550 Queen Street Potential Tower

Consolidated Properties has put 550 Queen Street up for sale.  It has frontages to Queen St, Ann St and Clark Lane.  The land has development approval for a 20,000 sqm tower.  The AFR reported on Thursday (8/2/14, p. 45) that there was strong interest from residential development companies.  (The article also states that 4000 residential apartments are currently under construction in Brisbane, with up to another 3000 that could complete by 2015/16.  There is a risk of oversupply.)

This proposed development will have a negative impact on Willahra Tower, at 540 Queen Street.  Willahra Tower is an apartment building that has short term rentals.  (Bad reviews on TripAdvisor.)  Small apartments, with a two bedroom less than 75sqm internal.  Apartments are advertised as "cheap", and there is a reason for this.  My advice -- avoid!

Recent Auctions

• 2602/108 Albert St (Festival Towers) - 2 bedrooms - one of the better apartments in the building - withdrawn from auction and now listed at "over $500,000"
• 110/540 Queen Street (Willahra Tower) - studio - failed to sell - highest bid was a vendor's bid of $175,000

I have attended a few open houses on recent weekends, for 2 bedroom apartments in the middle ring suburbs, selling at less than $500,000. I was the only person who attended each open house. Not that many buyers around.

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

Brisbane Apartment Recent Auction Results

• Felix, Apt 317, Level 31, 3 bedrooms, 3 bathrooms, over 150 sqm - highest bid $820,000, now listed at $950,000
• Willahra Tower, Apt 49, 2 bed, 2 bath, 96sqm, no bid at auction, now listed at $449,000
• Quay West, Apt 401, Level 4, 2 bed, 2 bath, 126 sqm, vendor bid of $600,000
• Roma Street Parklands, Building 3, Apt 3095, 3 bed, 2 bath, end/rear unit, vendor bid $535,000, listed at $600,000 and reported as sold
• Roma Street Parklands, Building 4, Apt 4046, 3 bed, 2 bath, lower floor with no view, vendor bid $550,000, now listed at $700,000
• SoHo South Brisbane, Apt 605, 3 bed, 2 bath, impacted by new bridge being built, highest bid $550,000, now listed at $600,000
• Toowong, 24/12 Patrick Lane, 2 bed, 2 bath, sold for $487,000
• New Farm, 7/38 Elystan Road, 2 bed, 1 bath, sold for $780,000