Showing posts with label spring hill. Show all posts
Showing posts with label spring hill. Show all posts

Saturday, August 30, 2014

Top Yields

Today's paper had a chart with the top rental yields for inner-city Brisbane.  All were apartments.  A summary of some of the data:

  • Spring Hill - based on 170 sales, median sale is $380,000, median asking rent is $485, so indicative gross yield is 6.6%
  • Brisbane city - based on 666 sales, median sale of $500,000, rent $600, so a yield of 6.2%
  • Woolloongabba - 86 sales, sale price of $400,000, rent $465 so yield of 6%
  • The Valley had an indicative yield of 5.6%
  • South Brisbane had an indicative yield of 5.4%
These figures are a little rubbery.  The apartments being sold may not be the same apartments listed for rent.  The rent is the asking rent, not the rent achieved.  The figures do not take into account vacancy.  And the sales price does not include stamp duty.

Take the following example, of an apartment sold for $431,000 and then rented furnished for $550 a week.  On a simple calculation using these numbers, the yield is 6.63%.  If stamp duty of $13,510 is added, the real sales price is $444,510, so the yield changes to 6.43%.  Once letting agents fees, body corporate fees and rates are taken into account, the yield drops to 4.5%.  And this does not include vacancies and repairs.

I recommend focusing on net yield, after expenses.  For a one bedroom apartment, you should aim for a net yield of 5%.  For a two bedroom, aim for a net yield of 4.5%.  For a three bedroom, 4%.

Tuesday, December 20, 2011

Apartment Rentals In Inner Brisbane


Top 10 most expensive inner-Brisbane suburbs for unit rentals: RP Data


Sunday, October 30, 2011

Brisbane Sales Volumes

Here are the number of properties sold in the 4000 post code area each year.  This volume includes apartments and houses in the downtown Brisbane area and Spring Hill.  Mostly, it will be apartments.

  • 2007 - 1,342 properties sold
  • 2008 - 729 properties
  • 2009 - 825 properties
  • 2010 - 525 properties
  • 2011 - year to date reported sales - 254

Sunday, November 7, 2010

Spring Hill - Trilogy Apartments

There were 3 auctions last weekend of 2 bedroom apartments in the Trilogy complex at Spring Hill (namely, apartments 226, 330 and 334)

This complex was heavily marketed (at high prices) by Which Property? who was also related to the developer.

The Courier Mail reported that apartments were passed in for $400,000 and $420,000 (about $150,000 less than the prices that the developer was seeking about 2 years ago).

These are relatively decent apartments, some with good views, and a large pool area. The apartments are not large (about 75 sqm internal) but are well designed. Not far from the downtown.

Listing at $490,000 (Apt 334, 51 Hope Street)

Listing at $490,000 (Apt 226)

Listing at $550,000 (Apt 330)

Listing at $680,000 (Apt 354)

A 2 bed, 2 bath sold in 2009 for $540,000.

A furnished 2 bedroom is available for rent for $650 a week. See also here.

Saturday, January 23, 2010

Quattro - "New" Spring Hill Apartment Building

Apartments in a new apartment building are currently being marketed, with the official launch next weekend.

The building is Quattro. All the apartments are two bedrooms, two bathrooms, about 84sqm internal. There are 4 apartments per floor, over 13 floors. There are 52 apartments in total. They have ducted air-conditioning.

The pricing starts at $450,000 and goes to $600,000, depending on floor and view. Expressions of interest have been submitted for all apartments below $500,000.

I suspect that some of the apartments will get a lot of noise from Turbot Street.

It appears from the website that the building manager plans to rent out apartments on a short term and overnight basis. The development is associated with Balmain Trilogy. The building has been sitting empty for a year, due to financial and legal issues.

Wednesday, June 17, 2009

Some Owners Unable to Pay Strata Levies

"A call by debt collection agencies for reforms to the cost-recovery process for bodies corporate comes as apartment owners at a Brisbane building are locked in a legal fight with a resident, who had racked up a debt of more than $50,000 since 2004."

"In the Brisbane case, one of the owners in the 51-unit 1970s building on Leichhardt Street said that since 2004, the problem owner had not paid his strata fees or levies on time.

In two previous actions against him, one of the building's apartment owners, who did not want to be named for fear of retribution, said the problem owner ended up paying, with $20,000 of the $50,000 owed comprising legal fees.

"We have had two actions against him previously where he has paid on the steps of the court," they said.

"Because he is an ongoing serial pest, we should have some entitlement to say you are no longer entitled to be here."

The Australian