- Evolution Apartments, 18 Tank Street, Apt 225, 2 bedrooms, 2 bathrooms, sold for $500,000 (previous owner had paid $762,000 off-the-plan from Citimark)
- Skyline Apartments, 30 Macrossan Street, Apt 333, sold for $750,000 (previous owner had paid $810,000 off-the-plan)
- Midtown Apartments, 127 Charlotte Street, Apt 1203, sold by developer for $432,500
- Aurora, 420 Queen Street, Apt 376, 2 bedrooms, 2 bathrooms, 107 sqm, sold for $585,000
- Riverplace, 82 Boundary Street, Apt 275, 1 bedroom plus study, sold for $481,000 (previous owner had paid $525,000 in 2008).
Tuesday, February 26, 2013
Recent Brisbane City Apartment Sales
Sunday, September 2, 2012
Skyline Apartment Recent Sales
- Apt 393, 3 bedroom, sold in April 2012 for $800,000 (originally sold off the plan in 2004 for $840,000)
- Apt 154, 3 bedrooms, sold in April 2012 for $745,000 (originally sold off the plan in 2007 for $815,000)
- Apt 203, 2 bedrooms, sold in February 2012 for $530,000 (originally sold off the plan in 2008 for $615,000)
- Apt 123, 2 bedrooms, sold in February 2012 for $600,000 (prior sale was in 2007 for $630,000)
- Apt 251 sold in August 2012, price not yet reported
Sunday, June 10, 2012
Recent Apartment Sales in Brisbane
- Apt 1701, 2 bedrooms, 3 bathrooms, sold furnished $492,500 (rents for $700 per week)
- Apt 1003, 1 bedroom, $310,000
- Lot 29, Apt 503, 1 bedroom, 73 sqm total size, sold furnished $450,000
- Lot 105, 2 bed, 2 bath, on Macrossan Street side, sold on 28 April, $532,500
- Lot 85, 1 bedroom, direct riverfront, sold on 4 April for $562,000
- Lot 141, 2 bedrooms, 2 bathrooms, $535,000
- Lot 31, 2 bedrooms, 2 bathrooms, $615,000
- Lot 5, 1 bedroom, 1 bathroom, on rear of building, for $490,000
- Lot 83, 1 bedroom, $580,000
- Lot 57, 2 bedroom, 1 bathroom, large courtyard, sold for $540,000
- Lot 152, 2 bedrooms, sold for $475,000
- Lot 117, 2 bedrooms, sold for $465,000
- Lot 278, 1 bedroom, no car, sold for $325,000
- Apt 1503, 2 bedrooms on front/side, with river and Southbank views, settled in May for $580,000.
- Apt 1603, 2 bedrooms, on front/side with river and Southbank views, $565,000
- Apt 2202, 2 bedrooms, middle front with river and Southbank views, 103 sqm total size - $655,000
- Apt 2107, 2 bedrooms, river views, 93 sqm total size - $515,000
- Apt 2104, 1 bedroom on rear - $362,500
- Apt 3803, 2 bedroom sub penthouse, 188 sqm in size - $805,000
Saturday, April 14, 2012
Macrossan Residences Sale
"Were Selling for up to $3M, Now Priced from $1.395M to $1.575M"
(I suspect that the real estate agent is exaggerating slightly - I doubt that the same apartment that Con purchased would sell for less than $1M. So the million dollar discount is a bit of a stretch. Video here.)
These discounts make it hard for an original buyer to resell without making a huge loss.
In any event, even these discounted prices are high for a 3 bedroom apartment that is not riverfront and that is sandwiched by Skyline and Soleil.
Friday, March 30, 2012
AFR: Qld Property Due for Kick Start
For years now, much of Queensland has been a home-grown testament to how property booms can go dreadfully wrong. But a select few see the parlous state of the Queensland housing market as a rare opportunity to pick up homes with great growth prospects at bargain prices. Many see the landslide election of the LNP government as a key catalyst.
Earlier in March, private equity firm Engage Capital bought 19 luxury apartments from the Bank of Scotland in The Macrossan tower in central Brisbane, developed by Macquarie Group. Engage Capital director Ben Grootemaat says he paid about $1 million less for each apartment than off-the-plan prices. He thinks Brisbane values have bottomed and he plans to sell the homes straight away, claiming there is strong demand for the right kinds of apartment at the right price. “There is a lot of demand, especially for three-bedroom residences,” he says. “We have a strong level of interest.”
He’s not the only one positive about the sunshine state. Veteran developers Ken Woodley and David Devine founded apartment developer Metro in March 2010. Since then they have bought or are in the process of buying 2500 apartments in inner-city Brisbane. Woodley says the company sold more than 450 apartments last year, and hopes for a similar result this year. The drivers he is banking on are a tight rental market and the influx of resources employees.
“Because of the huge influx from the resources companies in the office towers, I think what is going to happen within six months is people will have to pay three months’ to six months’ rent in advance to secure an apartment,” Woodley says. “There really aren’t many being built.” But he’s also hoping a confidence boost will come with the reforms new Premier Campbell Newman has promised to deliver in his first 100 days in office. One is stamp duty exemptions for the principal place of residence, which may become law on July 1, costing the government $900 million.
Combined with more interest rate cuts that most banks are still expecting, housing will become more affordable. “I would think those two things would kick start the market,” Woodley says.
The value of houses in Brisbane fell 7.6 per cent in the 12 months to the end of February, according to RP Data Rismark, the worst decline in any mainland capital. The fall in values and dearth of credit have caused a plunge in building. Mirvac research figures show per capita housing levels in Queensland have plunged to their lowest levels since about 2002. But Hoke Slaughter, Morgan Stanley head of real estate investing in Asia, believes the supply-demand picture in Queensland will be “quite attractive” when the market finally recovers. And there are certainly some bargain prices on offer.
Queensland has been littered with receivership sales. Receivers KordaMentha predicted last month there would be an increase in the volume of distressed assets put to market in the state this year as financial institutions attempted to clean up their loan books. Savills agent Greg Harris is selling new townhouses on the Gold Coast that were once priced at $635,000 for about $500,000. He says although prices have fallen 30 per cent, rents haven’t.
Australian Property Monitors senior economist Andrew Wilson says some “green shoots” are emerging in Brisbane. Home values fell 1 per cent in the three months to February, according to his figures, a slower rate of decline than last year. There were other early signs of improvement, such as an increase in home loans and positive feelings about the new government, which may improve buyer sentiment. “The whisper around is we’re just starting to get some early cycle momentum in that Brisbane market,” Wilson says. “With the election behind them, there is always a honeymoon period for the market, which can lead to a more positive attitude.”
Sunday, March 27, 2011
How Many Apartments for Sale in Brisbane?
- 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
Saturday, February 19, 2011
Macrossan, Soleil and Skyline


Sunday, February 13, 2011
New Apartment Projects In Brisbane

Sunday, May 9, 2010
Skyline

My favourite floorplan in Skyline (30 Macrossan Street) is the G2 floorplan. It is a 3 bed apartment, and most have 2 carparks. There is a big difference in views from lower floors (which have a good city street view towards the Marriott Hotel, and some river glimpses between Admiralty Quays and Admiralty One) and the higher floors, that have a river view over Admiralty One.

Saturday, December 26, 2009
Skyline sales in 2009
Skyline, at 30 Macrossan Street, has had 16 sales in 2009, mostly from the developer clearing unsold stock of 3 bedroom apartments. Most of the owners are investors who do not live in the building. At least 2 investors lost money when reselling this year.
- Lot 12, 3 bedroom 2 level "townhouse" with outdoor area - sold in October for $950,000 (previous owners reportedly paid $1,240,000)
- Lot 82 - 2 bed, 87 sqm internal, 15 sqm balcony - sold in January for $645,000
- Lot 95 - 1 bed, 50 sqm internal, 11 sqm balcony - sold in February for $335,000
- Lot 134 - 3 bed, 2 bath - 101 sqm internal, 19 sqm balcony - sold in June for $694,000
- Lot 211 - 3 bed, 2 bath - sold in February by developer for $720,000
- Lot 221 - 3 bed, 2 bath - sold in February by developer for $776,000
- Lot 231 - 3 bed, 2 bath - sold in February by developer for $725,000
- Lot 254 - 3 bed, 2 bath - 101 sqm internal, 19 sqm balcony - sold in March for $782,000
- Lot 271 - 3 bed, 2 bath - sold in February by developer for $750,000
- Lot 281 - 3 bed, 2 bath, 114 sqm internal with 22 sqm balcony - sold in March by developer for $755,000
- Lot 291 - same as above - sold in March by developer for $795,000
- Lot 391 - 3 bed, 2 bath, total size 142 sqm - sold in October for $875,000 (previous owner paid $910,000)
- Lot 441 - 3 bed plus study, 225 sqm internal plus 16 sqm balcony - sold in August by company related to developer for $1,800,000
- Lot 442 - sold in August by developer for $1,800,000
- Lot 451 - same as 441 - sold in August by developer for $1,800,000
- Lot 452 - sold in September by developer for $1,750,000
Saturday, August 29, 2009
Admiralty


Photos of the Admiralty apartment precinct, on the Brisbane River. From left to right, the apartment buildings are Admiralty Towers Two, Admiralty One, Admiralty Quays and River Place. Note that Skyline and Macrossan are not river front building. Skyline is the gray building behind Admiralty One. Macrossan is still under construction behind Skyline and cannot be seen.
Friday, November 7, 2008
Skyline Price Decreases
Saturday, October 25, 2008
Soleil Tower Sales Launched Today
Meriton's Soleil, its first building in Brisbane, launches this weekend. (Completion of the building is planned for 2011 or 2012.)
It will be 74 levels, and 234 metres high, located at the end of Adelaide Street, behind Skyline and next door to Macrossan (which is under construction).
Floors 31 to 64 contain the apartments that Meriton will sell. Floors 65 to 74, comprising 42 apartments, are not for sale. Floors 30 and below will probably be 175 serviced apartments, owned and managed by Meriton. A total of 188 apartments will go on sale this weekend. They are 1 to 3 bedroom apartments. The 2 and 3 bed apartments have 2 bathrooms, and an underground carpark (up to 10 levels below Adelaide Street level).
On the higher floors (above level 41), there are five apartments per floor. There are 3 elevators for about 220 apartments, which is not a great ratio. (Admiralty Two, just nearby, has 191 apartments and six elevators.)
None of the apartments have balconies. Airconditioned, full length windows, and floor to ceiling tiles in the bathroom. Indoor pool and gym.
Here are some example two bed, two bath apartments:
Apartment 6001, level 60, views south down the Brisbane River over the top of Skyline, 79 sqm and 1 car park. Listed for sale at $823,000, which is about $10,400 a sqm.
Apartment 4205, level 42, limited views between Admiralty Quays and River Place, but good views over All Hallows, 83 sqm and 1 car park. Listed for sale at $672,000, which is just over $8,000 per sqm.
Apartment 5204, level 52, views over Admiralty Quays, 78 sqm and 1 carpark. Listed for sale at $688,000, which is just over $8,800 a sqm.
Compare existing, older stock of 2 and 3 bedroom apartments nearby:
- Admiralty Two, Level 4, direct riverfront, 103 sqm (including balconey), listed at $720,000
- Skyline, Level 27, river views, 102 sqm (including balconey), fully furnished, listed at $720,000
- Admiralty One, Level 18, direct riverfront, 3 bedrooms, 2 carparks, 150 sqm, listed at $880,000.
- Quay West, Level 16, river and park views, 120 sqm, listed at $850,000
- River Place, Level 13, direct riverfront, 116 sqm listed at $675,000 or $675,000
Overall, Soleil is in a great location, the floor plans seem to be well designed, and Meriton will deliver. Care should be taken when selecting, as some apartments will not have great views due to neighbouring buildings -- but some apartments should have great views (if you like heights!). The apartments are a little small for my liking, and I am not sure about lack of balconey.
Saturday, July 12, 2008
Meriton on Adelaide Street
See Brisbane Times article
"...Meriton last week resubmitted plans for a new 250m building, to be constructed on the corner of Adelaide and Macrossan streets, which it describes as "tall, slim and elegant".
The tower's facade comprises grey-coloured glazed windows broken up by "continuous vertical elements" and horizontal perforated metal screens, according to Meriton's new development application.
Large expanses of clear glass on lower levels will create a colourful and active footpath space, the developer said. It plans to include street-level retail space for restaurants and cafes.
The highrise tower will combine a mixture of serviced and residential apartments, while a three-storey podium will include commercial space.
The building will also boast a 10-level basement car park that is tipped to require one of the biggest excavation efforts in the city's construction history...."
PhotosSunday, July 6, 2008
More Construction in Brisbane
Always be careful th at your view will not be blocked out! Some recent photos:
Three bedroom apartments in Skyline will be impacted by Macrossan being built next door:
Thursday, July 3, 2008
Meriton's Adelaide Street Tower
Meriton's large skyscraper for Adelaide Street in Brisbane has been redesigned. It is located next door to the Macrossan Apartments (under construction) and Skyline.
More details here.
Monday, May 19, 2008
Brisbane Project Sales - First Quarter 2008
Of these six buildings, there were only 20 reported sales in the first quarter 2008.
Aurora - 2 sold, none remaining for sale
Evolution - 3 sold, 23 available for sale
Pinnacle - 1 sold, 12 available for sale
Skyline - 2 sold, 16 available for sale
The Macrossan - 1 sold, 13 available for sale
Vision - 11 sold, more than 100 available for sale
Empire Square - about 100 available for sale
Trilogy - 192 hotel rooms and 109 Skyhomes available for sale
Totals - 20 sold, about 592 available for sale.
By way of reference, there are just under 7000 completed apartments in the Brisbane CBD. In 2007, there were 1229 apartment sales in the Brisbane CBD.
Sunday, May 11, 2008
Meriton Tower - Back to the Drawing Board


Meriton told to resubmit plans for 'appalling' skyscraper
Georgina Robinson | May 7, 2008
Property developer Meriton has been unceremoniously told to go back to the drawing board with plans to build an "appalling-looking" 76-storey skyscraper in the Brisbane CBD.
Liberal and Labor politicians used a meeting of Brisbane City Council's urban planning committee to roundly condemn the proposed Adelaide Street tower for its potential traffic impacts and "appalling design". Lord Mayor Campbell Newman also made an unusual visit to the meeting to declare his opposition to the 403-unit project in its current form.
The proposed site is at the intersection of Adelaide and Macrossan Streets in the so-called Petrie Bight, one of Brisbane's most densely populated precincts. Its 400-plus units would be a mixture of serviced and residential apartments, set atop a podium of commercial space and 10 levels of carparking.
Central ward councillor David Hinchliffe said many locals were worried another influx of apartment dwellers would choke the tiny streets around the area, which is already home to Skyline and the Macrossan building, which is under construction. But Meriton planning manager Walter Gordon said the company had been working closely with council planners for 12 months to sort out the traffic issues.
Council planning chair Amanda Cooper said the committee was also "underwhelmed" with the tower's design. "We want to see something we're proud of, not something we're trying to disguise with other things around it," Cr Cooper said.
And Cr Newman asked his comments be noted in the meeting minutes. "We've been talking about excellence in design for years here," he said. "This does nothing, I don't see any merit in that whatsoever." A disappointed Mr Gordon said he was unaware such objections existed. "I'm a bit disappointed that having worked so closely with council and we come up to this stage to hear nobody likes it," he said. The committee instructed Meriton and council planning officers to do more work on traffic management and design.
Saturday, February 2, 2008
Brisbane Construction
As reported on SkyScraperLife (including projected completion date and name of builder):
Under Construction:
Centary Square [108 Wickham St] -- Feb-08 <<>>
Evolution - [18 Tank St] -- due Apr-08 <<>>
Green Square [503 St. Paul’s Tce] -- Jun-08 <<>>
Tribune [199 Grey St] -- Jun-08 <<>>
WBC Annex [199 George St] -- Jun-08 <<>>
Devine Office [333 Ann St] -- Sep-08 <<>>
Wesly Mission [110 Ann St] -- Sep-08 << ???????? >>
545 Queen St [545 Queen St] -- Nov-08 <<>>
Petrie Barracks [Given Tce] -- Nov-08 <<>>
Central Plaza 3 [80 Eagle St] -- Dec-08 <<>>
NAB Annex [308 Queen St] -- Dec-08 <<>>
53 Albert St [53 Albert St] -- Mar-09 <<>>
Brisbane Central [140 Elizabeth St] -- Mar-09 <<>>
Matisee tower [110 Mary St] -- Mar-09 <<>>
NorthBridge [31 Tank St] -- Mar-09 <<>>
AM60 [42 Albert St] -- Mar-09 <<>>
The Macrossan [475 Adelaide St] -- Jun-09 <<>>
Suncorp Tower [179 Turbot St] -- Jun-09 <<>>
Icon Place [270 Adelaide St] -- Jun-09 <<>>
Sky Campus [400 George St] -- Dec-09 <<>>
NorthBank Plaza [275 George] -- Dec-09 <<>>
Vision [131 Mary St] -- Jun 2012 <<>>
Pending Start: (real Projects with construction contract, due to start soon)
Trilogy [480 Queen] -- <<>>
111 Eagle St [111 Eagle St] -- <<>>
Union [Milton Station 150 Milton Rd] -- <<>>
Westminster Hall [145 Ann St] -- <<>>
Southpoint [Collins Place] -- <<>>
Meriton [495 Adelaide St] -- <<>>
550 Queen St [550 Queen St] -- <<>>
Not all of these are apartments. Will these block views of existing apartments?
Saturday, September 8, 2007
Skyline
Colliers PRD reports that as at the end of June 2007 quarter, 33 of the 192 apartments remain for sale.
I was told that the developer had a number of 3 bedroom apartments available for sale. All 2 bedroom apartments have been sold by the developer.
I was also told that many people purchased off the plan with the intent of reselling around settlement.
I had a tour through the building, and was mostly disappointed. I was glad that I didn't buy any apartments.
Some comments:
- J type - 78 sqm internal, 98 sqm total. This was sold as a two bedroom, but the second bedroom is fully internal, and has "windows" looking into the kitchen. It is really a one bed plus study. It has river views between Admiralty Quays and Admiralty One. It was sold off the plan in the high $500K. There have been resales at less than $600,000, and there are many of these apartments on the market for resale. Overall, these are small, darkish apartments, and in my opinion are not very nice. My opinion is that these apartments are not worth more than $500,000.
- I type - 87 sqm internal, 102 sqm total. Two bed, two baths, no walk-in-robe. This apartment is a triangle in shape. You enter into the kitchen, which has a strange shape, and the island bench looks at a blank wall. The kitchen is around a corner, so to speak, and is dark. The dining area is large, and the living room has limited views between Admiralty Quays and Admiralty One. Both bedrooms are at the front, with views. This could have been a good apartment, apart from the overall shape and kitchen -- which does not work. There are a number of these apartments for resale between $650,000 and $680,000. My opinion is that these apartments are not worth more than $600,000.
- G2 type - 117 sqm internal, 142 sqm in total. Three bed, two baths. This apartment has a large feeling. There is a river view from the balcony and sideways from the living room. The living/dining/kitchen have a really nice vista down Howard Street to the city. The bedrooms are at the back of the building (Arch Lane). For the moment, they have a western vista across the northern end of the downtown. This view will soon disappear with Macrossan Apartments are built right next door, probably turning these nice apartments into dark apartments. The main bedroom has an open bathroom, so from the bed you have a view of two vanity basins. The built in wardrobes are in the bathroom. So what could have been a nice apartment has a strange main bedroom/ensuite design and will soon the bedrooms will be built out by Macrossan Apartments. The developer has a number of these available from $720,000 to $885,000, and is prepare to discount them to clear. There are resales starting at $690,000. On a price per sqm basis, these are good value. But long term, it will not be good. So I would value these at $650,000.
- K type - 101 sqm internal, 120 sqm in total. This is a small three bedroom at the front on the north-eastern side. When you walk in the door, and from the back of the apartment -- wow! A great river view. But as you move forward, you notice that this apartment is really behind Admiralty Quays. The main bedroom, at the front, basically looks into the back of Admiralty Quays. The living room is set up so that from your couch, when looking at the TV, your view out the window is of Admiralty Quays and not the river. The main ensuite has the same flaws as the G2 type. The second and third bedrooms look at the back of Devine's River Place. This is a small 3 bedroom, that has little privacy and a bad feeling due to Admiralty Quays. The developer has stock left at $835,000 to $855,000. There are resales available for $800,000 and less. My view is that these apartments are worth about $750,000.
- On the high floors are some magnificent three beds plus media room. They combine, in effect, the I and J types. All three bedrooms are at the front, and they are high enough to look over the Admiralty buildings. These are magnificent apartments. Resales at about level 30 around $1,500,000.
1BRMOther comments. The pool is very small, and closed in by Admiralty Quays and Skyline. The tennis court looks fine, but has no lights and cannot be used at night -- and so will not be useful for most city workers. The quality of finishes is good, but becoming standard. Nothing that you would not expect from a new city apartment building. There will be two retail stores on the ground floor.
Unfurnished: $360.00
Furnished: $420.00
2BMR
Unfurnished: $550.00
Furnished: $650.00
3BMR
Unfurnished: $750.00
Furnished: $950.00
3BMR+MEDIA
Unfurnished: $950.00
Furnished: $1100.00
Overall, my opinion is that this is a B grade location. It will be no different to Aurora Towers -- river views, one block back. It is not a prime position, and is surrounded on one side by buildings and soon will be surrounded on the other side. There appear to be many speculators who have bought of the plan. It suspect that they will get burnt. Owner-occupiers will be disappointed with the floor plans, and anyone below level 30 will be disappointed with the views. It is, in my opinion, misleading to call this building riverfront, and to say that it is "the only Brisbane high-rise development to boast river vistas from every single apartment" is clearly misleading, as the H and H1 apartments on the lower floors have only a tiny glimpse of the river between River Place and its car park.