Showing posts with label admiralty two. Show all posts
Showing posts with label admiralty two. Show all posts

Sunday, January 13, 2019

Brisbane Apartment Market Update

In the downtown area of Brisbane, there are a few new apartment buildings adding stock to the market.  These include:

  • Mary Lane which is on top of the newly opened Westin Hotel in Mary Street, with many apartments sitting empty (this is the replacement for 111+222 that did not go ahead)
  • 443 Queen Street, on the Brisbane River, which is currently under construction
  • Brisbane SkyTower, which is nearing completion but with the lower floors occupied prior to completion (this is the other part of the replacement for 111+222 that did not go ahead)
  • The One Residents at Brisbane Quarter (which is where the W Hotel is located), currently under construction
  • Spire Apartments on Queen St, but not riverfront, complete but with very few new apartments available for sale

For sales of existing apartments, the trends depend upon the building (quality and location).  Ray White has recently published a report of sales from October 2018 to December 2018.  It shows:

- In some buildings, there have been no sales.  These are good quality buildings, in good locations, with large apartments and fewer apartments.  The owners don't want to sell.  There are less renters and more owner occupiers.  An example is Admiralty Towers Two, at 501 Queen St on the river.

- In some buildings, there are a few sales, and there have been capital gains over the past 10 years.  For example, in this period, a large 1 bedroom in Quay West on Alice St has increased in price from about $390,000 to $525,000.  Riverplace has also done well over the past 10 years.

- In buildings which are in second rate locations, with a poor quality build, there have been no capital gains over the past ten years, and in reality, capital losses.  Buildings by Devine (and the people who did this are now at Metro) are an example.  For example, in Festival Towers, a 2 bed, 2 bath, 1 car was selling for about $500,000 ten years ago, and one sold recently for $470,000.  In Charlotte Towers, 1 bed 1 bath no car apartments have been selling consistently in the price range of $300,000 to $330,000 for the past 10 years with no capital gain.  Unilodge (which is really student accommodation) has stayed flat at the $125,000 to $130,000 range for ten years.


Saturday, March 3, 2018

New or resale apartment?

I am often asked whether it is better to buy a new or a resale apartment.  Often, you get better value in a resale apartment.  There are less marketing and agent costs, and the seller does not have to achieve a price to satisfy a bank or investors.  A resale apartment may have an older kitchen or bathroom, but will often be larger.

Before buying a new off the plan apartment, look at what is available today for resale.  For example, this apartment in Admiralty Towers Two, on a high floor, is listed for sale at $749,000.  This is in a good location on Queen Street, near the Marriott Hotel and the Howard Smith Wharf development.   It is direct river front, has excellent views, deducted air-conditioning (not a split system) and is 116 sqm (much larger than most new two bedrooms.)  Currently, it achieves $670 a week rent.


Tuesday, May 2, 2017

Recent Brisbane City Apartment Sales

M on Mary
Apt 1506, 1 bed, 1 bath, no car - $310,000

Charlotte Towers
Apt 4011, 1 bed, 1 bath, 1 car - $390,000
Apt 2804, 1 bed, 1 bath, no car - $311,000
Apt 3602 - 1 bed, 1 bath, 1 car - $410,000

Casino Towers
Apt 2306, 1 bed, 1 bath, no car - $310,000

Riverplace
Apt 277, 2 bed, 2 bath, 1 car - $600,000
Apt 157, 2 bed, 1 bath, 1 car - $552,000
Apt 175, 2 bed, 1 bath, 1 car - $552,500
Apt 234, 2 bed, 2 bath, 1 car - $772,000

Aurora
Apt 528, 2 bed, 2 bath, 2 car - $808,000

Admiralty Towers Two
Apt 3, 3 bed, 2 bath, 2 car - $975,000
Apt 95, 3 bed, 2 bath, 2 car - $1,350,000
Apt 100, 2 bed, 2 bath, 1 car - $730,000

Felix
Apt 216, 2 bed, 2 bath, 1 car - $520,000

Admiralty Quays
Apt 49, 3 bed, 2 bath, 2 car - $1,075,000

More the most part, these prices are similar to prices that were being achieved 7 years ago.  Riverplace has had the biggest increase in value over this period.

Thursday, January 26, 2017

Brisbane City Apartment Sales

Recent sales in November and December 2016:

Parklands
Apt 3104 - 2 bed, 1 bath, 1 car - $590,000
Apt 3036 - 3 bed, 2 bath, 1 car - $650,000

Charlotte Towers
Apt 1207 - 2 bed, 2 bath, 1 car - $460,000
Apt 1502 - 2 bed, 2 bath, 1 car - $490,000
Apt 1704 - 1 bed, 1 bath, 0 car - $322,500
Apt 602 - 2 bed, 2 bath, 1 car - $510,000

Riparian
Apt 4301 - 3 bed, 3 bath, 2 car - $2,562,000

Admiralty Towers One
Apt 135 - 2 bed, 2 bath, 1 car - $615,000
Apt 21 - 2 bed, 2 bath, 1 car - $720,000

Admiralty Towers Two
Apt 29 - 3 bed, 2 bath, 2 car - $1,059,000

Meriton Infinity
Apt 2907 - 1 bed, 1 bath, 1 car - $420,000
Apt 5006 - 2 bed, 2 bath, 1 car - $600,000
Apt 5406 - 2 bed, 2 bath, 1 car - $580,000

Riverplace
Apt 109 - 1 bed, 1 bath, 1 car - $516,800

Festival Towers
Apt 2905 - 1 bed, 1 bath, 1 car - $390,000

Aurora
Apt 248 - 2 bed, 1 bath, 1 car - $400,000

Capital gains were best for direct riverfront buildings and worst for the large apartment towers built by Devine (Charlotte Towers and Festival Towers and Aurora).  The Devine developers now run Metro.


Thursday, February 18, 2016

Apartment lawyer in trouble

Well known lawyer, Michael Teys, has been banned by ASIC from being a director.  Mr Teys often advises body corporate committees in relation to issues with onsite managers.  For example, he advised the committee of Admiralty Towers Two not to accept the assignment of the management rights from bank receivers to a professional manager due to the honesty and business skills of the proposed manager.  Very strange.  The pot calling the kettle black.


I suspect many committees have been unduly influenced by Mr Teys' almost religious like views of management rights. 

Sunday, August 2, 2015

Recent Brisbane City Apartment Sales

Some example recent sales in Brisbane city apartment buildings.  Some buildings are tightly held and have few sales.

Quay West - 132 Alice Street
  • Apt 88, 1 bed, 1 bath, 1 car, park views - $512,000 in June 2015
  • Apt 50, 2 bed, 2 bath, 1 car - $705,000 in February 2015
Admiralty Towers 1 - 35 Howard Street
  • Apt 119, 3 bed, 2 bath, 2 cars, river front - $1,240,000 in February 2015
Admiralty Towers 2 - 501 Queen Street
  • Apt 78, 3 bed, 2 bath, 2 cars, river front - $1,100,000 in March 2015
Charlotte Towers - 128 Charlotte Street
  • Apt 3701, 1 bed, 1 bath - $368,000 in July 2015
  • Apt 2504, 1 bed, 1 bath, 1 car - $436,000 in July 2015
  • Apt 1702, 2 bed, 2 bath, 1 car - $545,000 in Juune 2015
Casino Towers - 151 George Street
  • Apt 2101, 2 bed, 2 bath, 1 car - $872,000 in July 2015
  • Apt 1506, 1 bed, 1 bath, 1 car - $334,000 in July 2015
  • Apt 2104, 1 bed, 1 bath - $384,750 in June 2015
  • Apt 1307, 2 bed, 2 bath, 1 car - $480,000 in June 2015
Riverplace - 82 Boundary Street
  • Apt 288 - 2 bed, 2 bath, 1 car - $740,000 in July 2015
  • Apt 38 - 2 bed, 2 bath, 1 car - $677,500 in June 2015
Soleil - 501 Adelaide Street
  • Apt 5501, 2 bed, 2 bath, 1 car - $695,000 in July 2015

Saturday, March 7, 2015

Troubles within Body Corporates

When buying an apartment, it is important to understand whether the body corporate committee is professional and sensible, and whether the building owners are cohesive.

An example of a building with major troubles in this area is Admiralty Towers Two at 151 Queen St. This is a prestigious riverfront building, with large apartments and great facilities, is in a really super location.  However, onsite management company went bankrupt a few years ago, and the receivers are trying to sell the management rights (that is, the contract for the caretaker for the building and onsite rental office).   The current body corporate is opposed to management rights as a concept -- some sort of religious like zeal.  The management rights were sold, and at an AGM the owners narrowly approved the sale to the new caretaker, but the committee is trying to block the sale.  The committee is spending owners money to engage a lawyer from Sydney to fly to Brisbane on this issue -- a lawyer who has publicly stated he is against management rights.  Fights and more fights.  Lawyers everywhere.   Uncertainty over who will be the caretaker.  This has and will impact the value of apartments in this building.

Another building where a fight is brewing is Quay West, where the management rights contract will come to an end in a few years.  Some committee members in this building are also opposed to management rights.  The committee is doing illogical things, just to make the onsite manager's life as difficult as possible.  One example:  the onsite manager offered to buy a new smoke detection system for the building at the manager's own cost to bring the building up to standard, but the committee rallied owners to vote against this.  Does this make commercial sense?

And in Admiralty Towers One, one owner keeps bring legal action against the body corporate and has been regularly unsuccessful.  See this decision and this decision and this decision for example.  This one owner is causing all the other owners to waste money on lawyers, rather than improving the quality of the building.

Another example is The Phoenician at Broadbeach.  The committee at this building has been hostile to a succession of onsite managers for years.  One example -- the committee got into a trade mark litigation with the onsite manager, and lost, having to pay the legal costs of the onsite manager!  What a waste of owners' money.

One common threat running through all this is the Unit Owners Association of Queensland.  Buildings listed above that have had internal disputes often have committee members from UOAQ living in the building or on the body corporate.  It is not uncommon for committee members in such circumstances to push the views of the UOAQ with religious like zeal, often to the financial detriment of residents and lot owners.

(Click on letter below to make bigger)




Recent Sales - Admiralty Towers One and Two

Recent sales in Admiralty Towers One (35 Howard Street)
  • Apt 145, 2 bed, 2 bath, river views from side (not direct riverfront) 105 sqm - $600,000 in January 2015
  • Apt 101, 2 bed, 2 bath, no river views - 104 sqm - $577,000 in January 2015
  • Apt 146, level 24, 2 bed, 2 bath, no river views (same floor plan as Apt 101) - 104 sqm - $575,000 in September 2014
  • Apt 54, level 8, 1 bed, 1 bath, 1 car - no river views - 74 sqm - $426,300 in September 2014
  • Apt 44, level 6, 2 bed, 2 bath, 1 car - full river views - 132 sqm - $810,000 in June 2014
Recent sales in Admiralty Towers Two (501 Queen Street)
  • Apt 72, 3 bed, 2 bath, 2 car - full view views - 151 sqm - $1,050,000 in October 2014
  • Aprt 133, 3 bed, 2 bath, 2 car - full view views - 175 sqm - $1,250,000 in October 2014
  • Apt 95, 3 bed, 2 bath, 2 car - full view views - 151 sqm - $1,048,000 in August 2014

Monday, October 27, 2014

Admiralty Towers 2 sales

Some recent sales in Admiralty Two, a tower on the Brisbane riverfront, at 501 Queen Street.  One of the better buildings in the city, which large apartments all with riverfront views that cannot be built out.  The building has two swimming pools, and direct access to the river boardwalk.

Reported sales since January 2014, with most recent sales listed first.

Apt 166, about level 29, 3 bedrooms, $979,900
Apt 58, 2 bedrooms, 2 bathrooms (116 sqm) - $785,000
Apt 19, 2 bedrooms, 2 bathrooms (116 sqm) - $770,000
Apt 115, 2 bedrooms, 2 bathrooms (116 sqm) - $755,000
Apt 127, 2 bedrooms, 2 bathrooms (116 sqm) - $750,000

The average price so far this year for the larger two bedroom apartment in this building is $765,000, or $6,594 a sqm.  If you are buying off the plan, you may wish to measure against this sqm price for comparison.

Sunday, August 3, 2014

Recent Brisbane Apartment Sales


iStay River City - 79 Albert St

Apt 1201, 1 bed, 1 bath - sold on 27 July for $335,000

Charlotte Towers - 128 Charlotte St

Apt 2404 - 1 bed, 1 bath, no car - sold on 27 July for $340,000
Apt 1201 - 1 bed, 1 bath, no car - sold on 18 July for $365,000
Apt 4403 - 2 bed, 2 bath, 1 car - sold on 29 May for $650,000
Apt 2803 - 2 bed, 1 bath, 1 car - sold on 2 May for $495,000

Skyline - 30 Macrossan St

Apt 53 - 2 bed, 2 bath, 1 car - sold on 27 July for $603,000
Apt 193 - 2 bed, 2 bath, 1 car - sold on 2 June for $618,500
Apt 31 - sold on 16 May for $750,000

M on Mary - 70 Mary St

Apt 1205 - 1 bed, 1 bath, no car - sold on 2 July for $322,500
Apt 4302 - 5 bed, 3 bath, 3 car - sold on 31 May for $1.9M
Apt 1009  - 1 bed, 1 bath, 1 car - sold on 26 May for $365,000
Apt 506  - 1 bed, 1 bath, no car - sold on 10 May for $395,000

Festival Towers - 108 Albert St

Apt 3807 - 2 bed, 2 bath, 1 car - sold on 30 June for $516,000
Apt 1503 - 2 bed, 1 bath, 1 car - sold on 25 June for $460,000
Apt 4007 - 2 bed, 2 bath, 1 car - sold on 10 June for $541,000
Apt 704 - 1 bed, 1 bath, no car - sold on 5 June for $298,500
Apt 2610 - 1 bed, 1 bath, 1 car - sold on 3 June for $400,000
Apt 905 - 1 bed, 1 bath, no car - sold on 2 June for $319,500
Apt 2510 - 1 bed, 1 bath, no car - sold on 22 May for $350,000
Apt 2301 - 2 bed, 2 bath, 1 car - sold on 9 May for $525,000
Apt 508 - 2 bed, 2 bath, 1 car - sold on 8 May for $475,000

Felix - 26 Felix St

Apt 217 - 2 bed, 2 bath, 1 car - sold on 29 June for $580,000

Riverplace - 82 Boundary St

Apt 92 - 2 bed, 2 bath, 1 car - sold on 27 June for $645,000
Apt 147 - 2 bed, 1 bath, 1 car - sold on 23 June for $551,000
Apt 52 - 2 bed, 1 bath, 2 car - sold on 7 May for $650,000

Admiralty Towers One - 35 Howard St

Apt 44 - 2 bed, 2 bath, 1 car - sold on 8 June for $810,000
Apt 146, 2 bed, 2 bath, 1 car - sold on 12 May for $585,000

Infinity - 43 Herschel St

Apt 3807 - sold on 27 May for $400,000
Apt 4303 - 2 bed, 2 bath, 1 car - sold on 26 May for $630,000
Apt 6304 - 2 bed, 2 bath, 1 car - sold on 20 May for $640,000

212 Margaret St

Apt 82 - 2 bed, 2 bath, 1 car - sold on 26 May for $555,000

Admiralty Quays - 32 Macrossan St

Apt 137 - 3 bed, 2 bath, 2 cars - sold on 12 May for $1,100,000
Apt 34 - 2 bed, 2 bath, 1 car - sold on 2 May for $850,000

Riparian - 71 Eagle St

Apt 4302 - 1 bed, 2 bath, 2 car - sold on 8 May for $1.5M

Admiralty Towers Two - 501 Queen St

Apt 166 - 3 bed, 2 bath, 2 car sold on 28 April for $979,900

Aurora - 420 Queen St

Apt 301 - 2 bed, 2 bath, 1 car - sold on 26 April for $627,500

Quay West - 132 Alice St

Apt 103 - 1 bed, 1 bath, 1 car - sold on 24 April for $510,000

Wednesday, January 1, 2014

Recent Sales in Brisbane's Admiralty Precinct


Admiralty Towers One (35 Howard Street)
  • Apt 93, 2 bedrooms, 2 bathrooms, 2 car parks - sold in September for $880,000
  • Apt 58, 2 bedrooms, 2 bathrooms, 1 car park - sold in September for $900,000
Admiralty Towers Two (501 Queen Street)
  • Apt 108, 3 bedrooms - sold in September for $938,000
  • Apt 132, 2 bedrooms - sold in August for $760,000
  • Apt 26, 2 bedrooms - sold in July for $662,000
Admiralty Quays (32 Macrossan Street)
  • Apt 100, 2 bedroom 2 bathroom - sold in October for $800,000
  • Apt 12, 1 bedroom - sold in August for $590,000
Skyline (30 Macrossan Street - not riverfront)
  • Apt 125, 1 bedroom, 1 car - sold in December for $347,000
  • Apt 13, 3 bedroom - sold in October for $1,131,000
  • Apt 172 - 2 bedrooms - sold in July for $590,000
Riverplace (82 Boundary St)
  • Apt 215, 1 bedroom - sold in December for $510,000
  • Apt 140, 1 bedroom - sold in November for $435,000
  • Apt 316, 2 bedrooms - sold in October for $750,000
  • Apt 54, 2 bedrooms - sold in October for $647,000
  • Apt 146, 1 bedroom - sold in September for $370,000

Saturday, November 2, 2013

Recent Brisbane City Apartment Sales

A list of some recent reported apartment sales in Brisbane CBD area, since June 2013.

Admiralty One
- Apt 93, 2 bedrooms, 2 bathrooms, direct river views, large 132 sqm - $880,000
- Apt 125, 2 bedrooms, side river views - $600,000

Admiralty Towers Two
- Apt 132 - 2 bedrooms, direct river views, 116 sqm - $760,000
- Apt 26 - 2 bedrooms, direct river views - $662,000
- Apt 124 - 2 bedrooms, direct river views - $705,000

Admiralty Quays
- Apt 104 - 3 bedrooms - $960,000

Riverplace
- Apt 146, 1 bedroom - $370,000
- Apt 82 - 2 bedrooms - $750,000
- Apt 165 - 1 bedroom - $500,000
- Apt 31 - 2 bedrooms - $650,000

Metro 21
- Apt 283, 1 bedroom on level 28, no carpark - $307,000
- Apt 301, 2 bedroom on level 30 - $553,500

Felix
- Apt 312, 2 bedrooms, 2 bathrooms - $555,000
- Apt 294, 2 bedrooms, 1 bathroom - $485,000
- Apt 324, 2 bedrooms, 1 bathroom - $475,000

Quay West - construction starting next door, and disharmony in building
- Apt 86, 2 bedrooms - $655,000
- Apt 129, 3 bedrooms - $1M

Saville South Bank - reports of two bedroom apartments selling above $900,000.

It appears that pricing is picking up.  In some instances, apartments are selling for record highs.  In other instances, prices are still below the 2007/2008 peak.  Volumes of sales in the period June to September do not appear to be high, although in recent weeks, this may have changed.  The high end sales appear to be to owner occupiers.

Friday, August 9, 2013

Buyers Retuning to the Market?

Real estate agents are reporting that buyers are coming back to the market in Brisbane, and that prices achieved are increasing.  For example, two bedroom apartments in higher quality city apartments that, at the height of the boom achieved above $800,000, and then dropped to the mid $600,000 range, are now selling in the $700,000 plus range, and sometimes more.  This includes a two bedroom apartment in Quay West, sold for about $700,000; a two bedroom in Admiralty Towers Two sold above $750,000 and a two bedroom in Saville at Southbank for more than $800,000.  In fact, another two bedroom at Saville is now listed for sale in the $900,000 range.

Investors appear to be returning to the market, due to lower interest rates.  Owner-occuppiers are looking for larger apartments, and there are not many high quality larger apartments available for sale (partly because developers have been focusing on building very small apartments that have been sold to foreign investors).  With interest rates low, many investors who currently own property are not selling, because these properties are now becoming positively geared -- why sell, unless the price offered is high?  There is a shortage of apartments for sale for owner-occuppiers; and a shortage of existing apartments (compared with off-the-plan apartments) for investors.

Towers like Infinity, aimed at Chinese investors, do not provide what local Brisbane buyers want in my view.

Photo of Infinity, under construction on the right.  Evolution Apartments is the smaller building in the middle of the photo.  The Supreme Court building is on the right in the foreground; the Magistrates Court building on the left in the foreground.  400 George St is the taller building on the left.

Friday, August 10, 2012

Admiralty Precinct Sales

From an email from agent Colin Walsh:

During the first half of 2012, we have handled the sale of 3 apartments and achieved outstanding results for our clients, please see the list of units sold with the sale prices.
SOLD - 105/35 Howard St, Brisbane $532,500
SOLD - 139/501 Queen St, Brisbane $651,000
SOLD - 151/32 Macrossan St, Brisbane $963,000

Sunday, June 10, 2012

Recent Apartment Sales in Brisbane

Metro 21 (21 Mary Street)
  • Apt 1701, 2 bedrooms, 3 bathrooms, sold furnished $492,500 (rents for $700 per week)
  • Apt 1003, 1 bedroom, $310,000
Quay West (132 Alice Street)
  • Lot 29, Apt 503, 1 bedroom, 73 sqm total size, sold furnished $450,000
Admiralty Towers One (48 Howard Street)
  • 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
Admiralty Quays (32 Macrossan Street)
  • Lot 83, 1 bedroom, $580,000
Felix (26 Felix Street)
  • 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
Casino Towers (151 George Street)
  • 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, 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.

Sunday, January 15, 2012

Recent Brisbane City Apartment Sales

Here are the recent reported apartment sales in the larger Brisbane downtown buildings.  Most of these sales closed in the period from late October to early December 2011.

Charlotte Towers
  • Apt 2110, 1 bed, 1 bath, 1 car - $382,000
Aurora
  • Apt 393, 2 bed, 2 bath, 1 car - $665,000
  • Apt 236, 2 bed, 2 bath, 1 car - $515,000
  • Apt 512, 2 bed, 1 bath, 1 car - $582,000
Festival Towers
  • Apt 3401, 2 bed, 2 bath, 1 car - $475,000
  • Apt 1707, 2 bed, 2 bath, 1 car - $440,000
  • Apt 2110, 1 bed, 1 bath, ? car - $350,000
Felix
  • Apt 356, 2 bed, 2 bath, 1 car - $505,000
  • Apt 276, 2 bed, 1 bath, 1 car - $492,000
River Place (82 Boundary Street)
  • Apt 302, 2 bed, 2 bath, 1 car - $690,000
  • Apt 326, 3 bed, 2 bath, 2 car - $1,497,000
  • Apt 231, 2 bed, 1 bath, 1 car - $423,000
  • Apt 110, 1 bed, 1 bath, 1 car - $410,000
Skyline
  • Apt 55, 1 bed - $320,000
  • Apt 131, 3 bed, 2 bath, 1 car - $700,000
Admiralty Quays
  • Apt 9, 3 bed, 2 bath, 1 car - $900,000
  • Apt 67, 1 bed, 1 bath, 1 car - $580,000
  • Apt 135, 2 bed, 2 bath, 1 car - $780,000
Admiralty Towers Two
  • Apt 57, 2 bed, 2 bath, 1 car (103 sqm) - $660,000
No reported recent sales (last October to early December) in Casino Towers, Quay West or Admiralty Towers One.

Saturday, June 4, 2011

Admiralty Two - Doing Well

The Courier Mail reports today that a 3 bedroom apartment in Admiralty Towers Two (Apt 180 on level 32 in the "high rise" section of the building at the Storey Bridge end) was sold for $1.05M. Despite getting water in the basement carparks during the floods, the prices in this prestige riverfront building are holding firm. The body corporate of this building is reportedly installing special plates to stop river water entering the basement through air vents (similar those in Admiralty Quays nearby that did not flood.)

Another 3 bedroom, Apt 119, also sold recently for $1.08 million.

There is a 3 bedroom on the city end on level 30 listed for sale at $1.15M (Apt 166).

There is also a large 116 sqm two bedroom on level 12 for sale in Admiralty Towers Two (Apt 70) for $860,000.

Friday, April 22, 2011

Good Size Two Bedroom Apartments in Brisbane

I have been asked recently as to which apartment buildings have good sized two bedroom apartments in inner Brisbane. Not including the super luxury apartments (such as Riparian, or Coronation Residences (169 sqm)), the following list of Brisbane apartments gives some examples of larger two bedroom apartments (all including balcony, not including car park or storage rooms):
There are others, and I would be happy to add to this list with more examples.

Thursday, March 31, 2011

Admiralty Two and Mosaic management rights for sale

Interestingly, the onsite letting pool consists of 79 out of 191 apartments, or 41% of apartments in the building. This suggests a very high level of owner occupiers in this building, which increases the value of these apartments.
Also for sale in an unrelated transaction are the management rights for Mosaic in the Valley, currently in off-the-plan sales stage. There are 212 apartments in this building, and it is expected that 180 will be in the onsite rental pool, which is 85% of apartments. Buyers beware!