Wednesday, February 14, 2018
Is there an oversupply of apartments in Brisbane?
Sunday, June 1, 2014
Skyring Gasworks Newstead
The development has 23 floors, with 11 apartments per floor.
TTD is has a chart on their website, representing what rents they believe will be achievable. Some examples from the 10th floor:
- Two bedrooms - 82 sqm internal, 20 sqm balcony - $660 per week.
- Two bedrooms - 69 sqm internal, 18 sqm balcony - $590 per week.
- Two bedrooms - 105 sqm internal, 30 sqm balcony - $810 per week.
- One bedroom - 60 sqm internal, 17 sqm balcony - $525 per week.
Thursday, May 1, 2014
Urban Construct
- 611 Coronation Drive - 275 apartments
- 142 Montague Road, West End - 400 apartments
- Vulture Street, Wooloongabba - 240 apartments
- Ella & Chester Streets, Newstead
- Hope St, South Brisbane
Friday, March 21, 2014
UniSon by Mirvac at Newstead
Sunday, February 23, 2014
The Next Stage of Waterfront Newstead
See www.launch2014.com.au
Often, I register on these kind of sites, and never hear back. When the developer is setting the sales price of apartments off-the-plan, one factor taken into account is how much interest they have in the presales stages. Developers count the number of registrations on sites such as this, and take this information into account in setting price.
Saturday, February 23, 2013
Mirvac's Park Apartments
- Apt 97 on level 7, 2 bedrooms, 2 bathrooms, 107 sqm - $785,000.
- Apt 51 on level 13, 3 bedrooms, 2 bathrooms, 148 sqm - $1,325,000
Wednesday, July 25, 2012
Reader's Comment - Is there a boom?
There seems to be a dramatic marketing shift going on in Brisbane at present in regard to marketing of apartments and units. The advertising has shifted to promoting the merits of “investing in apartments for rental return” rather than marketing to owner-occupiers. It appears the owner-occupier buyers have all dried up, perhaps they are among the 20,000 workers slated by the State Government for redundancies?
Or are potential owner-occupiers waiting for the release onto the market of thousands of houses and flats currently owned by State and Federal Government that are soon to be placed on the market as a result of the Government push for the private sector to provide (former) public housing by offering the tax-deduction carrot being offered to owners who place rental properties into the NRAS scheme?
One only has to attend the Home Show in Brisbane to see this over-night marketing shift or take a cursory glance at this Saturday’s Courier Mail Property insert. The marketing hype seems to have abandoned the (now) non-existent new owner-occupier buyers and switched to promoting the merits of “investing in units or apartments for rental return” since clearly, the notion of capital gain is now just a pipe dream, at least for the next 5-10 years.
Accompanying press releases and advertisements say how successful the developments are (or going to be – many haven’t even started building) and advertise the numerous sales that have already been made to “investors” for fabulous rental returns. Who is buying these apartments is the question. For example, one in Milton advertises that it has sold $90 million in pre-sales with a vacancy rate of 0.7% and a rental return of 12.4% p.a (Courier Mail Sat 21/7/2012) yet not a sod has been turned on the vacant site. Puzzling indeed.
Others are advertising rental returns of $600-$850 per week around Newstead and Bowen Hills yet a newly completed complex at Bowen Hills, just 2 minutes from the CBD has huge placards visible from the ICB offering rentals at $300 per week. Quite a difference from the advertised rentals of $600-$800 per week available to “investors” less than a kilometre away. Recent data shows around 130 apartments available for lease or sale in the Teneriffe and Newstead area. So while alleged hundreds of units are being “snapped up” by savvy investors cashing in on the “rental boom” (remember the mining boom?) around Brisbane, a number of large unit and/or apartment complexes have been abandoned before they even turned a sod. Puzzling indeed? Yet the marketers claim buyers are scrambling to line up and buy off the plan? More puzzling.
Sunday, June 17, 2012
Luxury Apartments
- New York apartment on Central Park South sold for $70 million.
- Soul Penthouse at Surfers Paradise, in final stages of completion, hoping to sell for $20M.
- Waterfront Newstead for $8,750,000
- Riparian, Brisbane City, for more than $3M
Monday, June 11, 2012
Park At Waterfront
Saturday, April 14, 2012
Kurv in Newstead
- Ground floor restaurant and offices.
- Five levels of 55 apartments
- 25 – studio apartments
- 30 – two bedroom apartments
Thursday, March 22, 2012
Newstead Riverpark
"Developers FKP and Mirvac are major players in the quest to turn 17ha of prime riverfront land into a vibrant new community. Located only 2km from Brisbane CBD, the Newstead Riverpark urban renewal precinct will become a residential hub, dining and entertainment venue, shopping destination and employment district."
Full story here.
Sunday, December 25, 2011
Apartments in Teneriffe, Brisbane
Tuesday, December 20, 2011
Sunday, December 4, 2011
Rent Money is Dead Money - part 2
Here’s an actual position scenario sent in by a reader in support of the report “RENT MONEY IS DEAD MONEY” that is, is it better financially to rent than own an apartment. The figures quoted here are actual, dated within the last 6 months. The apartment is a 2 bedroom in Newstead, approx 12 years old with good partial views of the river, 1 car parking, in a well managed complex.
Cost of Ownership VS Renting the same apartment. (round dollars)
Saturday, November 12, 2011
Buyer Confidence Improves
- Thousands of new apartments in Brisbane's inner city have helped boost sales volumes 30% in September quarter compared with the June quarter, but the number sold is still substantially lower than the same period in 2010.
- 312 new apartments sold in September quarter, according to Place Advisory research report
- Influx of new projects scheduled for next year - 1000 new apartments are expected to come onto the market in the first half of 2012.
- 2059 new apartments currently for sale in Brisbane
- Average sales price was $580,529.
- "The Brisbane market is at the bottom of its cycle and we are now starting to see an increase in inquiry and sales activity" according to Mr Walker from Place.
- Most of the sales appear to be to overseas and interstate buyers.
- "The biggest positive is the local buyers are yet to enter the market. ... As consumer sentiment improves, they will start buying again."
- The influx of new units, particularly in urban renewal precincts such as Hamilton riverfront, Newstead River Park, and Show Ground Hill, could limit the market's recovery.
- Agents said too much choice and concerns about whether the market has hit bottom could constrain buyers.
- Urbis property economics consultants said Brisbane has a long-term undersupply problem.
Monday, November 7, 2011
Disclosure of proposed or planned works
"Here is Winchcombe Place Apartments at 15 Vernon Terrace in Teneriffe (a.k.a. Newstead). Underpinning of the building is taking place. The front stairwells that exit to the street were recently underpinned as they had “parted” from the main building with cracks about 40mm in width appearing between the two.
These photos show the huge cracks at the rear of the building which is currently being underpinned. Several units in this complex were on the market prior to the work commencing. I looked at one at an “open” a few months prior to the work commencing and was unaware this work was to occur. Glad I didn’t buy one and then find this out.
The agent didn’t tell me anything about it when I inspected the apartment in March 2011. I’ve since learned a levy had been struck to pay for the underpinning. I’m not saying the agent was dishonest, perhaps he did not know, only that I was not told. Perhaps I should have asked about proposed or planned works. Had I made a successful offer, I would not have been very happy to discover this and the extra levy that records show had already been struck at the time of inspection in March. Buyer beware!"
Monday, June 13, 2011
Waterfront Pier
Thursday, April 28, 2011
Waterfront Newstead
RESIDENTS of Newstead and surrounding suburbs could be in for 12 years of construction and added traffic as a new waterfront development takes shape.
Two apartment blocks have been completed at Waterfront Newstead, but a spokesperson for development company Mirvac said the finish date could be more than a decade away, depending on market demand.
Of the 99 apartments already constructed, 54 have been sold, with the penthouse selling at a Brisbane property industry record of $14.25million.
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.
Friday, December 17, 2010
Aerial Photos of Brisbane
Mirvac's Newstead Waterfront project
Mirvac's Tennyson project
Pradella's Water's Edge
Kelvin Grove Urban Village
(photos taken September 2010)