Developments in Brisbane

A good website to look for future developments in Brisbane is the Brisbane Development website.  It demonstrates that there are many large apartment buildings in the pipeline for Brisbane.  Some examples:

• CavCorp's proposal for 366 apartments at Newstead Gasworks.
• Walker Corporation has plans for 433 apartments on Ann Street in the Valley.
• Aria plans for 84 apartments in Vulture Street in the South Brisbane
• Plans for 353 apartments on Brunswick Street in the Valley

Before buying, it is worth looking to see if your views will be blocked by any proposed new development.  And keep in mind that there is likely to be an oversupply of new apartments in Brisbane in the next 2 years.  Maybe wait until these buildings all settle, and you may then get a better price.

The Brisbane Development website has a good interactive map showing developments.

Milton off-the-plan apartments

There are two competing apartment developments in Milton, currently being developed.

• The Milton, being developed by FKP, at 55 Railway Terrace.  FKP has announced recently that it will be focusing on retirement properties, rather than residential developments.
• Westmark Milton, being developed by Lang Walker from Melbourne, at Railway Terrace between Walsh and Manning Streets.

FKP's renderings show a park across the road from its development.  What FKP does not show is any illustration with the Westmark building, that will (I suspect) block out any river or city views that residents of The Milton may have been expecting.

Due to the railway, both buildings should have uninterrupted views of the XXXX brewery.

The Milton -- but where exactly is the green space that is shown?

Across the road is Westmark

Yet Another Milton Development

Following on from FKP's The Milton and Walker Corporation's neighbouring development, there is now Savior Faire Residents at 27 Manning Street.  It will have 65 apartments over 14 levels.  One and two bedroom apartments.  Seems like a lot of new apartments, but with no new facilities planned for the  neighbourhood.  The old character houses in this area are slowly being replaced by high rise.

Lang Walker's View - No risk of housing bubble

From the AFR on 17 October, page 43:  A story about property developer and investor, Lang Walker.

"I saw that one of the guys from the Reserve Bank came out and was worried about a bubble.  He mustn't get out of his office.  We're definitely not at any risk of a bubble.  It's almost the opposition."

On page 23, it was reported that Bank of Queensland, which lends to many Queenslanders, increased its bad and doubtful debt write-offs.  An Deutsche Bank analyst is reported as saying: "It is clear that conditions in SE Qld remain challenging and we believe that the bad debt environment for the banks over the next 12-24 months is likely to deteriorate."

Another Milton Development

Walker Corporation announced it had bought land in Brisbane's inner west to embark on a new a $100 million-plus development with shops and 243 apartments across two towers, 12- and 20-storeys high.

Walker Corp has bought for a new mixed-use project at Milton in Brisbane was sold by Mominvest C, a company owned by Sydney-based John Hayson. The 3240sq m property fronting Milton Railway Station on Railway Terrace is an amalgamation of eight housing lots, with development approval for 243 apartments and shops.

Walker Corp plans to build one- and two-bedroom apartments priced between $420,000 and $550,000 within the traditionally industrial and low-density residential area where the Lion Nathan Brewery is also located. "Our project will provide high-quality, yet affordable accommodation for young people, who want to live less than 2km from the CBD," Mr Walker said.

The purchase is diagonally opposite FKP's The Milton project (at one time called Union).  According to the AFR yesterday, The Milton is close to 50% pre-committed (whatever that means).  It will be interesting to see if the Walker buildings block the views from The Milton.

See The Australian and AFR