Showing posts with label river city. Show all posts
Showing posts with label river city. Show all posts

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

Friday, December 13, 2013

New hotel in Mary Street

Currently under construction, but almost complete, at 103 Mary Street is a new hotel, to be branded as a Four Points by Sheraton.  It is 33 storeys.  It is impacting the views of River City and 212 Margaret, both which are neighbouring apartment buildings.  It is also adjacent to the 111+222 site in Mary/Margaret Street.

103 Mary Street is the second building from the left.  212 Margaret is on the left.  Quest River Park Central can be seen second from the right.


Saturday, November 17, 2012

Recent Apartment Sales in Brisbane CBD

Riparian Tower - Apt 4101 - 9 November for $3.3M after owner purchased it in June 2012 for the same price. [A reader has emailed me to say that this is incorrect.  I obtained this information from the RP Data database.  The 9 November sale information is as reported to RP Data by North South Realty.  The June 2012 sales data is from government records.]

MacArthur Chambers - 229 Queen St - Apt 205 - 1 bedroom - sold for $540,000
Apt 402 - two bedrooms - sold for $725,000

M on Mary - 70 Mary Street - Apt 2302 - 1 bedroom, no car - sold for $341,000

Festival Towers - 108 Albert Street - Apt 4105 - 2 bedrooms - sold for $452,000 (seller had paid $515,000 in 2007 off-the-plan buying from Devine).

Riverplace - 82 Boundary St - Apt 167 - 2 bedrooms - sold for $495,000

River City - 79 Albert Street - Apt 2706 - 2 bedrooms, 1 bathroom - $420,000

Friday, October 12, 2012

Recent Brisbane Apartment Sales

Recent sales:
  • Riparian, 71 Eagle Street, 3 bedrooms on level 44, sold for $2.3 million
  • Charlotte Towers, 128 Charlotte St, Apt 1903, 2 bedrooms, 1 bathroom, sold for $465,000 (after being on the market for some time)
  • River City, 79 Albert St, Apt 2706, 2 bedrooms, 1 bathroom, sold for $420,000
  • River City, 79 Albert St, Apt 2106, 2 bedrooms, 1 bathroom, sold for $430,000
  • Admiralty Towers One, 35 Howard Street, Lot 110, 2 bedrooms, 2 bathrooms, sold for $535,000
  • Roma Street Parklands, Apt 6008, 3 bedrooms, sold for $1,220,000
  • Riverplace, 82 Boundary Street, Apt 82, 2 bedrooms, sold for $645,000
  • Casino Towers, 151 George Street, Apt 1604, 1 bedroom, sold for $347,000
  • Festival Towers, 108 Albert St, Apt 3402, 2 bedrooms, 2 bathrooms, $495,000
  • Aurora Towers, 420 Queen St, Apt 568, 2 bedrooms, $750,000

Saturday, March 31, 2012

Another Victory For the Dog

Body Corporate for River City Apartments CTS 31622 v McGarvey [2012] QCATA 47 (12 March 2012)
"The relevant context, in my opinion, is simply that there may be a number of types of scheme, in which owners and occupiers may have a number of different objectives and uses for their lots, and the very nature of any community titles scheme requires that relationships between owners and occupiers must be regulated in some discernible fashion, and by reference to reasonable criteria unless otherwise specifically provided.

So where does this leave a by-law such as by-law 13, which purports to prohibit altogether the keeping of animals on a lot?

In McKenzie, the by-law in question did not prohibit the keeping of pets, but only the keeping of certain types of pets. Therefore, I concluded, it did purport to regulate, rather than to prohibit, a use of lots in the scheme – namely, the keeping of pets.

In prohibiting the keeping of pets altogether, the by-law in this case is analogous to a by-law that prohibited altogether a particular manner of using or enjoying a lot by carrying out building works. In Mineralogy, the Court of Appeal expressed the view that such a by-law would be invalid. Similarly, a by-law that prohibited altogether the playing of music in a lot would be invalid, whereas one that prohibited playing music above a certain level of sound between certain hours would be one regulating the use and enjoyment of lots.

In my view, a by-law that prohibits altogether the keeping of pets in lots is not a by-law regulating the use or enjoyment of lots, but purports to prohibit a particular use and type of enjoyment altogether. It therefore goes beyond the scope of a valid by-law permitted by s 169 and is invalid."

Friday, October 21, 2011

Mary Street Development

Demolition work has started on the 103 Mary St apartment hotel development.  It is located next door to the 111 Mary St "hole" that was to be the Vision building.

The 103 Mary Street development is 32 floors high, and will kill the views from the rear apartments in 212 Margaret St and in some of the Devine River City apartments.

In the photo below, 212 Margaret can be seen on the left and River City on the right.


Monday, August 15, 2011

103 Mary Street - new development

This is a rendering of the new apartment hotel complex being constructed at 103 Mary Street, between the 111+222 hole and RiverCity apartments. 212 Margaret St is shown at the rear. So some people will have their views impacted.

Saturday, June 4, 2011

Recent Brisbane Auction Results

Just over a week ago, Ray White had an auction where 12 Brisbane inner city apartments went to auction. Only one sold at auction (1201 in UniLodge for just over $100,000). Over a week after the auction, most of the apartments that did not sell at the auction are still listed for sale. Why vendors decide to go to auction in Brisbane amazes me. These apartments are not selling at the prices listed below, so the market must be saying that they are worth less than this. And why buy an off the plan apartment for more than these prices? Some examples of the many apartments that Ray White was unable to sell:
  • Felix, Apt 121, 1 bed, no car - failed to sell at or after auction, now listed for $330,000
  • Felix, Apt 147, 2 bed, 2 bath, 1 car, end apartment - failed to sell at or after auction, now listed for $470,000
  • Charlotte Towers, Apt 605, 1 bed, no car - failed to sell at or after auction, now listed for $315,000
  • Charlotte Towers, Apt 2401, 1 bed, 1 car - failed to sell at or after auction, now listed for at the unrealistic price of $410,000
  • Festival Towers, Apt 906, 1 bed, no car - failed to sell at or after auction, now listed for $320,000
  • River Park Central - Apt 603, 2 bed, 2 bath - failed to sell at or after auction, now listed for $410,000
  • River City, Apt 1803, 2 bed, 2 bath - failed to sell at or after auction, now listed for $433,000
  • Aurora, Apt 626, 3 bed - failed to sell at or after auction, now listed for $1,300,000
  • Grosvenor, Apt 1504, 3 bed - - failed to sell at or after auction, now listed for $1,800,000

Friday, January 14, 2011

Brisbane Floods

With the flood water going down, the clean up is starting. Many Brisbane apartment buildings were impacted by the floods -- basement carparks full of water and mud; no electricity; residents evacuated.

Some of the buildings that have significant water in their basements include:
  • 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
Pradella writes about Parklands at Sherwood: "Sadly this site has experienced quite a lot of damage. The Outlook – which are the entertainment facilities has been completely submerged by water. The car park under Jacaranda and Brookline is also completely submerged. Whilst floodwaters did not reach the interior of the apartment buildings, it did however breach a number of houses and townhouses. The entire complex was evacuated late on Wednesday afternoon. Power has been cut and access to the property restricted."

and about Waters Edge:

"There has been significant damage to the pool and the grounds however the water from the river has NOT entered the building. The car park under the building has flooded, and all residents evacuated. Power has been cut."

Admiralty Towers has it status (current evacuated) on its website.

I am amazed that the Council allows buildings to be built with basements that flood, forcing loss of power and residents to be evacuated. See also this article.

I am not sure how the floods will impact property prices in Queensland. After the 1974 floods, the prices of impacted houses decreased for a period. There will be a shortage of rental accommodation, as many people are looking for places to live. Foreign press is reporting on its nationals being evacuated -- see for example, this article from Singapore and Malaysia -- and QUT and UQ were flooded, which will not be good news for those trying to attract foreign students to Brisbane.

On the positive side, it could have been much worse. Only one person died in Brisbane, and the flood levels were lower than initially expected.

Thursday, December 2, 2010

Hotel To Block Apartment Views

A new highrise hotel complex is planned for downtown Brisbane. If built, it will be located next door to the Vision hole, and adjacent to 212 Margaret and River City Apartments. It will block views from apartments in both buildings, so take care!

It will be located at 103 Mary Street, and will be 32 storeys, with 230 apartments or hotel rooms, but only 53 car parks.

See Brisbane Times.

Sunday, October 31, 2010

Risks With Short Term Rental Buildings

When I am looking to buy an apartment in Brisbane, I look at Trip Advisor to see if there are reviews about the apartment building and the onsite manager. As a general rule, if the apartment building is listed with TripAdvisor, I will only buy if I am seeking a non-residental investment. There is limited resale opportunities for short term non-residential buildings.

Example Reviews:

Many reviews highlight the problems -- these buildings were designed for residential apartment living, not as hotels. People ask for adjoining rooms, and don't get them (of course). Items from rooms are stolen. Linen trolleys and food trays are left in hallways, as there are no service cupboards or service rooms for hotel staff. Furniture breaks, as the apartments were furnished for residents, not using hotel quality furniture. No minibars. Parking problems. I wonder what the owners of these apartments think about their real estate agents who are managing their investment -- a real estate agent pretending to be a hotel company.

I love this recent review for Evolution: "What a disaster. We never new accomadation could be so foul .. so many light bulbs broken, Filthy carpets, No drinking glasses (even when you ring & ask a certain staff member who couldn't have been any more passive agressive they still don't come) We changed rooms which was even worse, kitchen tap fell off in our hand, no shower door as it had broken off, huge rip in the lounge, even filthier carpets, rug all ripped, more light bulbs out, TV not tuned so most of the channels hissed at you a lot like most of the staff.. broken light shades, blind pullies broken. When we checked in they held on our credit card $200 for breakages.. there was nothing left TO BREAK!! This place is not rateable unless there is a minus."

Why would anyone want to buy in this building?

Sunday, May 9, 2010

Recent Apartment Sales in Brisbane City

Casino Towers (151 George Street)
The Gardens (204 Alice Street)
RiverCity (79 Albert Street)
Charlotte Towers (128 Charlotte Street)
  • Apt 2809, 1 bed, 1 bath, 1 car passed in at auction - auctioneer's bid of $395,000

Wednesday, May 5, 2010

103 Mary Street


A proposed new apartment at 103 Mary Street, between the Vision hole and River City. It will impact the views of River City and 212 Margaret Street.


Saturday, August 29, 2009

Recent Brisbane Apartment Sales

  • Admiralty Quays, Apt 164: 4 bedrooms, 3 bathrooms, 2 cars - $2,200,000
  • Admiralty Quays, Apt 90: 1 bedroom, 1 bathroom, 1 car - $580,000
  • 212 Margaret Street, Apt 47, 2 bed, 1 bath, 1 car - $465,000
  • Willahra Towers, Apt 26, 2 bed, 2 bath, 1 car (76m2 internal, 36m2 external. Total area 112m2; white-goods included) - $435,000
  • Parklands 3, Apt 4073: 1 bed, 1 bath, 1 car - $365,000
  • Charlotte Towers, Apt 2305: 1 bed, 1 bath, 1 car - $354,000
  • Casino Towers, Apt 3304: 1 bed, 1 bath, 1 car - $339,998
  • River City, Apt 1005: 1 bedroom, no car, view straight into neighbouring building - $305,000

Saturday, August 1, 2009

Oaks "Hotels"

If you are thinking of buying or renting in an apartment managed by Oaks, then you should read the online reviews written by people staying in the building, who are short stay "hotel" guests. The problem with Oaks buildings is that they were built as cheap apartment buildings (not as hotels) but a large number of rooms are rented out (often for a night at a time, via Wotif) to people who think they are staying in a hotel. Thus, both residents and "hotel" guests are often not happy.

Example Reviews:
Aurora
212 Margaret
Festival Towers
Casino Towers
Charlotte Towers
Felix
Lexicon
River City

Similar issues for M on Mary.

Thursday, March 19, 2009

Recent Apartment Sales in Brisbane City

Skyline - Apartment 344 - Level 34 - Two bedrooms - $600,000 (highest bid, did not sell, relisted at $650,000 and did not sell. Current owner paid $695,000)
Aurora - Apartment 439 - Level 43 - Two bedrooms - $460,000
Club Lodge - Apartment 51 - Two beds, two cars - $440,000
Vue - Apartment 2409 - Two beds - $445,000
River City - Apartment 3802 - Two beds - $403,220
Flow West End - Apartment 80 - Four beds - failed to sell at auction

Wednesday, January 7, 2009

River City Apartments Fire

Queensland fire fighters say overhead sprinklers saved an inner-Brisbane apartment block from serious damage. More than 30 residents were evacuated from the River City apartment block around midday, after a fire started in a couch on a balcony of the 15th floor of the building.

Fire fighter Dave Sutch says overhead sprinklers helped contain the fire, but also caused some damage. "We have severe water damage on the 15th floor and it's leaking through to the 14th floor," he said. Residents were not allowed back into their apartments for more than two hours while fire crews secured the building.

ABC News

This building is being run by Oaks as a hotel, but I suspect that it does not have hotel standard fire safety standards.

Wednesday, October 15, 2008

River City and Oaks - Again!

I saw this on a bulletin board:

"Remember the controversy of kicking all those tenants out of Charlotte Towers??? Well... guess what... its happening again, but with River City.

The Oaks has send letters to all of their tenants telling them that they must leave because their apartments will be turned into short term accom... BUT... and thats a big but because the Oaks as NOT INFORMED any of the owners that they are kicking out tenants so that they can convince owners that they could get more money from short term accommodation."

See this post.

I would be careful and do a complete due diligence before buying in an apartment in a building managed by Oaks.

Saturday, October 11, 2008

Predictions and Guesses

A lot of people seem to think that it is the end of the world as far as property investment is concerned. These are my thoughts.

Facts:

  • Interest rates are going down
  • There is low unemployment in Queensland
  • There are few vacant rental properties, and rents are still increasing in Brisbane
  • According to REIQ and RP Data, medium prices have fallen less than 3% in the past 6 months, and over the past year prices have still increased
  • Property is still selling. For example, a three bedroom apartment is Admiralty One sold in less than a week. At auctions in Mooloolaba this weekend, which has been a tough market, there were 2 two bedroom apartments that had bids of more than $1 million: Oceans 503 had a highest bid of $1,200,000; and Sirocco 604 had a highest bid of $1M.
  • Banks are still lending money, but they have tighter lending requirements
  • For most of Brisbane, there are very few delinquencies.
  • In outlying areas (such as Forest Lakes and Springfield) and low quality bulk highrise marketed to investors (e.g., Charlotte Towers, and other recent Devine buildings), there are distressed sellers who are selling for less than they paid.

Assumptions:

  • Matusik, who is a very bullish property consultant, has the following assumptions in most of his presentations, but I am not sure how many of them will turn out to be correct (and some from his September 2008 presentation are already wrong):
    • interest rates to drop by 0.5% in fiscal 2009
    • $A remains high – above 85 US cents
    • migration to oz remains high US economy has a mild recession, mild recovery in 2009
    • demand for our resources continues
    • share market settles down unemployment remains below 5% and wages growth remains constrained
Opinion and Predictions (Guesses?)
  • Property in inner Brisbane will take longer to sell than over the past 3 years (e.g., time on market will return to a more normal period of time, from 15 days to 30 or 40 days).
  • Prices for poor quality apartments will fall by 25%
  • Prices for apartments that have their views destroyed (e.g., Charlotte Towers, 212 Margaret, River City, and some in South Brisbane) will fall by 25%
  • Prices for apartments without carparks will fall
  • Some new apartments for off-the-plan developments) are priced too high for what they are, and will have difficulties selling in the short term (e.g. Waters Edge, Empire Square, Vision)
  • Anything priced over $6,000 per sqm will struggle to sell, unless it is really special
  • Off the plan developments will not sell well until completion -- in uncertain times, people do not want to make bets on the future, especially where the product being sold is intangible -- people want to touch and feel in uncertain times.
  • Really good stuff will sell, and will not reduce in price by more than 5% (if at all)
  • In February 2009, the market will pick up, but will not have growth of more than 10% per year for at least two years
  • Due to lack of building today, things will get better for investors in good locations in the short term
  • This year, my property portfolio looks better than may stock portfolio.

Saturday, August 23, 2008

Brisbane Apartment Auction Results

  • River City Apartments, Apt 2105, 2 bedroom, 2 bathroom, 1 car, sold at auction for $375,000
  • Aurora Skyhome, Apt 547, three bedrooms, passed in at auction with highest bid of $740,000
  • Charlotte Towers, Apt 1810, passed in at auction with highest bid of $290,000
  • Charlotte Towers, Apt 3811, passed in at auction with highest bid of $310,000
  • Festival Towers, Apt 2806, 1 bed, 1 bath, 1 car - no bid at auction