Showing posts with label office of fair trading. Show all posts
Showing posts with label office of fair trading. Show all posts

Friday, December 24, 2010

2010 Brisbane Apartment Awards

These are our awards for 2010:

1. Wildest Advertising Claim
FKP Properties wins this for their overpriced The Milton development. Their sales agents are giving out printed information to potential investors about future property values. They have a sheet of paper showing investment returns for a 2 bed, 1 bath apartment listed at $650,000. The prediction is that this apartment will be worth $807,500 on completion of the project in 2013, and will be worth over $1M by 2016. The predicted rent is over $720 a week in 2013.
2. Worst Investment
This is a hard one. Many investors who purchased off-the-plan in 2006 or 2007 had to settle this year. Some were unable to get bank valuations anywhere near settlement. The contenders for this category are:
  • Mirvac's Tennyson Reach
  • Niecon's The Oracle at Broadbeach
  • Raptis' The Hilton Surfers Paradise
  • Evolution.
I think they are all bad investments, so maybe a four way tie!
3. Biggest Delayed Development
Again, a number of contenders for this category. There are many big developments that have been delayed indefinitely -- Trilogy, Evolution, Empire Square, FKP's Albion Mill. South Point is another contender here -- although it looks about to finally begin.
But the winner is El Dorado at Indooroopilly. Construction has been about to start for years now. What is going on at this development?