Macrossan and Soleil growing

A nice photo from Chris Hinds showing Macrossan Residents and Soleil growing, with Skyline to the right, and then Admiralty Quays and Admiralty Towers One.

Admiralty Precinct

Colin Walsh from Ray White CBD Residential is mailing out an interesting report of sales in the Admiralty precinct. He calls it his 2010 mid year report.

Summary of report:

Skyline - 10 sales, including Type J two bed average price at $570,000 and Type K three bed at $780,000

Riverplace - average price for Type B two bed reported at $720,000

Admiralty Quays - 3 sales: 1 bed at $590,000; 2 bed at $800,000; 3 bed at $1M.

Admiralty Towers One - 3 sales: including 1 bed at $575,000 and 2 bed at $750,000

Admiralty Towers Two - 7 sales: including 2 bed Type B for $850,000 and three bed Type F for $1,063,800.

Compared with 2009 average prices for comparable apartments, Admiralty One and Admiralty Two are the only buildings where the average price has increased across all apartment types in the first half of 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.

The downside with this apartment is that each of the 3 bedrooms will look into The Macrossan tower and the Soliel tower, both being built right next to Skyline.

Apt 401 in Skyline, which is this floorplan on one of the highest floors, is currently listed for sale for $899,000. The listing states: "This apartment has been priced for a quick sale at only $899,000+. It was independently valued at $990,000 in September 2009."

This apartment was sold off-the-plan in September 2004 for $770,000. The current owner paid $970,000 in November 2007.

The same apartment downstair, Apt 391, sold for $875,000 in October 2009, so my guess is that the independent valuer for 401 was wrong by $100,000! Also:

Apt 291 sold for $765,000 in October 2009.

Apt 281 sold for $755,000 in March 2009.

Apt 141 sold for $740,000 in February 2010.

Apt 91 sold for $707,500 in November 2009.

The developer has a number of this type of apartment still on his books, it seems.

NearMaps

Here are some great recent photos from NearMaps of various Brisbane apartment complexes:

• Fresh Toowong & Encore Toowong
• Parklands Sherwood
• Tennyson Reach
• Admiralty Precinct, including Meriton's new development (and here too)
• Newstead River Park
• Hamilton Portside
• Water's Edge site, Flow and Riverpoint
• South Bank, Arbour on Grey

Charlotte Towers, Festival Towers, Felix, Sebel Brisbane: here

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

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.

Brisbane Unit Auction Results

• Breeze at Indooroopilly,41/8 Belgrave Road: 3 bed, highest bid at auction was $400,000, auctioneers bid of $780,000, passed in, now listed for $900,000
• Admiralty Quays, 144/32 Macrossan Street, Brisbane, 3 bed, sold for $1,885,000
• Skyline, 62/30 Macrossan Street, 2 bed, passed in at $563,000, now listed at $600,000
  
• Dockside Hotel, 601/44 Ferry St, Kangaroo Point, 2 bed, no bid
• Dockside Hotel, 510/44 Ferry St, Kangaroo Point, 2 bed, no bid
• MacArthur Chambers, 104/229 Queen Street, 2 bed, 2 cars, passed in at $720,000, now listed at $790,000
• 95/260 Vulture Street, South Brisbane, 2 bed, passed in at $645,000, now listed at $675,000
• Aurora, 117/420 Queen Street, 2 bed 1 bath, sold for $395,000
• 7/146 Macquarie Street, St Lucia, 2 bed 1 bath, sold for $500,000
  

Most of the above were auctioned at the Ray White Sunday Auction

Recent Apartment Sales in Brisbane City

Skyline - Apartment 344 - Level 34 - Two bedrooms - $600,000 (highest bid, did not sell, relisted at $650,000 and did not sell. Current owner paid $695,000)
Aurora - Apartment 439 - Level 43 - Two bedrooms - $460,000
Club Lodge - Apartment 51 - Two beds, two cars - $440,000
Vue - Apartment 2409 - Two beds - $445,000
River City - Apartment 3802 - Two beds - $403,220
Flow West End - Apartment 80 - Four beds - failed to sell at auction

Water Leak in Skyline Apartments

I have never been a fan of Skyline apartments in Brisbane. They were marketed as river front, when they are not. The apartments are generally small and poky. The quality of the fitout was average. The Courier Mail reports on Saturday that there was a major water leak in the building, impacting a number of apartments, and doing a huge amount of damage. "Apparently about 48 units in the Watpac-built complex were affected, with the builder blaming the subcontractor and so forth..." One resident on level 23 reports more than $100,000 of damage to her apartment. Does not bode well for this building.

Low Ball Skyline

Skyline is selling new 3 bedroom apartments for $650,000. This is less than some of the two bedroom prices in Skyline. These apartments were recently marketed for $720,000 plus. They are nice city apartments, but will be crowded out by Meriton's Soleil and Macrossan towers.

Skyline Price Decreases

Skyline is selling new 3 bedroom apartments for $650,000. This is less than some of the two bedroom prices in Skyline. These apartments were recently marketed for $720,000 plus. They are nice city apartments, but will be crowded out by Meriton's Soleil and Macrossan towers.

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

From what I can tell, the current actual sales price for direct riverfront apartments in the city is between $6000 and $7000 a sqm.

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.

Ray White Sunday Auction Results

See Courier Mail blog

• Felix: 342/26 Felix St, 2 bed, 2 bath, sold for $495,000.
• Festival Towers, 1901/108 Albert St, passed in $450,000
• Festival Towers, 3508/108 Albert St sold prior to auction, reported at $555,000 or $445,000??
  
• Charlotte Towers, 1502/128 Charlotte St, 2 bed 2 bath, passed in on vendor’s bid of $420,000
• River Place River Terrace House: 1/82 Boundary St was passed in at $1.35 million, now listed at $1.5M
• Skyline, 12/30 Macrossan St, three bedroom unit passed in at $900,000, now listed at $1,240,000
  
• Aurora Tower Penthouse: 651 and 656/420 Queen St passed in at $2.4 million, now listed at $2.6M
  
• Soho, 416/8 Cordelia St, 1 bed, South Brisbane was passed in at $280,000
• SoHo, 615/8 Cordelia St was passed in for $465,000, looking for offers above $500,000
  
• SoHo, 108/8 Cordelia St passed in at $505,000
• Euro, 1308-2-6 Manning St, South Brisbane, 2 bed 2 bath, passed in at $400,000
• Trilogy, 336/51 Hope Street, Spring Hill, 2 bed, 2 bath passed in at $540,000, sold after for $550,000 (vendor was off the plan owner who had paid $595,000)
  
• Stradbroke Tower, 74/2 Goodwin St, Kangaroo Point passed in at $875,000
• 1/24 Brisbane Street, St Lucia, sold for $414,000
• 6/211 Baroona Rd Paddington, 2 bed, 1 bath, sold for $431,000
• LeftBank, 64/35 Buchanan St, West End, passed in at $1.15 million

"Hundreds turned out to the convention centre on Sunday to see 80 properties offered for sale as part of the Ray White Property Auction Spectacular. There was a wide range of units and houses was on offer but properties sold under the hammer for prices well below what would have been expected six months ago.
Chief auctioneer Philip Parker said he pleased with the lacklustre clearance rate of almost 30 percent but said those who sold at auction realised they were not going to get what they thought their property was worth before the economic downturn. He said while no-one was happy with the current economic climate, sellers realised if they wanted to move a property they had to meet the market.
``Out of those that sold today, only one buyer didn’t go down on their original (minimum) price,’’ Mr Parker said.
He said the vendors who didn’t budge, didn’t get a sale. Negotiations are continuing on several properties offered for sale." http://blogs.news.com.au/couriermail/publicproperty/index.php

Future Brisbane Apartment Developments

There is likely to be a shortage of apartments in Brisbane in the near future. (This statement assumes that that is not massive unemployment in Brisbane.) There are few developments under construction, and so very little new stock will come onto the market in the next three years. What new stock remains unsold is either overpriced or poor quality.

Downtown Apartments

• M on Mary - completed - mostly poor quality 1 bedroom apartments, mostly unsold. Developer has ceased sales campaign and is running this building as short term accommodation
• Evolution - completed - about 20 apartments unsold - small and overpriced
• Skyline - completed - about 20 apartments unsold - building surrounded by other buildings, and generally overpriced
• Aurora - completed
  
• Empire Square - cancelled
• Trilogy Tower - status uncertain - in presales, with planned completion in 2012 - both hotel rooms and expensive apartments
• Vision - status uncertain - in presales, with completion not before 2012
  
• Soleil Tower - soon to start presales - 403 apartments, with completion about 2011
• French Quarter - early days, no planning approval
  

Inner City

• Flow (West End) - completed - about 5 remain unsold, will negotiate on price to sell
  
• Koko (West End) - completed - about 5 remain unsold, will negotiate on price to sell
• Tempo (West End) - completed - about 5 remain unsold, will negotiate on price to sell
• IceWorks (Paddington) - almost complete - about 6 apartments remain unsold
  
• SL8 (West End) - under construction, with completion expected in April 2009, poor location
• Waters Edge (West End) - off-the-plan selling, overpriced and selling poorly, completion in 2010
• Ciana (Indooroopilly) - almost complete - about 25 out of 130 apartments remain unsold - good value
  
• Tennyson Reach - 2 buildings nearing completion, 1 building not far behind, 3 more buildings planned
• Newstead Waterfront - 2 buildings selling well off-the-plan
• The Mill at Albion - almost sold out, relatively expensive
• El Dorado Village - to be launched to the marketing in October 2008, completion likely in 2011
• Milton Union - received planning approval

Sales and Auction Results for Brisbane Apartments

Felix

• Apt 294 - highest bidder = $395,000

Skyline

• Apt 254 - passed in
• Apt 422 - passed in
  

Riverplace

• Apt 32 - highest bid - $640,000
• Apt 304 - passed in

Aurora

• Apt 583 - highest bid $900,000
• Apt 584 - highest bid $900,000

Casino Towers

• Apt 3104 - sold for $316,000

River City

• Apt 2105 - sold for $375,000

Soleil - Meriton's New Adelaide Street Highrise

Soleil is taking expressions of interest and they have started advertising.

"At Meriton we never compromise on quality with any of our apartments. You will always get the very best of everything at an affordable price. Meriton the country's only major developer that is 100% Australian owned and managed will be building a 74-level tower situated on Adelaide St within Brisbane's CBD called Soleil.

Soleil will be the most impressive building in Brisbane, with superb, affordable luxury apartments starting from the 31st floor, maximizing the outstanding views at every turn. This development will also include 30 commercial offices, 3 retail shops and 175 serviced apartments.

As with many Meriton developments, Soleil will have access to resort style facilities: an indoor heated lap pool, gymnasium, spa, sauna and theatrette."

As you can see from the image below, it blocks out Skyline completely.

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:

Macrossan 1

Macrossan 2

Some apartments in Aurora will be impacted by the taller Trilogy :

Trilogy Aurora

Aurora Trilogy

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.

Brisbane Building Heights

Trilogy (proposed) - 265 m
Vision (proposed) - 259 m
Empire Square (proposed) - 250 m
French Quarter (proposed) - 230 m ??
Aurora - 207 m
Riparian Plaza - 200 m
Skyline - 150 m
Waterfront Place - 162 m
M on Mary - 145 m
Charlotte Towers - 138 m
Festival Towers - 135 m
Felix - 131 m
Admiralty Towers Two - 126 m
Casino Towers - 120 m

Brisbane Project Sales - First Quarter 2008

Not including M on Mary (for which no data is easily available), there were only six new apartment projects selling in the January to March 08 quarter. These were Aurora, Evolution, Pinnacle, Skyline, The Macrossan and Vision. (Empire Square and Trilogy Tower were taking expressions of interest, but no contracts were issued or signed in this quarter.)

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.