Showing posts with label the midtown. Show all posts
Showing posts with label the midtown. Show all posts

Saturday, June 17, 2017

Brisbane off-the-plan market "subdued"

Place Real Estate Agents issue a quarterly report as to Brisbane apartment sales.  It is worth studying.  See Place Projects website.

From their recent report for the March 2017 quarter:

As expected, the March 2017 quarter brought another period of subdued sales activity across Inner Brisbane’s off the plan apartment market as sales momentum continues to soften.

The Inner Brisbane apartment market saw just 272 unconditional transactions take place throughout the rst quarter of 2017, a substantial decline of 67% from the same period 12 months prior, which recorded 828 unconditional sales. Meanwhile, the weighted average sale price recovered over the past 12 month period, increasing by 5% from $602,415 in the March 2016 period to $629,963 in the March 2017 period.
  • Inner Brisbane’s off the plan apartment market recorded 272 unconditional transactions over the March quarter, the lowest level of sales since the June 2011 period. This re ects a 13.7% decline from the December 2016 quarter.
  • Just over $171.4 million worth of apartment sales were recorded throughout the quarter.
  • There are currently 67 projects being sold off the plan in Inner Brisbane, with just two projects reporting for the rst time during the quarter. These include Augustus Residences and The One, adding an additional 151 apartments to the market.
  • A weighted average sale price of $629,963 was recorded for
    the period, an increase of 5% from the corresponding period
    12 months prior. This is indicative of a slight change in the product mix across the market, resulting in higher sale prices.

  • Augustus Residences, located in Toowong, was the top performer for the quarter, recording 61 unconditional transactions. 
The Brisbane CBD saw very little activity during the March 2017 quarter, with just 16 unconditional transactions recorded for the period. With no new projects released throughout the quarter, the CBD continues to sell down current apartment stock.


A weighted average sale price of $668,750 was recorded for the three month period, re ecting a 3.8% decline from the previous quarter, indicating a slight increase in the level of investment stock that transacted during the period. Brisbane Skytower recorded the highest number of unconditional transactions across the CBD market during the March quarter, recording a total of 12 sales.

The majority of transactions that occurred within the precinct were in two bedroom con gurations, accounting for 88% of total sales. The remaining 12% of transactions for the period were in one bedroom configurations.

A total of 225 out of 1,498 apartments remain for sale across four projects in the CBD including The Midtown, 111 Quay Apartments, Skytower and Mary Lane. 



Tuesday, February 26, 2013

Recent Brisbane City Apartment Sales

  • Evolution Apartments, 18 Tank Street, Apt 225, 2 bedrooms, 2 bathrooms, sold for $500,000 (previous owner had paid $762,000 off-the-plan from Citimark)
  • Skyline Apartments, 30 Macrossan Street, Apt 333, sold for $750,000 (previous owner had paid $810,000 off-the-plan)
  • Midtown Apartments, 127 Charlotte Street, Apt 1203, sold by developer for $432,500
  • Aurora, 420 Queen Street, Apt 376, 2 bedrooms, 2 bathrooms, 107 sqm, sold for $585,000
  • Riverplace, 82 Boundary Street, Apt 275, 1 bedroom plus study, sold for $481,000 (previous owner had paid $525,000 in 2008).

Sunday, February 10, 2013

The Midtown

The Midtown, on 127 Charlotte Street, has opened, as a short stay "hotel".  See its "apartment hotel" website.  According to the Place Report, see post below, 47 of the 144 apartments have sold.  According to Booking.com, there are 142 apartments (so I guess two are being used for the onsite manager).  According to RP Data, 28 apartments have settled, but this is often a month or two out of date due to the government updating its records.  The unsold apartments are being marketed with a 5% rental guarantee for 2 years. The apartments are very small, so that may explain why there are a number of buyers from China.  A number of the apartments appear to have been purchased by owner occupiers, or at least the purchasers have given the apartment they purchased as their address.  As the comment for the Place Report notes, I also wonder how a hotel can operate with so few rooms?



Sunday, July 17, 2011

Charlotte Towers View and Sale


Recently, apartment 1009 in Devine's Charlotte Towers sold for $366,000. This is a larger one bedroom apartment with a car park. It is on level 10. The building is managed by Oaks. Unfortunately, its view will be impacted by the new The Midtown development across the road. Construction can be seen from this photo from apartment 1009. This type of apartment has sold for as high as $430,000 in the past -- so one can see that there has been a 10% to 20% decline in prices in this building since the peak of the market.


Tuesday, June 28, 2011

Midtown on Charlotte Street

"Chinese-owned development and construction firm Yanjian Australia has started work on a $72 million, 142-apartment building in Charlotte St in the Brisbane CBD, which it will fund entirely with its own equity.

It will be the first new apartment project in the heart of the Brisbane CBD for nearly four years. ...

Yanjian's Brisbane-based managing director Marcus Ng said the building, to be known as Midtown, would offer apartments ranging in price from $220,000 to $720,000."

Sunday, February 13, 2011

New Apartment Projects In Brisbane


This is my list of actual and pending apartment projects in inner city Brisbane.

1. Macrossan Apartments, located behind Skyline and the Admiralty buildings. Not river front. 37 levels. Full floor apartments on higher levels -- 3 bedrooms plus study, about 250 sqm internal, with small balcony. High level of finishes. Expensive. See typical floor plan. The main bedroom looks right into Skyline -- not much privacy here. The apartment on level 26 will be auctioned (by the developer it seems) on 3 March 2011. The building is complete, but it seems that less than half the apartments have sold.


2A. Soleil, by Meriton. Next door to Macrossan, and also behind Skyline, is Soleil. Currently under construction. Over 400 apartments; 74 floors. Currently at about level 55. The developer will keep the management rights; and will keep ownership of a large number of apartments on higher floors. This, in my opinion, creates many issues for owners, so take care. Will be settled in stages, with lower floors settling first. This is a B grade development in my view.

Photos of Soleil under construction: Photo of Soleil, Macrossan and Skyline; photo of the 3 Admiralty buildings, River Place, Skyline, with Macrossan to the side and Soliel growing from behind above Skyline.

2B. Infinity, by Meriton. Located in the Roma Street area, behind but to tower over Evolution. 77 floors of apartments, so this will be a massive height for Brisbane, but the actual floor plate is not that large. Currently in off the plan sales - see brochure. The hole for the carpark has been dug, but the building itself is not yet under construction. With 2 bedroom apartments starting at $590,000, this looks to be expensive. Again, the developer will keep the management rights and a number of apartments in the building, so take care.

3. Sunland's "Carrington" development on corner of Alice Street and Albert Street. This development recently received Council approval. 47 floors of high end apartments. Will cast shadow over Botanical Gardens, which is not good for the public. If you read all the controversy about Q1 on the Gold Coast, I hope that Sunland does a better job on its first Brisbane apartment building. The AFR reports that construction will start when 50% of the 257 apartments have been pre-sold.

4. Devine's proposed development, on the corner of Margaret Street and Albert Street, at 30 Albert Street. This is right behind the Sunland development mentioned above. A development application was lodged on Christmas Eve, 2010, so this will be some way off. 37 floors, 420 apartments, 1 and 2 bed apartments only. Looks like another Charlotte Towers.

5. The Midtown, on Charlotte Street, opposite Charlotte Towers. Currently in pre-sales; demolition has started onsite. One and two bedroom apartments. 29 floors of apartments.

6. The Chelsea and Madison on Mayne, by Metro Property Developments. These apartment buildings are both in Bowen Hills, and contain 286 and 242 apartments. Metro is associated with David Devine and Ken Woodley, both ex-Devine. Their most recent development was Charlotte Towers, where (as reported elsewhere in this blog) capital growth has been on average about 1% and many purchasers off the plan have lost money. So if they follow the same approach, the developers will profit, but not the initial purchasers. It is interesting to read this. These apartments do not have development approval. (Metro is also planning on Brooklyn on Brookes, in the Valley. (Also, Richmond at Bowen Hills by another developer.)

7. Mosaic in the Valley, still waiting for development approval. 20 floors, about 250 apartments. Currently being sold off-the-plan.

8. McLachlan & Ann in the Valley. 234 apartments, currently being sold off the plan.

9. Kevlin Grove Urban Village: A bunch of apartment buildings under construction, including 3 buildings by Pradella (branded as Urban Edge); and Edenview; and Binary Apartments.

10. SouthPoint at SouthBank. 20 floors.

11. Newstead River Park - about 15 apartment buildings planned, with Mirvac completing "Pier" shortly, and "Park" in presales. FKP plans to build The Gasworks.

12. Northshore Hamilton (many developers, with a large number of apartments planned), Hamilton Reach (in presales) and Hamilton Harbour (three apartment buildings by Devine, currently under construction) and Portside by Multiplex (one building under construction, at least one more planned); and Rivana (by Citimark).

13. Rive at Albion/Breakfast Creek (under construction, but flooded). Two towers of apartments.

14. Waters Edge at West End. Developed by Pradella. (stage one complete; stage two under construction). Basement and pool area flooded.

15. FKP's The Milton at Milton. Was in off the plan sales. Display flooded.

16. The Capitol Apartments, South Brisbane. Currently in off-the-plan sales.

17. Yungaba Apartments, Kangaroo Point. Currently in construction, but delayed due to floods.

18. Montague West End - site flooded, and website not active.

19. The Apple, in the CBD. Small building on 1 bedroom apartments.

20. Belise, St Paul's Terrace, in the Valley. In presales, off the plan.

Saturday, January 1, 2011

The Midtown


Demolition has started for a new apartment building at 127 Charlotte Street, directly opposition Charlotte Towers. (Charlotte Towers is being surrounded - don't buy in Charlotte Towers for the views!) The building is called The Midtown, and will consist of studio, one and two bed apartments.