Showing posts with label Hamilton. Show all posts
Showing posts with label Hamilton. Show all posts

Saturday, May 3, 2014

Proximity Hamilton

Peloton is developing Proximity Hamilton.  This appears to be located at the back of the Portside development, and is not direct riverfront (although the river and cruise ship terminal is nearby).  One beds from $330,000 and two beds from $495,000.  A "free" furniture pack is offered.  Looking at the website, it appears to be targeted at people in their twenties who like to eat but don't actually eat that much.

The largest apartment is a corner two bedroom:  82 sqm internal, with a 13 sqm balcony.  See floor plan below.  This looks ok, but there are only 4 of these apartments.   Most of the other apartments are small -- 50 sqm internal for a 1 bedroom (where I would expect at least 60 sqm to be reasonable size.)




Saturday, February 23, 2013

Pinnacle Portside

A riverfront apartment building at Portside Hamilton is coming soon it seems.  It is called Pinnacle Portside.

Saturday, December 29, 2012

Brisbane Rents

Here is the median Brisbane rent for 2 bedroom apartments, as sourced from the RTA based upon information provided to the RTA when rental bonds are lodged or updated.  This does not distinguish between furnished and unfurnished apartments, and does not include lease renewals where the bond amount does not change.  This is for the September 2012 quarter.

Post Code 4000 (Brisbane City): $585 per week
Post Code 4005 (New Farm): $530 per week
Post Code 4007 (Hamilton): $420 per week
Post Code 4101 (South Bank/ South Brisbane): $510 per week
Post Code 4066 (Toowong): $395 per week
Post Code 4067 (St Lucia): $420 per week
Post Code 4068 (Indooroopilly/Taringa): $385 per week

There is a lot of good rental information on the RTA website at: Median Rents Quick Finder

Do not use WhatRentMyHome.  This "service" is operated by a real estate agency, and the information it provides is inaccurate and out-of-date, and is misleading.

Wednesday, November 28, 2012

Mirvac Cancels Foreshore Hamilton

Things can't be that good in the property market in Brisbane.

"Mirvac has confirmed its refunding off the plan deposits for Brisbane and Townsville residential projects.  Construction was scheduled to commence on two key apartment projects this financial year, but given the limited sales and concerns on the off the plan market's immediate future looked, Mirvac's John Carfi confirmed to The Courier Mail that contracts had been cancelled and deposits refunded.

The first stage of Foreshore Hamilton was to be a 23-storey building with 263 apartments. Only three of the apartments had been sold, the paper noted. Prices of one bedroom apartments started from $345,000.

 It was possible within about 18 months that Mirvac would reconsider a fresh start on both projects. Mr Carfi said despite there being strong economic fundamentals evident in Queensland, confidence was at an all-time low.  "With the Queensland market, it is difficult to see what the catalyst is going to be (to improve confidence),'' he said."

 See Property Observer

Friday, August 31, 2012

Devine Makes a Killing at Hamilton Harbour

"Devine reported the sales success at Hamilton Harbour as one of the highlights of its financial year as it reported an underlying profit after tax of $11.1 million but a statutory after tax loss of $12.9 million.

Devine says 90% of total apartments in the two Hamilton Harbour towers have now been settled.  Construction of both towers is now complete with a third tower now under construction.  There are 13 apartments available for purchase in tower one and 31 available in tower two.

Devine says the inner-Brisbane market, the focus of more than 40 apartment projects by a variety of developers, is now stable after a “prolonged period of weakness” with successive quarters of good volume sales.

The Hamilton Harbour precinct located between Racecourse Road and the Brisbane River in Hamilton is a joint venture between Devine and Leighton Properties with one-bedroom apartments starting at $425,000.  Devine says price is continuing to drive the majority of sales with 70% of unconditional sales under $550,000.

Devine expects Tower three settlements to commence prior to December 2012 and contribute to current year earnings with almost 70% of this tower contracted."

Extract from Property Observer article

Monday, August 6, 2012

Brisbane Airport Proposed Second Runway

What impact will the proposed changes to the Brisbane air traffic patterns have on apartment values in Hamilton?

Saturday, March 3, 2012

Portside and Hamilton Harbour

This photo shows how crowded this area of Hamilton will soon become with apartment developments.

Site A has development approval for 87 serviced apartments.  Site B has DA for 127 residential apartments.


Friday, February 24, 2012

Hamilton Harbour Press Release


HUNDREDS of new sales and settlements of residential apartments at the Hamilton Harbour mixed use development are signaling renewed confidence in Brisbane’s property market, according to developers Leighton Properties and Devine Limited.

During the November-January period, over 380 pre-sold apartments settled in the 22-level Harbour One and 19-level Harbour Two towers, completed in November 2011.  This now brings total settlements to more than 90 per cent of the 434 pre-sold apartments.

Project director John Campbell said, “Predominantly local buyers have been the driving force behind these sales and the average price of settled apartments is $526,000.  Pre-sales accounted for over 90 per cent of apartments in the two towers, a Brisbane record for the post-GFC environment.”

The 20-level third and last residential tower Riverside Hamilton, currently under construction and due for completion in late 2012, had sold 128 apartments (113 on unconditional contracts) by the end of January.

With Harbour One and Harbour Two owner occupiers moving in, and over 75% of investor purchased properties already rented, the first two towers are quickly filling up with residents.

“The average gross rental yield on one-year leases is 5.3 per cent across all stock, with one-bedroom and two-bedroom with study products achieving higher yields,” Mr Campbell said.  “Professional workers, couples and fly-in fly-out workers are boosting popularity of the leases on offer, with rents starting at $300 per week.

Mr Campbell said residents were also eagerly awaiting the opening of Hamilton Harbour’s commercial and retail precinct which would bring restaurants, convenience and boutique shopping right to their doorstep.

Thursday, February 9, 2012

Failed Settlements At Hamilton Harbour

Devine reports that as at 8 February, 384 settlements had occurred for the apartments in Towers 1 and 2 at Hamilton Harbour.

Devine also reported to the ASX this week the following information:
  • Hamilton Harbour (Towers One &Two) settlements commenced with 85% of contracted pre-sales settled prior to 31 December 2011 
  • This strong completion result is testimony to the quality outcome at Hamilton Harbour
  • Sales activity within the third residential tower has improved and continues into 2012.
I think it is somewhat funny that Devine thinks that a settlement rate of 85% is a strong result.  Maybe there were expecting a lot worse.  There are 469 apartments in total in Towers One & Two.  So assuming that all have sold, this means that 70 buyers did not settle.  That is a large number of contracts to crash.

Why buy in the third tower, when you have a choice of 70 failed contracts in the first and second towers?

Sunday, February 5, 2012

Devine Hamilton Harbour Settlements

Devine recently issued a stock market release saying:

"Market conditions have continued to deteriorate across most Australian property markets which have had a significant impact on the company bringing new projects to the market."

In Brisbane, Devine has a joint venture with Leightons on a multi-building apartment complex called Hamilton Harbour, where most off-the-plan sales for buildings one and two have reached settlement.

According to the AFR this week, as at late December, Devine had settled 80% of the off-the-plan sales.  Why have 20% not settled?  All may be revealed when Devine's financial results are released shortly.  If 20% of the sales have fallen over, this may impact nearby developments by Brookfield Multiplex, Mirvac and Citimark.

Devine has a rental website for the project, advertising two bedroom apartments for rent from $545 per week.  But some two bedroom apartments are listed on RealEstate.com.au for $795 a week, which seems outrageously high for a 85 sqm apartment facing West.

Friday, January 27, 2012

Hamilton Reach Press Release

Diversified property group Australand is poised to begin construction on one of Brisbane’s most anticipated new residential projects – the $400 million Hamilton Reach in the Northshore Riverside precinct. 
Following a successful sales run equating to more than 60 percent of available product, Australand is about to start work on The Green Quarter – the second release at Hamilton Reach since its launch in April 2011. 
The Green Quarter – comprising 12 unique terrace homes located just one street back from the Brisbane River is anticipated to be completed late 2012. 
“Hamilton Reach has generated a high level of interest due to its sought-after low to medium density masterplan, diverse and considered product and its unrivalled riverfront location,” he said.  “The project has been designed as a highly liveable community optimising views to the river and parklands.  Hamilton Reach will be intrinsically different to anything else in the area as it has been designed as a boutique enclave that is spaced out over a number of low rise buildings which have been extremely well received.” 
ULDA urban development director, Matt Leyshon, said Northshore Hamilton is currently undergoing the biggest urban renewal in Brisbane’s history and Australand’s Hamilton Reach is a significant part of the precinct’s transformation. 
“Northshore Hamilton is the most significant waterfront redevelopment in Brisbane since Expo 88 and Southbank,” he said. 
Watermarque features a stunning collection of 78 contemporary apartments across two five-storey buildings. There are a variety of floor plans with one, two and three-bedroom configurations on offer ranging in size from 56 sqm to 333 sqm.
The Green Quarter’s terrace homes will be built according to stringent design and construction standards in a bid to reduce the future energy costs for the end user.
Designed by Rothe Loweman White Architecture, the terrace homes will feature a 3 kilowatt solar power system, double glazing to windows and doors, cross ventilation, a 3000-litre rainwater tank plumbed to the toilets and laundry,  private courtyards and smart meters to monitor water and electricity usage. 
The terrace homes range in size from 193sqm to 280sqm and remaining homes are priced from $925,000 - $1.375 million. Watermarque apartments are selling from $535,000 - $950,000.

Wednesday, November 23, 2011

Hamilton One (also called Harbour One)

Here is a comment sent to me by a reader:

Recently, I arranged an inspection of apartments for sale in Hamilton One.  I am in the market so the request for an inspection was 100% genuine. 
The complex was only just finished. The thing that turned me straight off permanently in my particular situation, was that all the one bedroom apts do not have an oven to cook with and there is no provision for one, just a two-burner gas top. They have put in a movable bench-top convection microwave. It would be impossible to put a small gas BBQ on the balcony because the balcony’s are essentially closed in albeit for the concertina sliding windows which are up at about eye level upwards so the gas BBQ would essentially be inside, a VERY BIG no-no.  Of course, horses for courses and some people don’t cook, (I suppose??) so they may see that as a plus. Micro-waved and wok-cooked food does not appeal to me personally. 
While prices are advertised at $300,000 for one bedroom, that’s with a view of other high rise buildings, and no car park. I guess if you don’t have a car that’s fine, why pay for one if you don’t need or want it? I personally could not do without one. Therefore for me with a car, I think from memory (check for yourself) that one needed about a $415,000 start to have a car park however, that did include a reasonable view (in my opinion) since the one brm apts with car parks are on higher floors than those one brm apts without a car park. 
The concertina windows when open did seem to provide good ventilation and individually controlled ducted air con is throughout. The apt’s did have plenty of natural light which I thought was good, though another seven story complex is now under construction on the Nth side so that may impact on light, maybe not. 
Comms are Optus only. I personally did not like that “no-choice” option. According to the agent, hot water is individually metered from a central (gas??) boiler that distributes hot water around the complex and water is individually metered. I’m not sure how one went about getting electricity. I wonder what the unit rate for those utilities is? Foxtel is wired in, buy it yourself if you want it. 
The sales agent while quite pleasant seemed otherwise busy so other than a couple of apartment configurations, I was not shown around the complex to see the pool and any other facilities that may be there. I saw one pool though I think there may be two???

Saturday, November 19, 2011

Northshore Hamilton

The $5 billion Northshore Hamilton urban redevelopment is underway, with thousands of apartments expected to be built in the next 10 years.  About 15,000 new residents are expected to move into this area, which is an old port and industrial precinct 6 km down river from Brisbane City.
  • Two Devine apartment buildings are almost complete, with a third on the way.
  • Brookfield Multiplex is building another Portside apartment building, Promenade (172 apartment), with two more planned.
  • Citimark has development approval for Rivana, 15 levels with 208 apartments.
  • Mirvac has a three building apartment complex planned, with a sales display office constructed onsite.
  • Australand has launched 78 apartments as part of its $400 million project, Hamilton Reach.
Will there be an oversupply of small, non-riverfront apartments in this part of Hamilton, where there are few facilities and not much within walking distance?

Saturday, November 12, 2011

Devine's Hamilton Harbour

Hamilton Harbour is a three building apartment complex (plus one additional building of commercial space) currently being developed by Devine.  Two of the three buildings are almost complete.

According to Place Real Estate Agents, across the three buildings there are 658 apartments.  There are 125 apartments remaining for sale (mostly in the third building).  In the September 2011 quarter, 14 apartments sold (about one a week).  At this rate, it will take 26 months to sell the remaining apartments.

One beds are listed for rent from $300 a week, two beds from $510 a week, and three beds from $850 a week.

Here are some recent photographs, taken from the Portside area, of the two finished buildings.





Buyer Confidence Improves

The AFR had a story on Thursday about Brisbane apartments, "Buyer Confidence Improves" (p. 55).  Highlights from the article (copy available here):

  • Thousands of new apartments in Brisbane's inner city have helped boost sales volumes 30% in September quarter compared with the June quarter, but the number sold is still substantially lower than the same period in 2010.
  • 312 new apartments sold in September quarter, according to Place Advisory research report
  • Influx of new projects scheduled for next year - 1000 new apartments are expected to come onto the market in the first half of 2012.
  • 2059 new apartments currently for sale in Brisbane
  • Average sales price was $580,529.
  • "The Brisbane market is at the bottom of its cycle and we are now starting to see an increase in inquiry and sales activity" according to Mr Walker from Place.
  • Most of the sales appear to be to overseas and interstate buyers.
  • "The biggest positive is the local buyers are yet to enter the market. ... As consumer sentiment improves, they will start buying again."
  • The influx of new units, particularly in urban renewal precincts such as Hamilton riverfront, Newstead River Park, and Show Ground Hill, could limit the market's recovery.
  • Agents said too much choice and concerns about whether the market has hit bottom could constrain buyers.
  • Urbis property economics consultants said Brisbane has a long-term undersupply problem.

Wednesday, September 28, 2011

Oversupply in Northern Brisbane?

According to an article in the Australian Financial Review yesterday, there is a glut of new apartments for sale in the inner northern suburbs of Brisbane such as Albion and Hamilton.  In the Reed Construction Data report from July 2011, more than 7660 new Brisbane apartments were either in the market or earmarked for launch before December 2012.  Of these, 44% or 3380 apartments were in the inner northern suburbs.

"The glut of stock has come as sales volumes hit new lows in 2010 but the soften has slowed as prices have readjusted and interstate investors see value in Brisbane property. ... Research analyst Lachlan Walker warned that if the majority of projects were not overwhelmingly successful it would put further downward pressure on buyer confidence."

The article had a nice rendering from the Arden Property development at Albion called Eden.  This is said to be a $215 million residential development, with 3 buildings of six storeys each, for a total of 280 apartments.

Friday, September 16, 2011

Milton


Milton has recorded the highest growth in median apartment prices of the 21 suburbs in Brisbane’s inner city, outstripping some of the city’s most prestigious areas, new research shows.

Resolution Research found apartment prices in Milton had recorded the highest median price growth in the inner city precinct over both the past decade and the last 12 month research period from 2009 to 2010.  Milton posted a median price increase of 12.3 per cent per annum over the last 10 years, with apartment prices jumping from $171,000 in 2001 to $544,000 in December 2010. 

It trumped the next best performers of East Brisbane at 11.8 per cent and Dutton Park at 10.5 per cent, and the average across the inner city precinct of 7.3 per cent.

Milton also came out on top for price growth between 2009 and 2010, with a 22.5 per cent median increase during that time, ahead of Herston at 20.8 per cent and Hamilton at 20.5 per cent, and well ahead of the average inner city growth of 7.7 per cent.

Resolution director Diana Howes said properties in the suburb were expected to continue to perform strongly, with very limited new supply on the horizon.  “The inner west, which includes Milton, is one of the most undersupplied markets in inner Brisbane,” she said.

“Currently, The Milton is the only high-density residential apartment project on the market in the inner west, and that is not likely to change, based on current approvals, until at least 2013 to 2015.

“At the same time, demand from those wanting to live in this area is strong, particularly renters looking to take advantage of the convenience of its near-CBD location and lifestyle amenities.

“Traditionally, demand for inner city apartment living has predominantly come from professional couples, those without children and lone person households, but we are increasingly seeing more young families wanting this style of home.”

Ms Howes said inner city suburbs like Milton were sought after because of their combination of proximity to the CBD, public transport and amenities like restaurants, cafes, shops and entertainment.

“Brisbane’s apartment market is once again the most affordable capital city on the east coast, ahead of Melbourne and Sydney,” said Ms Howes.  “This  is not only making Brisbane a popular choice with southern buyers looking for their next investment property, but is likely to stimulate interstate migration, particularly on the back of the vast employment opportunities on offer across Queensland.

Saturday, August 27, 2011

Oversupply of Apartments in Brisbane, especially Hamilton and Albion

THE number of apartments planned for Brisbane's inner north is the biggest threat to the success of the city's apartment market.

The June quarter report by real estate agent Place Advisory on inner Brisbane's apartment market says new developments planned for this precinct, which includes suburbs such as Bowen Hills through to Hamilton, threaten to create an oversupply in coming months.

Large multi-density communities are being approved almost on a weekly basis, while new mixed-use communities are poised to enter pre-release marketing campaigns before Christmas.

Place Advisory says that if many of these projects are not an overwhelming success, it will add to an already pessimistic local dynamic, ultimately driving away buyers from off-the-plan sales. The success or failure of only a few will affect the wider Brisbane property market in the longer term, it says.

Almost 70 per cent of the unconditional sales during the quarter were priced under $550,000. Only 6 per cent were above $750,000. Total sales were about $136 million, in line with the average total quarterly sales in the past five years.

There were 2144 new residential apartments for sale, or about 27 months' of stock, in inner Brisbane at the end of the financial year.

Of these, 50 per cent were two-bedroom, 33 per cent are one-bedroom apartments, and only 12 per cent three-bedroom configurations.

Place says most of the unconditional sales in the quarter were to interstate or international buyers.

Devine's Hamilton Harbour

Devine reports to the Australian Stock Exchange, as at 25 August 2011, the following in relation to its Hamilton Harbour apartment development:

"Continued strong sales performance

• HarbourOne - 98%sold ($137 million in value)

• HarbourTwo - 86% sold ($92 million in value)

• Riverside - 60% sold ($57 million in value)

Construction on schedule for all three towers:

• TowerOne 78% complete

• TowerTwo 63% complete

• TowerThree commenced

Significant progress on mixed-use elements of Hamilton Harbour with strong retail and commercial leasing underway

Construction on Hamilton Harbour is ahead of schedule and under budget with completion of first two towers in first half of FY12

• Hamilton Harbour TowersOne and Two are both ‘topped out’, with fit-out complete on over 60% of apartments

• Construction delivered revenue of $108 million

• Devine Construction awarded $60 million contract to build ‘Riverside’ – the third tower at Hamilton Harbour."


So, Riverside is costing $60 million to build (including profit for the builder); and 60% sold gives $57 million in sales. Looks like a good profit margin here for Devine.


Friday, August 5, 2011

Hamilton Harbour Tops Out


It looks like two of the Hamilton Harbour apartment buildings by Devine have reached full height. A photo above from Kingsford Smith Drive of two of the towers, with the Brett's Wharf buildings to the right.