New Apartment Prices in Brisbane

1. Trilogy Hotel Rooms (studios & two bedrooms)

• levels 36 to 47
• 16 apartments per floor
• sold fully furnished with 2 year rent guarantee
• hotel managed by Mirvac
• sizes range from 53 sqm to 89 sqm
• no balcony
• 3 elevators
  
• about half will have river views
• most do not have car parking
• completion about 2012
  

Average price per apartment on level 36: $639,000
Average price per square metre on level 36: $9,785

Average price per apartment on level 47: $695,000
Average price per square metre on level 47: $10,630

2. Empire Square (two and three bedrooms)

• levels 47 to 60
• 7 apartments per floor
• sold unfurnished
• hotel managed by Westin
• sizes range from 117 sqm to 150 sqm
• no balcony
• 5 elevators plus service elevator
• about half will have river views
• 1 or 2 car parks per apartment
• completion about 2012
  

Average price per apartment on level 47: $1,502,857
Average price per square metre on level 47: $11,336

3. Aurora Skyhome

• levels 64 to 65
  
• 5 apartments per floor
• sold unfurnished
• managed by Oaks
• 2 and 3 bed apartments
• four with river views
• 2 car parks per apartment
• completed in 2006
• Last year, apartment 643 on level 64 was listed at $1,095,000. 2 bed, 2 bath, 2 cars, 102 sqm internal, 125 sqm total, $8,760 per sqm metre

4. Pinnacle Parklands

• levels 4 to 12
• 5 apartments per floor
• range of sizes
• No river views - views of Roma Street Parklands
• completed 2007
  
• Last year, a 3 bed/2 bath/media room/3 car park display apartment about level 5 was being sold furnished at $1,675,000. 184 sqm internal, 257 sqm total, $6,517 per sqm.
  

5. Tennyson Reach

• five buildings, each around 10 floors
• some floors have 8 apartments, some 2 apartments
• range of sizes
• almost all have river views
• to be completed in about 2010
• about 1 elevator per 3 apartments per floor

Examples

• 2 bed, 2 bath, 111 sqm internal, 141 sqm total, 5th floor, $910,000 ($6,453 per sqm)
• 3 bed, 2 bath, 192 sqm internal, 227 sqm total, 4th floor, $1,320,000 ($5,814 per sqm)
• 3 bed, 2 bath, 189 sqm internal, 235 sqm total, 5th floor, $1,475,000 ($6,276 per sqm)

Mirvac's Results

Mirvac's results release yesterday included the following information:

• Tennyson Reach QLD - $203m in exchanged contracts
• Queensland residential pipeline forecast for apartments - $1,865m
• Housing market construction activity through FY08
  - Strong: VIC, QLD
  - Moderate: WA, SA
  - Recovering: NSW - but still below long-term trend through 2008
• Inter-state economic outlook
  - Strong: WA, QLD
  - Moderate: VIC
  - Recovering: NSW

http://www.mirvac.com.au/investor/pdf/20080212_WebPres.pdf

TENNYSON DEVELOPMENT: Acquired Aug 05, Project Value $574m, Total Lots - 393; Released Lots - 207; Exchanged Lots -126
Tennyson Breakdown:
Softstone & Lushington Project Value $191m; Total Lots: 115 Released: 115; Exchanged: 115 (Settlement Apr 2009 to July 2009) Price Range: $940,000 – $4.9m
Farringford Project Value $126m; Total Lots 92; Released Lots 92; Exchanged: 11 (Settlement Sep 2009 to Jan 2010) Price Range: $805,000 – $4.9m
Pamphlett Project Value $109m; Total Lots: 82 (Settlement July 2010 to November 2010); Price Range: $695,000 – $3.2m
Parsons Project Value $96m Total Lots 67 (Settlement July 2011 to Nov 2011); Price Range: $885,000 – $3.3m
Somersby Project Value: $53m Total Lots 37 (Settlement July 11 to Nov 2011) Price Range: $885,000 – $3.3m

Newstead River Park: 631 apartments, settlement not until June 2010 to June 2014: Price Range: $800,000 – $6.0m

http://www.mirvac.com.au/investor/pdf/20080212_HYReport.pdf