Monday, October 27, 2014
Admiralty Towers 2 sales
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, September 14, 2014
Spice Apartments at South Brisbane
It is a 14 level development, with two towers sharing a common podium. The complex overlooks the onramp and tolling infrastructure for the Go-Between Bridge. It is river front, sort of, with trees and and bikeway between the apartments and the river. Many of the apartments will have no views, or will only have views of a busy road or industrial buildings (that will probably get redeveloped into apartment or office towers.) Any city views are likely to be built out.
Example prices:
- One bedroom on level 2 with car space, 54 sqm internal, with balcony and court yard, so total 78 sqm. No view. $429,000.
- One bed, one bath, level 2, 49 sqm internal, with balcony and court yard, total 77 sqm, $420,000.
- Two bed, one bath, 1 car, level 12, internal - 63 sqm, total 76 sqm, one bedroom is internal with no windows (so this is really a one bed plus study) - $526,000
- Two bed, two bath, 1 car, level 3, internal - 83 sqm, total 101 sqm - $585,000
- 1 bed - $410 to $480 a week
- 2 bed, 2 bath - $550 to $640 a week
- 3 bed, 2 bath - $850 to $950 a week.
Tuesday, February 18, 2014
Another Pradella West End Development
There appear to be many more Pradella buildings planned for this plot of land in West End.
Thursday, January 30, 2014
Walter Taylor Bridge
See here
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
- 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
- Apt 100, 2 bedroom 2 bathroom - sold in October for $800,000
- Apt 12, 1 bedroom - sold in August for $590,000
- 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
- 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
Saturday, September 14, 2013
I just don't understand
You can buy a year old apartment in Meriton's Soleil as follows:
- 93 sqm internal
- No balconey
- Air conditioning not ducted
- 2 bedrooms, 2 bathrooms
- Facing West, so hot in the summer
- General views of an ugly part of Brisbane
- Large, impersonal building, used as a hotel
- Your neighbour may be an Eastern European hooker or a football team on tour
- Price = $629,000 (apartment 4403) - $6,763 a sqm
- 113 sqm total
- Massive balconey
- Riverfront
- 2 bedrooms, 2 bathrooms
- Outdoor pool overlooking the river
- Price - $659,000 (apartment 54) - $5,831 a sqm
- 130 sqm total
- Two balconies
- Ducted air-conditioning
- About 130 apartments in building
- Views of botanical gardens
- 2 bedrooms, 2 bathrooms
- Price - about $600,000 - $4,615 a sqm
- 130 sqm in total
- Balconey
- Direct riverfront
- Ducted air-conditioning
- 2 bedrooms, 2 bathrooms, separate laundry room
- North Eastern view
- About 120 apartments in the building
- Auction -- there has not been a similar apartment sold in this building for years.
Sunday, May 26, 2013
Vida West End
This new development is being marketed as Vida. It consists of two towers of about 10 floors each, with about 150 apartments. Some apartments will look West across the river. About half the apartments will look East towards West End.
The Courier Mail says that for the apartments on the riverside, 1 bedrooms will be from $460,000; 2 bedrooms from $660,000; and three bedrooms from $1.2 million. It will be interesting to see how expensive the apartments on the higher floors will be.
Compare a recent listing in Left Bank next door -- two bedrooms on a lower floor with river views for $599,000.
Saturday, November 12, 2011
New William Street Building
Tuesday, March 22, 2011
Developments at Portside
Wednesday, February 2, 2011
Flood Clean Up Costs
Monday, January 24, 2011
Flood Update
Friday, January 21, 2011
When the Water Recedes....
Extract from Brisbane Times article:
The flagging Brisbane property market was not forecast to make substantial gains in 2011. Optimistic forecasts pinned rises at less than five per cent. Property analyst Michael Matusik said the flood was a "game-changer", one that would place a hold on normal market conditions, but only temporarily.
He said the properties completely inundated in low-lying suburbs away from the river, including Rocklea, Oxley and Archerfield, would see a substantial decline in value, but only if they were put on the market before being totally restored.
Meanwhile, the value of the 850-odd exclusive riverfront properties would remain largely unchanged, he said.
"This property is tightly held and most owners are likely to renovate and stay put. Values along the Brisbane River, I don't think are likely to change much," he said.
Still a target
RP Data analyst Cameron Kusher believes future buyers would be motivated by "lifestyle choices" in suburbs including Rosalie, Paddington, Milton, Chelmer and Graceville.
"Buyers will still aspire to buy in these suburbs," he said. "I believe many residents will decide to stay put and rebuild their lives. If people do decide to up and sell they will be in the minority."
Immediately after the 1974 flood many cashed-up investors bought distressed stock, renovated and sold for massive profits after construction of the dam began, Mr Matusik said.
"It does involve risk, but [a risky] investment often means high rewards," he said.
Bargain buying
Mr Matusik said dwellings partially flooded last week, which were put on the market at a 15 to 20 per cent discount from 2010 prices, made for a wise buy.
"For fully flooded homes, discounts over 30 per cent would be worth looking at. This assumes that improvements are actually made, via physical barriers and improvement management systems to help alleviate future flooding."
Mr Molloy warned the financial sector's value of flood-damaged properties was yet to be determined.
However, Mr Matusik said he suspected interest rates would fall by 25 basis points in the coming months, "correcting the unnecessary hike last November".
Rental woes
The rental outlook for tenants and recently displaced flood victims is bleak. Up to 10,000 flood-damaged households are estimated to be looking for temporary accommodation. This combined with the annual influx of university students hunting for rental accommodation will surely push up rents.
"Those investors without landlord insurance might elect to sell their properties, which presents an opportunity for those willing to take a risk.
"A mass investor sell-off, however, could have a marked negative impact on values across the city, making [predicted rent rises] of five to eight per cent very bullish."
Sales to sink
The volume of sales is expected to decline, contrary to last year's predictions.
"The overly negative commentary about the flood's impact on property across the region is likely to batter confidence, which in turn could see inquiry and sales decline further," Mr Matusik said.
Yet Mr Molloy said buyers on the ground were expected to be forgiving.
"The outpouring of community spirit has restored a social confidence in our suburbs. People will remember that for many, many years to come," he said.
Wednesday, January 19, 2011
Tennyson Reach Flooded
"Yesterday, as the smell in the luxury dwellings at Tennyson Reach, home to tennis greats including Ashley Cooper, rose with the temperature and humidity, owners wondered how the planning controls that were meant to regulate development could have gone so wrong.
Several said they were assured before buying that the ground level would not flood unless the Brisbane River reached a mark of 8.4m, well above the 4.46m at which it peaked last Thursday after a massive discharge of 645,000 megalitres from Wivenhoe Dam on Tuesday.
Between cleaning up and moving out yesterday, several owners said they needed explanations from Mirvac and the council about their true flood immunity and whether the development, completed less than two years ago, should have been approved, given its history of inundation.
The flooding at Tennyson Reach is one small part of a major problem for Brisbane City Council and the Queensland government, as the losses of owners, the liability of developers, and the policies of governments combine in a perfect storm of recrimination and confusion. The residential precinct went through all the council's usual approvals process after the Beattie government sought tenders to make something glorious from the site of the abandoned and obsolete power station.
Apartment owner Chrissie Buchanan, who bought in June 2009 with her husband, Sam, who is a quadriplegic, has had damaged floors, walls and cabinets. She said she was fortunate to have insurance and was in a lot better position than many in Brisbane.
"The things that have been damaged are easily replaced," Ms Buchanan said. "There are people who have lost their businesses and houses. I feel for people who are a lot worse off than ourselves."
She said flooding risk was "not an issue" that was canvassed when she and her husband bought the property. "You never believe it's going to happen to you," she said.
Keith George, who paid $2.25 million for his ground-floor apartment 18 months ago, said he had waist-level water throughout his property. As a result, he will have to rip up floors and carpets, rebuild walls, and most of the apartment's cabinets will have to be replaced. "I'm going to have to spend at least $100,000 to replace the cabinetry," he said. "We won't be back in here for months."
Mr George said the flood risk never came up when he was buying the property, partly because City Hall had approved the development.
"And I always believed the Wivenhoe would not let the Brisbane River come up," he said.
Another resident, Julie Savage, said most people living in the complex were not too concerned on Tuesday night when other parts of the city started to evacuate their homes.
"I got the impression everyone was relaxed because it could withstand a flood of 8.4m, so it would all be fine," she said.
It is not only residents on the ground floor who are affected, with those on the many levels above unable to return home because there is no power and no lifts working. "They were saying 12 weeks until they can return, but it might be eight," Mr George said.
...
Mirvac Development Queensland chief executive Matthew Wallace, who inspected the development yesterday, said the priority was to work with the body corporate to get the buildings reinstated, and "get peoples' lives and properties back together".
The flooding hit the apartments 12 hours before the peak in Brisbane of 4.46m. It is believed the body corporate does not have flood insurance.
Several owners who bought their apartments before the global financial crisis had looked for loopholes to litigate a way out of their contracts before settlement, but failed after filing actions in the District Court. The irony is that being misled over the level of their flood immunity might have provided a perfect exit.
After successfully defending itself against some residents' claims that it misrepresented the quality of the river views, as well as a host of technical legal arguments surrounding the contract documents, Mirvac said the original buyers had to meet, in some cases, hundreds of thousands of dollars in default interest and associated costs."
Mirvac Group said its Waterfront Newstead development had experienced some basement flooding, while its Tennyson Reach building had basement and ground floor inundation.
Mirvac added that the Brisbane floods were having a limited impact on its residential projects.
Sunday, January 16, 2011
How will the flood impact property prices in Brisbane?
The property market in Brisbane will take some time to rebalance prices, said Gerard Baden, principal at a Century21 Australia real estate franchise in West End, a southwestern suburb of Brisbane that’s bounded by the river on three sides.
“If someone’s selling, what the neighbors’ house sold for last month wouldn’t matter,” Baden said. “And we’ll have a two-speed market. Those properties affected by water, and those that aren’t.”
Brisbane-based Ray White Group has seen “hundreds” of tenants evacuated from properties it manages in the state, said Tony Warland, Queensland chief executive officer for the group.
The Australia also has a story. Some extracts:
The floods are expected to further slash property prices in the southeast, with more than 26,000 homes in Brisbane damaged and the rebuilding process expected to take months. SQM Research managing director Louis Christopher said the residential market in the state's capital was already weak and would be damaged by the worst floods in nearly three decades.
Most property experts said yesterday that it was too early to estimate the exact effect on prices, but all agreed there would be a negative impact on values.
"The immediate impact is going to be that houses which have been impacted directly by the floods that require repairs will likely be taken off the market," Mr Christopher said.
"The floods are going to remind buyers of the risks of buying near the floodplains. There is the risk some of the most prestige areas are going to take a hit because buyers are aware of the risks now of buying there."
Some of the most affluent suburbs in Brisbane -- New Farm, West End, St Lucia, Indooroopilly, Graceville and Chelmer -- have been the most severely affected by the floodwaters. Residex managing director John Edwards said the higher-priced areas would suffer a greater price hit compared with flooded suburbs in Brisbane's outer west and close to Ipswich.
"I think we are going to find that the big pricing adjustments will be the higher-cost areas that are along the river's edge," he said.
Property consultant Michael Matusik agreed in this story that the prestige riverfront market would recover fairly quickly, but said the markets most affected would be low-lying suburbs close to the river that were flooded.
HiDef Aerial Photos of Brisbane 2011 Floods
Friday, January 14, 2011
Brisbane Floods
- Admiralty Towers
- Admiralty Two
- Admiralty Quays "we only had minor flooding in the lower level of the basement (about 50cm deep)"
- Riverplace
- Riparian (access tunnel to carparks - carparks are above ground level)
- Felix
- 212 Margaret
- Festival Towers
- River City
- Vue at Milton
- Water's Edge
- Flow
- SL8
- Parklands Sherwood
- Fresh Toowong
- Encore Toowong
- Arbour on Grey at South Bank
- Tennyson Reach
- Most apartments on the river at St Lucia
- the list goes on
Friday, December 17, 2010
Admiralty Apartment Report
Colin Walsh from Ray White issued a report recently about the Admiralty Precinct. Here are some extracts:
Admiralty Quays
- "one of the most sought after residences within the Brisbane CBD"
- three bedroom sale for $1,350,000
- 2 bed type C average price 2010 = $780,000
Admiralty Towers I
- "Brisbane CBD's most tightly held residential apartment building"
- 5 sales recorded this year
- 2 bedroom sold for $750,000
Admiralty Towers II
- "one of the most prestigious and desirable buildings in the Brisbane CBD"
- 8 sales recorded this year
- 3 bedroom sold for $1,063,800
- 2 bed type C average price 2010 = $718,000
- 2 bed type B average price 2010 = $838,000
Skyline
- 15 sales recorded this year
- 2 bed type J average price 2010 = $582,500
- 2 bed type I average price 2010 = $647,100
Riverplace
- "most affordable riverfront residential building in the Brisbane CBD"
- 14 sales recorded this year
- 2 bed type E average price 2010 = $527,500
- 2 bed type B average price 2010 = $720,000
Saturday, December 11, 2010
Casino Towers to Loose River Views
Thursday, December 2, 2010
Top End Heading Towards The Bottom
Here is evidence that, despite what real estate agents and developers tell you, the top end apartment market is not going great. Many people have overpaid in the past 4 years.
Apt 80 in Flow, at West End, now listed for $1,850,000. This is a massive 4 bedroom, 3.5 bathrooms, 4 car, riverview penthouse apartment. It is 272 sqm internal, and 370 sqm total floor space. It has been for sale for a while. It went to auction in March 2009 and did not sell. (It was purchased off-the-plan in 2006 for over $2.3M. I think a real estate agent's investment company purchased it, but am not sure. So with stamp duty and interest, a loss over well over half a million bucks!)
By comparison, Apt 23, on a lower floor (3rd floor -- partial river views) - 3 bedrooms, was listed for sale by the developer for $1.4M in November 2007.
Or the same developer, Pradella, was selling apartments off-the-plan in Waters Edge next door in May 2008 which are not as good for $1.9M to $2.2M (these are A1 and A2 apartments, 159 sqm, 3 bedrooms).
So you can see that prices being paid for expensive apartments have not held up. (Flow and Waters Edge and Riverpoint are not the greatest locations, looking west, in a semi-industrial area a long walk from any facilities. Infrastructure touted by developers 4 years ago has not arrived.)
If Flow has been a bad investment for some, what about a $4.5M capital loss. See this story.