1 bed, 1 bath, no car - $342,500
  • Festival Towers, Apt 2503, 2 bed, 1 bath, 1 car - $499,000
  • Charlotte Towers, Apt 508, 1 bed, 1 bath, no car - $350,000
  • Charlotte Towers, Apt 2902, 2 bed, 2 bath, 1 car - $540,000
  • M on Mary, Apt 3204, 1 bed, 1 bath, no car - $356,000
  • M on Mary, Apt 607, 1 bed, 1 bath, no car - $360,000
  • M on Mary, Apt 2609, 1 bed, 1 bath, no car - $327,000
  • Felix, Apt 303, 2 bed, 2 bath, 1 car - $600,000
  • Meriton Herschel St (Infinity), 2 bed, 2 bath, no car - $580,000
  • Meriton Soleil - 2 bed, 2 bath, 1 car - $575,000
  • Vue, 92 Quay St, Apt 2301, 2 bed, 2 bath, 1 car - $460,000
  • Vue, 92 Quay St, Apt 2602, 2 bed, 2 bath, 1 car - $437,500

Monday, January 4, 2016

Brisbane apartment market looking grim

According to the CoreLogic RP Data Home Value Index, dwelling values were absolutely flat across the combined capitals during December, with negative movements in Sydney, Adelaide and Canberra being offset by a rise in dwelling values across the remaining five capital cities. The Sydney housing market was the main drag on the December results, with dwelling values down 1.2%, while values were down 1.5% in Adelaide and 1.1% in Canberra, and down 0.5% for Brisbane apartments.

See full report here.

Brisbane apartment prices (to 31 December 2015):
December 2015 - down 0.5%
Quarter - no change
Year on Year - up 1.8%
Median price based on settled sales of Brisbane apartments over the quarter - $390,000

This is not a good result for the Brisbane apartment market for 2015.

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

Some example recent sales in Brisbane city apartment buildings.  Some buildings are tightly held and have few 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
Admiralty Towers 1 - 35 Howard Street
  • Apt 119, 3 bed, 2 bath, 2 cars, river front - $1,240,000 in February 2015
Admiralty Towers 2 - 501 Queen Street
  • Apt 78, 3 bed, 2 bath, 2 cars, river front - $1,100,000 in March 2015
Charlotte Towers - 128 Charlotte Street
  • 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
Casino Towers - 151 George Street
  • 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
Riverplace - 82 Boundary Street
  • 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
Soleil - 501 Adelaide Street
  • Apt 5501, 2 bed, 2 bath, 1 car - $695,000 in July 2015

Sunday, August 3, 2014

Recent Brisbane Apartment Sales


iStay River City - 79 Albert St

Apt 1201, 1 bed, 1 bath - sold on 27 July for $335,000

Charlotte Towers - 128 Charlotte St

Apt 2404 - 1 bed, 1 bath, no car - sold on 27 July for $340,000
Apt 1201 - 1 bed, 1 bath, no car - sold on 18 July for $365,000
Apt 4403 - 2 bed, 2 bath, 1 car - sold on 29 May for $650,000
Apt 2803 - 2 bed, 1 bath, 1 car - sold on 2 May for $495,000

Skyline - 30 Macrossan St

Apt 53 - 2 bed, 2 bath, 1 car - sold on 27 July for $603,000
Apt 193 - 2 bed, 2 bath, 1 car - sold on 2 June for $618,500
Apt 31 - sold on 16 May for $750,000

M on Mary - 70 Mary St

Apt 1205 - 1 bed, 1 bath, no car - sold on 2 July for $322,500
Apt 4302 - 5 bed, 3 bath, 3 car - sold on 31 May for $1.9M
Apt 1009  - 1 bed, 1 bath, 1 car - sold on 26 May for $365,000
Apt 506  - 1 bed, 1 bath, no car - sold on 10 May for $395,000

Festival Towers - 108 Albert St

Apt 3807 - 2 bed, 2 bath, 1 car - sold on 30 June for $516,000
Apt 1503 - 2 bed, 1 bath, 1 car - sold on 25 June for $460,000
Apt 4007 - 2 bed, 2 bath, 1 car - sold on 10 June for $541,000
Apt 704 - 1 bed, 1 bath, no car - sold on 5 June for $298,500
Apt 2610 - 1 bed, 1 bath, 1 car - sold on 3 June for $400,000
Apt 905 - 1 bed, 1 bath, no car - sold on 2 June for $319,500
Apt 2510 - 1 bed, 1 bath, no car - sold on 22 May for $350,000
Apt 2301 - 2 bed, 2 bath, 1 car - sold on 9 May for $525,000
Apt 508 - 2 bed, 2 bath, 1 car - sold on 8 May for $475,000

Felix - 26 Felix St

Apt 217 - 2 bed, 2 bath, 1 car - sold on 29 June for $580,000

Riverplace - 82 Boundary St

Apt 92 - 2 bed, 2 bath, 1 car - sold on 27 June for $645,000
Apt 147 - 2 bed, 1 bath, 1 car - sold on 23 June for $551,000
Apt 52 - 2 bed, 1 bath, 2 car - sold on 7 May for $650,000

Admiralty Towers One - 35 Howard St

Apt 44 - 2 bed, 2 bath, 1 car - sold on 8 June for $810,000
Apt 146, 2 bed, 2 bath, 1 car - sold on 12 May for $585,000

Infinity - 43 Herschel St

Apt 3807 - sold on 27 May for $400,000
Apt 4303 - 2 bed, 2 bath, 1 car - sold on 26 May for $630,000
Apt 6304 - 2 bed, 2 bath, 1 car - sold on 20 May for $640,000

212 Margaret St

Apt 82 - 2 bed, 2 bath, 1 car - sold on 26 May for $555,000

Admiralty Quays - 32 Macrossan St

Apt 137 - 3 bed, 2 bath, 2 cars - sold on 12 May for $1,100,000
Apt 34 - 2 bed, 2 bath, 1 car - sold on 2 May for $850,000

Riparian - 71 Eagle St

Apt 4302 - 1 bed, 2 bath, 2 car - sold on 8 May for $1.5M

Admiralty Towers Two - 501 Queen St

Apt 166 - 3 bed, 2 bath, 2 car sold on 28 April for $979,900

Aurora - 420 Queen St

Apt 301 - 2 bed, 2 bath, 1 car - sold on 26 April for $627,500

Quay West - 132 Alice St

Apt 103 - 1 bed, 1 bath, 1 car - sold on 24 April for $510,000

Tuesday, April 22, 2014

Brothel in your building

There is an interesting article in Domain regarding a Sydney apartment building that became home to a brothel.  In Brisbane, a number of inner city apartment buildings are used by travelling escorts on a regular basis to see their customers.  Some of the escorts are Eastern European, posing as tourists.  Many are from Australia or NZ.  An example list of visiting tourists is here.

Based on the informal surveys I have done, the preferred Brisbane apartment buildings for travelling escorts are [X ]and [Y].  M on Mary is also popular.

If you reside in one of these buildings, you may find that your neighbour for a week is a busy busty blonde from Prague with many male friends.

For reference,  an old Commissioner's decision on this topic is here.

Update on May 8, 2014:

The blog received a letter of demand from a management rights owner, threatening a lawsuit.  As a result, the names of two buildings have been deleted from this post at the present time.  Before buying or renting in an inner-city apartment building, it is recommended to conduct appropriate investigations.

Saturday, December 14, 2013

Brisbane Apartments

A Brisbane real estate agent who sells CBD apartments (Hannah Schuhmann) produced an interesting map that shows some of the larger apartment buildings in Brisbane city.  Those buildings were designed for residents and long term tenants.  However, most of these buildings are now mixed -- the onsite manager is running a short term rental pool, and is pretending to operate a hotel.  (Oaks is the predominate manager of the listed buildings on the map.)

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".



Sunday, July 21, 2013

Recent Apartment Sales in Downtown Brisbane

Evolution
  Apt 171, 1 bed, 1 bath, no car - $310,000
Grosvenor
  Apt 107 - $1.3M
Skyline
  Apt 61, 3 bed, 2 bath, 1 car - $715,000
  Apt 94, 3 bed, 2 bath, 1 car - $790,000
  Apt 363, 2 bed, 2 bath, 1 car - $587,500
Charlotte Towers
  Apt 3206, 1 bed, 1 bath, no car - $335,000
  Apt 3508, 1 bed, 1 bath, no car - $317,000
  Apt 4009, 1, bed, 1 bath, no car - $347,000
Metro 21
  Apt 3001, 2 bed, 2 bath - $553,500
Quay West
  Apt 129, 3 bed, 3 car - $1M
Riverplace
  Apt 304, 3 bed, 2 bath, 1 car - $1M
  Apt 272, 2 bed, 2 bath, 1 car - $675,000
  2 bed, 2 bath - $527,000
Festival Towers
  2 bed, 2 bath, 1 car - $457,500
  Apt 1906, 1 bed, 1 bath, 1 car - $309,000
Admiralty Quays
  Apt 78, 3 bed, 2 bath, 2 car - $920,000
  Apt 76, 1 bed, 1 bath, 1 car - $550,000
  Apt 46, 2 bed, 2 bath, 1 car - $780,000

Saturday, April 20, 2013

Recent Apartment Sales in Brisbane City

  • Charlotte Towers, Apt 1504, 1 bed, 1 car, sold on 9 April 2013 for $410,000
  • Felix, Apt 116, 2 bedrooms, sold on 30 March 2013 for $515,000
  • Aurora, Apt 234, 2 bedrooms, sold at auction on 24 March 2013 for $548,500
  • Charlotte Towers, Apt 501, 1 bedroom, 1 car, sold on 21 March for $415,000
  • Skyline, Apt 61, 3 bedrooms, sold on 13 March for $710,000

Saturday, March 9, 2013

Two bed sale in Charlotte Towers - a record!?

A real estate agent is promoting a recent sale in Charlotte Towers:

"RECORD SALE OF THE YEAR! Being the only two bed, two bath apartment available in Charlotte Towers. This one went fast! Selling in less than a week, the high demand and professional approach allowed for another Record sale of $530,500 in this ever popular building.."  See here.

I guess it is only 8 weeks into the year, so it is probably not hard to get a records sale for the year in that period.

Thursday, January 3, 2013

Charlotte Towers Sales


Let’s have a look at the four most recent sales in Charlotte Towers (as set out in government records) located at 128 Charlotte Street in Brisbane:
  • Apt 4403 - a very good two bedroom apartment, purchased August 2005 from the developer for $585,000, resold October 2012 for $560,000
  • Apt 3010 - purchased October 2004 from the developer for $380,000, resold October 2012 for $365,000 to well known Brisbane property investor Sarina Russo
  • Apt 3705 - purchased September 2004 from the developer for $374,000, resold October 2012 for $350,000
  • Apt 3007 - purchased from the developer in May 2006 for $533,000, resold February 2009 for $485,000, resold again in September 2012 for $497,000
As can be seen from the above, every purchaser from Devine who purchased off the plan has lost money.  The losses are greater than those shown above once stamp duty and agent's selling fees are taken into account.
Charlotte Towers was developed by Devine, at that time run by David Devine and Ken Woodley, who now run the Metro Property Group.

Friday, October 12, 2012

Recent Brisbane Apartment Sales

Recent 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

Sunday, June 10, 2012

Rent Sales in Charlotte Towers

  • Apt 1907, 2 bedrooms, sold on 11 April 2012 for $456,000
  • Apt 1104, 1 bedroom, no car, sold on 27 March 2012 for $326,000
  • Apt 2808, 2 bedrooms, sold on 25 March for $510,000
  • Apt 605, 1 bedroom, sold on 22 March 2012 for $290,000
  • Apt 1704, 1 bedroom, sold on 21 March 2012 for $322,500
  • Apt 2003, 2 bedrooms, reported as sold on 17 March for $475,000
  • Apt 2804, 1 bedroom, sold on 14 March for $350,000
  • Apt 1210, 1 bedroom, sold on 12 March for $338,000
  • Apt 4108, 1 bedroom, sold on 5 March for $330,000
  • Apt 2502, 2 bedrooms, sold on 1 March for $498,000
  • Apt 910, 1 bedroom, sold on 29 February for $370,000
  • Apt 1904, 1 bedroom, sold on 21 February for $327,000

Monday, May 7, 2012

Charlotte Towers Sale

Apartment 2808 in Charlotte Towers, 128 Charlotte Street, is reported as sold for $510,000.  This is a 2 bed, 2 bath apartment.  Total area is 87 sqm, so this is $5,800 a sqm.

Monday, March 26, 2012

Ray White Auction Results

I went to the Ray White auction yesterday.  Some results concerning apartments:
  • Apt 2804 Charlotte Towers, 1 bed, 1 bath, no car - sold prior to auction
  • Apt 2808 Charlotte Towers, 2 bed, 2 bath, 1 car - sold for $510,000.
  • Apt 3409, Festival Towers, 2 bed, 2 bath, 1 car - passed in at $480,000.
  • Apt 287, River Place, 2 bed, 2 bath, 1 car - unsold, inspect now!

Sunday, January 15, 2012

Recent Brisbane City Apartment Sales

Here are the recent reported apartment sales in the larger Brisbane downtown buildings.  Most of these sales closed in the period from late October to early December 2011.

Charlotte Towers
  • Apt 2110, 1 bed, 1 bath, 1 car - $382,000
Aurora
  • Apt 393, 2 bed, 2 bath, 1 car - $665,000
  • Apt 236, 2 bed, 2 bath, 1 car - $515,000
  • Apt 512, 2 bed, 1 bath, 1 car - $582,000
Festival Towers
  • Apt 3401, 2 bed, 2 bath, 1 car - $475,000
  • Apt 1707, 2 bed, 2 bath, 1 car - $440,000
  • Apt 2110, 1 bed, 1 bath, ? car - $350,000
Felix
  • Apt 356, 2 bed, 2 bath, 1 car - $505,000
  • Apt 276, 2 bed, 1 bath, 1 car - $492,000
River Place (82 Boundary Street)
  • Apt 302, 2 bed, 2 bath, 1 car - $690,000
  • Apt 326, 3 bed, 2 bath, 2 car - $1,497,000
  • Apt 231, 2 bed, 1 bath, 1 car - $423,000
  • Apt 110, 1 bed, 1 bath, 1 car - $410,000
Skyline
  • Apt 55, 1 bed - $320,000
  • Apt 131, 3 bed, 2 bath, 1 car - $700,000
Admiralty Quays
  • Apt 9, 3 bed, 2 bath, 1 car - $900,000
  • Apt 67, 1 bed, 1 bath, 1 car - $580,000
  • Apt 135, 2 bed, 2 bath, 1 car - $780,000
Admiralty Towers Two
  • Apt 57, 2 bed, 2 bath, 1 car (103 sqm) - $660,000
No reported recent sales (last October to early December) in Casino Towers, Quay West or Admiralty Towers One.

Saturday, November 12, 2011

111-222 Billbergia Apartment Tower Approved

The Brisbane City Council has approved the massive 111-222 apartment and hotel tower for Brisbane.  (See prior post here.)

There will be two towers as part of this development.  The large tower will be 90 storeys, located at 222 Margaret Street.  It will be a hotel from level 5 to level 21, and apartments from level 24 to level 88.  This building, if constructed, will be the tallest in Brisbane according to Brisbane Times.  If you want to buy an apartment, you can register on this website:  www.111plus222.com

The second smaller tower will be commercial office space, located at 111 Mary Street.

These two towers will have a major impact on the apartment building located at 212 Margaret St next door, and will also impact some views from Charlotte Towers.


Sunday, October 30, 2011

Charlotte Towers - Recent Sales Results



There have been 5 reported sales of apartments in Charlotte Towers in the July 2011 to October 2011 period.  Charlotte Towers was developed by Devine, is managed by Oaks, and is located at 128 Charlotte Street, Brisbane.

All sales have been one bedroom, one bathroom apartments, without a car space for parking.

  • Apt 3101 - sold for $313,000
  • Apt 2605 - sold for $325,000 (purchased off the plan for $326,000; listed for sale at $349,000)
  • Apt 1406 - sold for $306,000 (purchased off the plan for $291,000)
  • Apt 609 - sold for $302,000 (purchased off the plan for $295,000)
  • Apt 3309 - sold for $302,000 (purchased off the plan for $347,000)
Taking into account stamp duty, legal costs, and real estate agent fees, all five of these original owners sold at a loss, and is some cases, for a loss greater than 10% (not taking into account inflation, interest costs and any furniture packages that may be been purchased -- so the overall loss will be somewhat more substantial.)  There are big risks in purchasing off the plan from the developer, and buying an apartment in Brisbane as an investment is not so easy.

Also, note that the highest reported sale for the whole building, for a four month period was $325,000.

With a tower being built across the road, values are unlikely to increase for some time.