Showing posts with label Grosvenor. Show all posts
Showing posts with label Grosvenor. Show all posts

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

Sunday, June 9, 2013

Top End Apartments

Some high end apartments for sale in Brisbane:
  • The Refinery at New Farm, 4 bedrooms for $3.65M
  • Pinnacle at Roma Street Parklands, 3 bedrooms, 291 sqm, auction
  • Pinnacle at Roma Street Parklands, 3 bedrooms, 229 sqm, auction
  • Hamilton Harbour, 2 bedrooms plus media room, auction
  • The Grosvenor, 3 bedrooms, about $1.4M
  • Riparian, 3 bedrooms, $7M.

Saturday, June 9, 2012

Is Median House Price Data Useful?

There are many newspaper reports that discuss rising or falling house & apartment prices by reference to the median sales price for a particular period.  For example, see this recent report from REIQ.  The median price is the middle price of all the properties sold in the defined period.  (For example, if there were 5 sales in the period, for $1, $10, $1000, $1001 and $6409, then the median is $1,000.)

If you select a different length of time to measure the median, you get a different result of course.  For example, according to REIQ, the median sales price for Brisbane apartments (all of Brisbane local government area) for January 2012 to March 2012 was $387,750.  The median for April 2011 to March 2012 was $395,000.

The median is not the average price.  (The average for the example above is $1484.)  See also here and here.

The statistics only look at the properties that were sold in the period.  If the median changes, it does not necessarily mean that the value of any particular property has changed.  For example, if in one quarter, there are many two bedroom apartments that are sold, and in the next quarter, there are mostly one bedroom apartments that are sold, then the median price is likely to decrease.  If a new off-the-plan development settles in the period, then the median is likely to increase for that period and decrease for the next period.

So how reliable are the recent REIQ statistics?  I had a look at a number of the more larger, upmarket and top end apartment buildings, and there are no or few reported sales for the relevant period (January 2012 to March 2012).  For example:
  • Admiralty Towers Two - no recorded sales
  • The Grosvenor - no recorded sales
  • Quay West - only one sale, a 1 bedroom.
  • Admiralty Quays - only one sale, a 1 bedroom
  • Riparian - 1 reported sale, a 2 bedroom
  • Metro 21 - 2 reported sales (1 bedroom & 2 bedroom)
  • Admiralty Towers One - no sales on direct riverfront side of building
  • Fresh Taringa - no sales since October 2010
  • Riva Indooroopilly - no sales in more than 12 months
  • For the above, there were no 3 bedroom sales at all.
It seems that the larger and more expensive apartments are not being sold.  Thus, the median price will be less than periods where there are more of these apartments that are being sold.  That the larger or more expensive apartments are not being sold could be for a number of reasons:  (A)  They may be listed for sale, but not selling because the owner does not want to or need to decrease price. (B) These buildings have more owner-occupiers, who do not sell as often.  (C) If rented, the rents are good, and so selling for a lower price makes less sense than renting out the apartment.  (D) An owner who needs to sell may decide to rent the apartment for a short period, until prices rise.  (E)  There may be no buyers at the high end of the market.

So it is hard to determine if the apartment values have fallen for the kinds of apartments that are not often sold, and if so, by how much.  Also, the median price decease for Brisbane may be because of a change in mix of the apartments that are being sold.

Saturday, June 4, 2011

Recent Brisbane Auction Results

Just over a week ago, Ray White had an auction where 12 Brisbane inner city apartments went to auction. Only one sold at auction (1201 in UniLodge for just over $100,000). Over a week after the auction, most of the apartments that did not sell at the auction are still listed for sale. Why vendors decide to go to auction in Brisbane amazes me. These apartments are not selling at the prices listed below, so the market must be saying that they are worth less than this. And why buy an off the plan apartment for more than these prices? Some examples of the many apartments that Ray White was unable to sell:
  • Felix, Apt 121, 1 bed, no car - failed to sell at or after auction, now listed for $330,000
  • Felix, Apt 147, 2 bed, 2 bath, 1 car, end apartment - failed to sell at or after auction, now listed for $470,000
  • Charlotte Towers, Apt 605, 1 bed, no car - failed to sell at or after auction, now listed for $315,000
  • Charlotte Towers, Apt 2401, 1 bed, 1 car - failed to sell at or after auction, now listed for at the unrealistic price of $410,000
  • Festival Towers, Apt 906, 1 bed, no car - failed to sell at or after auction, now listed for $320,000
  • River Park Central - Apt 603, 2 bed, 2 bath - failed to sell at or after auction, now listed for $410,000
  • River City, Apt 1803, 2 bed, 2 bath - failed to sell at or after auction, now listed for $433,000
  • Aurora, Apt 626, 3 bed - failed to sell at or after auction, now listed for $1,300,000
  • Grosvenor, Apt 1504, 3 bed - - failed to sell at or after auction, now listed for $1,800,000

Sunday, March 27, 2011

How Many Apartments for Sale in Brisbane?

There has been some press recently about the number of apartments for sale in Queensland, and the slow sales rate. This may be the case for the Gold Coast, and for overpriced off-the-plan developments. But if you look at the quality buildings in Brisbane, there are very few apartments for sale.

For example:
  • Quay West: 4 apartments for sale (two 2 beds; two 1 beds).
  • Admiralty Quays: two 2 beds
  • Admiralty Towers: one 2 bed at rear
  • Admiralty Two: one 2 bed; one three bed
  • Arbour on Grey: 2 apartments for sale (one 2 bed; one 3 bed).
  • Saville SouthBank: zero
Across these buildings, that is less than 2% of the total apartments in these buildings for sale.

Some buildings have a large number of apartments for sale: Skyline, Aurora, Macrossan, & Riparian all have a number of apartments for sale. Strangely, The Grosvenor, which usually has no apartments for sale, has about 3 for sale at present.

So there may be an oversupply in some areas and for some buildings, but for the quality buildings, there are not that many available to purchase, particularly below the $900,000 price point. And the flooding of Brisbane does not appear to have impacted pricing of these apartments at all.

Sunday, July 19, 2009

Sales in Brisbane City

Admiralty Towers One - 3 bed, 2 bath, 2 car, 148 sqm, level 19, sold in March 2009 for $1,200,000

Admiralty Towers Two - 2 bed, 2 bath, 1 car, 106 sqm, level 14 - sold in March 2009 for $725,000

Quay West - 1 bedroom, 1 bath, 1 car - 75sqm, level 4 - sold in April 2009 for $450,000

Riparian - 2 bed, 2 bath, level 41 - sold at auction for $1,400,000

Grosvenor - 3 bedrooms sold at auction for $1,535,000 on 3 July

Wednesday, June 10, 2009

Fire at Grosvenor

There was a fire at the Grosvenor Apartment building on Edward Street, Brisbane, this evening. The fire was on the balcony of a lower apartment. It was not a major fire, but was big enough so that flames could be seen from the street, and there was lots of smoke. About 5 fire engines attended.

Saturday, April 26, 2008

AFR - RP Data Brisbane Apartment Survey 2007

Building

Number of Resales

Median Annualised Capital Growth

Median hold period

Riparian Plaza

4

24.8%

2.8 years

Grosvenor

7

11.9%

3.7 years

Admiralty Towers

10

9%

6 years

KoKo

15

7.6%

2.3 years

Quay West

13

6.1%

11.1 years

Festival Towers

61

2.3%

3.9 years

Charlotte Towers

13

0.8%

2.9 years

Capital Growth is only for apartments that were sold in 2007. The median hold period includes time held from original off-the-plan contract date to sale.

Monday, January 14, 2008

Two Bedroom Apartments Above $800,000 in Brisbane City

Some recent sales (all two bedrooms)

  • Parklands, Apt 6042, $875,000
  • Felix, Apt 377, $950,000
  • Quay West, Apt 1901, $850,000
  • Quay West, Apt 2006, $830,000

Some listings (all two bedrooms)
  • Casino Tower Penthouse, $1,300,000
  • Riparian Plaza, $2,200,000
  • Quay West, Apartment 606, $800,000
  • Evolution, Apartment 52 (level 5) (77sqm internal), $958,000
  • Evolution, Apartment 166 (level 16) (89sqm internal), $868,500
  • Evolution sub penthouse, Apartment 323, $1,640,000
  • Evolution, Apartment 344, $1,740,000
  • Evolution, $850,000
  • Admiralty Towers Two, $815,000
  • Admiralty Quays, $880,000
  • Parklands, Pinnacle, 9th floor, $1,050,000
  • Parklands, Pinnacle, 6th floor, $975,000
  • Quest River Park Central, 29th floor, $1,400,000
  • Grosvenor on Edward, $1,100,000

Saturday, September 8, 2007

The Grosvenor

Today, apartment 2601 in the Grosvenor Building (corner of Alice Street and Edward Street) went to auction. It was passed in, without a bid and did not sell today.

This is a Mirvac building. It is in a great location, overlooking the Botantical Gardens and the Brisbane River, and opposite the Stamford Plaza hotel.

Some of the apartments in this building are fantastic. Some have strange floor plans. It is one of the more expensive apartment buildings in Brisbane, and only about one or two apartments get listed for sale each year. Mostly owner-occupiers.

Apartment 2601 is described by the agent, Dixon Johnston, as follows:
"The Grosvenor is a truly magnificent residential complex boasting incredible views across the Botanic Gardens, Brisbane River and city

Apartment 2601 is one of just two, 2-storey penthouses and enjoys generous living spaces, quality finishes and those ideal NE facing views

Situated right in the heart of the CBD, The Grosvenor is just an easy stroll to all the restaurants, cafes and sights the city has to offer"