"The pre-sales of apartments and the recent commercial sale shows the strength of the Brisbane market and confirms an enthusiastic acceptance of the project among future residents and investors."
See: http://blueprint.austcorp.com.au/edition-07/vision.htmlSaturday, March 29, 2008
Vision
New Apartment Prices in Brisbane
- 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: $9,785Average 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)
Wednesday, March 19, 2008
104 Apartments for Bardon
First, there was Roma Street Parklands. Then Sherwood Parklands. My guess is that next, the Pradella Construction Group will launch Bardon Parklands. Pradella owns the Bardon Conference Centre.
"Brisbane City Council is assessing an application by the Pradella Group to rezone the 3.4ha site from a community purpose and conservation area for redevelopment. The proposal, lodged with the council in September 2006, features four three-storey buildings to house 104 apartments and 20 attached units, with 248 car parks."
See
http://mountcoot-tha.greens.org.au/media-centre/interviews/centre-rezone-ask-for-units
http://www.thebardoncentre.com.au/assets/bardon-map.pdf
http://www.pradella.com.au/web/pdf/news_2007_issue1.pdf
http://www.pradella.com.au/content/news/press_display.asp?id=141Would you live in Charlotte Towers?
I visited Charlotte Towers recently. It was built and sold by Devine as an apartment building, and sold as "residential apartments". However, it is now an Oaks Hotel. There are still some people living here on a full time basis. But it is not nice. Four things that I saw on my visit:
- room service plates and trays left in the hall
- cleaners with trolleys blocking halls and elevators
- a hotel guest who was very frustrated, who had a bad check in experience, and could not find her way to her "room" - she took her frustrations out on me
- the driveway to the car park blocked with people trying to check in -- there were four cars trying to get in and two cars trying to get out -- but it was blocked by a car of guests checking in.
An agent said that it was better now, as the facilities got less use -- before Oaks, there were many students in the building, often illegally overcrowding apartments. Oaks, he said, is now focusing on short stays for executives. The agent said that Oaks had over 90% occupancy during the week.
Online, I could reserve a one bedroom apartment for $150 a night.RP Data Report
RP Data reports that Brisbane Apartment prices increased about 28% last year. Growth, however, is slowing.
See http://apr.cpmresearch.com.au/apr/Portals/0/MR290208.pdf
This valuer's report is also interesting.
Brisbane Westin
The Empire Square development is now in pre-sales. It is called The Residences at the Brisbane Westin Empire Square.
"The building area will be approximately 85,000m2. It is designed to be 250 metres high with 68 storeys and 62 habitable floor levels. Currently there are only 2 other buildings in the Brisbane CBD of comparable height.
The building architects Cottee Parker Architects Pty Ltd have designed an iconic structure which will be a signature building in Brisbane, with an ultra-modern tower and timeless qualities adding to the elegance of the city skyline.
Internally, the design aims to create a pleasing and peaceful ambiance in keeping with the elegance of the structure, whilst providing modern and practical solutions.
The development will be located on a land area of almost 2,000m2 at the upper end and southwest side of Elizabeth Street Brisbane.
The building will also feature 23 floors of "A grade" office space from levels 5 to 27. The office section will have a separate foyer and dedicated lift bank.
The building will also incorporate 104 strata titled residential apartments over 16 floors from floor 47 to 62. The current proposal is to integrate the apartments within the ´5 Star Hotel´. Through the integration concept, the apartments will be complementary to the Hotel and benefit from a wide range of premium facilities offered by the Hotel including; swimming pool, gymnasium, sauna, steam bath, relaxation lounge, food and beverage, house-keeping and laundry services.
The development will provide a range of accommodation choices from two bedroom apartments (some with study) to three bedroom sky homes and double storey penthouses. Prices start at $1,300,000.
The Hotel will occupy 20 levels of hotel rooms and facilities, which will incorporate 306 luxury hotel rooms and suites, including a presidential suite overlooking South Bank.
Level 30 will feature the hotel´s recreational facilities including pool, his & hers gyms, beauty centre and day spa. Meeting rooms and a business centre will also be available to guests.
Bar and dining facilities will be available on the mezzanine levels."
Saturday, March 15, 2008
Trilogy Tower
Trilogy Tower, 480 Queen Street Brisbane
"Pre-release: VIP Appointments commence this Sunday 16th March. Official launch Saturday 19th April. 25 sales logged in 48 hours."
My summary (more details to follow): Hotel apartments - managed by Mirvac. Floors 36 to 47. There are 16 apartments per floor - six are 2 bedroom and ten are one bedroom. Price ranges: 1 bedroom - $480,000 to $595,000; 2 bedroom - $710,000 to $990,000. Sizes - 1 bedroom - 53sqm to 59 sqm; 2 bedroom - 70 sqm to 89 sqm. No balconies. Due for completion in 2012.
"Trilogy Tower is a 70 storey multi-use tower that derives its name from the three integrated environments contained within its spectacular steel and glass facade - office space, living space and hotel space. With its gaze firmly fixed on success, Trilogy Tower will become a centrepiece for Brisbane's future workforce, short stay visitors and permanent residents.
The $650 million to come to life on the site known as the Red Cross building, has been approved to 250m high, but will climb much higher once the City’s height limit is removed under the new CBD Masterplan. The state-of-the-art ultra-highrise tower will also contain the Brisbane CBD’s first new 5-star apartment hotel project in more than a decade.
The residential apartments will offer living areas from 85 sqm through to double-storey sky-homes of up to 350 sqm. Permanent residents at the top of the building will enjoy design, finishes and amenity rarely seen before in Australia.
The 5-star hotel accommodation component of the building comprises one and two-bedroom apartments of up to 100 sq m in living area. APH has signed a heads of agreement with a soon to be announced 5-star operator after fielding inquiry from a dozen or more local and international hotel management groups.
This iconic development will deliver the next generation of technology and sustainable design with first class accommodation facilities for office workers, short-term visitors to Brisbane and permanent residents as well as unparalleled and uninterrupted views of the Brisbane River, the Story Bridge and greater Brisbane,” said APH Managing Director John Wilson.
“The residential buildings we see around the CBD now are a part of the first generation of CBD living in Brisbane,” Mr Wilson said. “This new tower will meet the standards of a market that won’t be moving in until 2011, so it has to be beyond the forefront of design innovation."
French Quarter in Alice Street
From the Devine website, which shows that three towers are planned:
"Devine Limited has recently obtained control of a 7,252sqm parcel of land in the Brisbane CBD directly opposite the Botanic Gardens."
"A circa 54 storey high-rise development incorporating a 120 - 150 room 6 star boutique hotel approximately with circa 70 first class residential units ranging in size from 250 - 800sqm gross and valued at between $3 million to $15 million each. The development is located on the corner of Alice and Albert Streets opposite the Brisbane Botanical Gardens.
The building is currently in the initial schematic design and we have run an international design competition which we believe will produce a visionary landmark design. Submissions have already been received from some of Europe’s finest architects. We have also run an international tender seeking expressions of interest from leading hotel operator-managers and have 12 responses from national and internationally renowned organisations in the field.
The Park Hyatt
Intercontinental
The Regent
Conrad Hilton
Shangrila
Mirvac
TAJ
Drawings
Promotional Video: Click http://www.youtube.com/watch?v=q_ECTk24lxg to see Devine's proposal.
Hamilton Harbour - Over 200 Apartments Planned
PROJECT SIZE
Drawings
REIQ Apartment Price Report for Brisbane
REIQ Unit Report - see http://www.brisbanetimes.com.au/media/prices.pdf
Brisbane City - medium price is $469,000 for December 2007 quarter, which is a 8.7% change of the quarter. A number of suburbs have a higher medium price.
From the Brisbane Times this week:
The median sale price of units and townhouses in the inner-city suburb of Milton almost doubled last year, beating growth seen in Hamilton and New Farm.
A suburb known for its student population, proximity to a brewery and a miniature Eiffel Tower, Milton left other city hotspots for dead in 2007. ...
A scarcity of potential development sites in the inner-city area had seen Milton placed "in the firing line" of developers because of its location, he said.
As a result, industrial and commercial lots in the suburb could soon be replaced with new apartment projects, he said.
Units in Milton represent almost 39 per cent of all dwellings, with a higher proportion of older properties built between the 1960s and 1990s.
"The median unit price since 2004 has experienced significant fluctuations, particularly when new apartment stock dominates the total number of transactions," Mr Rivera said.
Prices in the area had performed "exceptionally well" lately thanks to the introduction of high-rise apartments, which achieved a much higher price than mature unit stock, he said.
Planned developments in the area confirmed Milton as a "strategic location" for residents and businesses, as it was likely to bring new infrastructure and improve liveability.
One such project is FKP's Union Milton development situated above the train station, and is proposed to include a 30-storey residential building of 214 apartments.
Along with the residential component, the developer plans to include a hotel and 10-storey office space.
While there was a drop in sales in the December quarter, Mr McGrath said investors would likely return to the market as yields improved over the course of 2008.
Brisbane Auction Results for early March 2008
From APM Home Price Guide Newsletter:
In Brisbane this week 171 properties were auctioned and the clearance rate was 41%. Last week, 102 properties went to auction and the clearance rate was 47%. During this week of last year 46 properties went to auction with 59% selling at auction or prior.
17 properties were auctioned this week on the Gold Coast and the clearance rate was 20%. Last week 49 properties were auctioned with 22% selling at auction or prior. During this week last year the clearance rate was 58%.
- Aurora, 420 Queen Street - Apartment 336 (6th Floor) 2 bed, 2 bath, 1 car, reasonable river views - not sold - highest bid $535,000
For the week ending 8 March, auction results for apartments in Brisbane were not good.
At a midweek Ray White auction, there was good attendance. But mostly people watching the market. There were few active buyers.
Results of the midweek Ray White Auction
Charlotte Towers (128 Charlotte Street, Brisbane)
Apartment 3801 - Level 38 - 1 bed plus study - 57 sqm - no car park - sold at auction for $320,000
Apartment 3105 - Level 31 - 1 bed with big storage room - 60 sqm - no car park - not sold
Apartment 2410 - Level 24 - 1 bed with large shower - 61 sqm - no car park - sold at auction for $310,000
[I suspect the above sales were below the original purchase price, so the seller made a loss.]
212 Margaret Street
Apartment 1504 - not sold
River Park Central (120 Mary Street)
Apartment 602 - 2 bed, 2 bath, 1 car - 85 sqm - not sold at auction - now listed for $420,000
Saturday Auction (Brisbane clearance rates were a low 44%; national clearance rates
Elysees (15 Walsh Street, Milton)
Apt 33, Penthouse - 3 bed, 2 bath, 2 car - no bids at auction - now listed for $969,000
15 February Ray White Auction
Tempo (West End)
75/20 Donkin Street, 3 bed, 2 bath, 2 car - not sold - vendor bid of $800,000 - still listed for sale.
Evolution Discounted
Received in the email today:
"... the developer is offering a limited offer to all purchasers of 2bed, 2bath, 1car and 2bed, 1bath, 1car apartments in Evolution as a part of our Grand Opening.
- 1 year, 5% rental guarantee
- $50,000 rebate to purchaser at settlement
- 1 year, 6% rental guarantee
- $30,000 rebate to purchaser at settlement
I guess this means that Evolution was overpriced or is not selling well or the developer is worried about a market downturn.
St George Bank's Prediction regarding housing price growth
Despite the healthy state of the Australian economy, with positive terms of trade helping to boost incomes and household spending power, uncertain financial conditions may limit any benefits for property growth.
St George says that, on balance, it's unlikely that the residential housing market will remain unharmed.
"For this reason, despite fundamentals such as lower vacancy rates and higher population growth rates, we have downgraded our forecasts for average house prices," chief economist Steven Milch says in the latest property market update.
Australian house price growth is now expected to be between 5 and 10 per cent over the next year, with Perth the only possible exception - possibly below the 5 per cent mark.
"It should be noted, however, that a cooling in Melbourne, Brisbane and Adelaide (where prices increased by a minimum of 18 per cent over the past 12 months) might actually assist in avoiding a boom-bust cycle," Mr Milch says.
The bank says history shows the last five housing cycles lasted for an average of five years from base to peak.
"The trough of the current cycle was end-2004 so the possible timing of the next peak is end-2009," Mr Milch says.
See news.com.auBardon Parklands - 104 apartments planned
First, there was Roma Street Parklands. Then Sherwood Parklands. My guess is that next, the Pradella Construction Group will launch Bardon Parklands. Pradella owns the Bardon Conference Centre.
"Brisbane City Council is assessing an application by the Pradella Group to rezone the 3.4ha site from a community purpose and conservation area for redevelopment. The proposal, lodged with the council in September 2006, features four three-storey buildings to house 104 apartments and 20 attached units, with 248 car parks."
See
http://mountcoot-tha.greens.org.au/media-centre/interviews/centre-rezone-ask-for-units
http://www.thebardoncentre.com.au/assets/bardon-map.pdf
http://www.pradella.com.au/web/pdf/news_2007_issue1.pdf
http://www.pradella.com.au/content/news/press_display.asp?id=141Sunday, March 9, 2008
Brisbane Apartment Market is Hot
Extract from SMH (Full article) March 4, 2008
According to BIS Shrapnel forecasts, Brisbane is projected to show the best growth over the next three years and by 2010 will have the leading long-term growth average of Australia's capital cities.
While preferring not to elect individual suburbs as growth hot spots, BIS Shrapnel senior economist Jason Anderson says the imbalance between supply and demand in Brisbane is set to affect apartment prices. Anderson believes the capital will soon face a dire shortage of apartments, especially for renters.
"[The imbalance is] going to get even worse in the inner-ring suburbs ... so in that sense there's a leaning towards that end of the market - particularly if you're looking at the volume of demand, which will rise substantially as new office developments are completed in 2009 and 2010."
...
Most people buying an apartment within Brisbane aspire to purchase within the inner city or areas near the city, Lawless says. He believes these areas provide the highest level of amenity, such as shopping, restaurants, nightclubs and cafes.
Both Lawless and McNamara believe the city will offer good returns in the medium term. "Essentially, it's important to be close to the CBD - and where apartments overlook the river and are close to the city you'll probably have good capital growth," McNamara says.
"Brisbane is starting to become expensive and many Gen Ys are going to be looking to rent in quality apartments in the city where the action is, as opposed to buying, because property prices where they want to live are somewhat out of their reach."
...
SUNSHINE COAST
McNamara says Noosa Heads is "the signature place - the place to be on the Sunshine Coast" and believes that of all the areas in the region, this is the one where strong demand will continue.
Noosa's median apartment price rose from $500,000 in 2006 to $549,000 last year. McNamara also likes Mooloolaba, which has a thriving local economy and attracts many holiday-makers. Median prices rose from $355,000 in 2006 to $375,000 last year.
Skyline - How much is unsold?
The 192 unit Skyline project was completed in October 2007. As at 31 December 2007, the project was 65% settled. Currently, 24 units remain to be sold.
Ariadne expects a degree of volatility in the SEQ property market over the next 12 months.
(On 13 November 2007, Ariadne reported that the Skyline project was 80% sold and that settlement was expected on the week starting 26 November 2007.)
Why, if it was 80% sold as at November, was it only 65% settled as at the end of December? Did 15% of the sales fail to settle? Or are these insider sales with delayed settlement?Waterfront Newstead
Mirvac's first mailout for their Waterfront project at Newstead has taken place.
Construction of the sales centre on Evelyn Street is underway.
Mirvac plans to release two buildings with the Pier area in the first half of this year.
The website at www.mirvac.com.au/waterfrontnewstead/ states one building will be 5 storeys and the other will be 8 storeys, and will comprise premium 3 and 4 bedroom apartments.
There will be a lake, a 6 hectare park, and a total of 650 apartments across all buildings when complete in 2015 -2017.Demand for Brisbane Apartments Set to Rise
Extracts from the SMH. (Full article) March 4, 2008
"The coast may be fashionable but Brisbane remains the most popular location for interstate migrants, attracting the largest proportion of Sydneysiders ready to call Queensland home.
...
The growth in employment has affected housing supplies, says senior BIS Shrapnel economist Jason Anderson.
"There has been a huge amount of employment growth in south-east Queensland, particularly in office markets," Anderson says. "Vacancy rates in Brisbane are negligible and there has been a lot of office construction. Sites once mooted for residential use are snapped up for offices."
As a result, Anderson says, there is little new apartment construction happening and supply is very constrained.
"Office construction is going to draw a lot of people into the CBD for work, and demand for accommodation in inner-ring suburbs is going to increase sharply over the next two years," he says. "There are not going to be enough new apartments for them to occupy."
He says this situation means the outlook for inner-Brisbane apartments is positive. He also predicts a perception shift in the value of apartments in the middle and outer suburbs.
"We'll see more construction and acceptance of the value of having new apartments in middle and outer-ring suburbs close to transport infrastructure," he says. "There's not going to be enough rental housing in the inner ring, so demand will spill into the middle ring. This will change people's expectations of returns over the next two to three years."
...
"The recent stockmarket jitters might see more investors returning to the 'tried and true' property market," Timchur says. "With so many new unit projects about to launch in the Brisbane market, developers will need to keep their fingers on the pulse and make sure they are providing what the market wants.
"Things are going to get competitive this year."
PRICES SOAR FOR NEW UNITS
The average price of a new unit within five kilometres of the Brisbane CBD rose from $597,000 in June last year to $725,417 in December, an increase of 21.5 per cent.
The figures were released by Colliers International Brisbane research analyst, Alison Timchur, who reports there are at least 10 big projects due to hit the Brisbane market this year.
These 10 developments account for more than 2400 units, with a building cost of $2.8 billion. More than 50 per cent are expected to be two-bed units, with a further 35 per cent one-bedders.
Timchur says this highlights how developers have been guided by market activity last year to determine current and emerging living trends, and are planning new developments to cater for the expanding single and couple inner-city market, which has dominated the Brisbane marketplace during the past year.
"One thing we may expect to see in 2008 is the continued escalation of new unit prices, driven by factors such as increased demand, larger living spaces and the increasing popularity of inner-city apartments for owner-occupiers and investors alike," she says.
THE ONLY WAY IS UP
· A PRDnationwide Brisbane unit report shows 2007 was a turnaround year for Brisbane's new apartment market.
· After the slowest year in more than a decade, there was an upswing of activity in new unit sales last year.
· During the year, $732 million of new apartments were bought and sold in inner Brisbane (a total of 1065 units).
· The average price of a new unit in inner Brisbane during last year was $687,000.
Not A Good Week for Auctions in Brisbane
This week (ending 8 March), auction results for apartments in Brisbane were not good.
At a midweek Ray White auction, there was good attendance. But mostly people watching the market. There were few active buyers.
Results of the midweek Ray White Auction
Charlotte Towers (128 Charlotte Street, Brisbane)
Apartment 3801 - Level 38 - 1 bed plus study - 57 sqm - no car park - sold at auction for $320,000
Apartment 3105 - Level 31 - 1 bed with big storage room - 60 sqm - no car park - not sold
Apartment 2410 - Level 24 - 1 bed with large shower - 61 sqm - no car park - sold at auction for $310,000
212 Margaret Street
Apartment 1504 - not sold
River Park Central (120 Mary Street)
Apartment 602 - 2 bed, 2 bath, 1 car - 85 sqm - not sold at auction - now listed for $420,000
Saturday Auction (Brisbane clearance rates were a low 44%; national clearance rates
Elysees (15 Walsh Street, Milton)
Apt 33, Penthouse - 3 bed, 2 bath, 2 car - no bids at auction - now listed for $969,000
15 February Ray White Auction
Tempo (West End)
75/20 Donkin Street, 3 bed, 2 bath, 2 car - not sold - vendor bid of $800,000 - still listed for sale.
- River Place, 1 bedroom with river view - Unit Type N (about 62 sqm including balcony) - no car park - Apt 116 - $370,000
- Charlotte Towers, 2 bedrooms, 1 bath, 1 car - 27th floor - apartment 2703, 82sqm total including alfresco dining area - $461,000
- Aurora - 2 bed, 2 bath, 1 car, Apt 301, 107 sqm including balcony, listed at $600,000, sold for $570,000
- Festival Towers, 2 bed, 2 bath, 1 car, Apt 1208, listed at $428,000, sold for $415,000 (one of the best floor plans in Festival Towers, 83 sqm plus small 3 sqm balcony, but now has no view as it looks into M on Mary).
Sunday, February 24, 2008
Auction Results for Charlotte Towers
Apartment 2703 in Charlotte Towers recently went to auction and was sold for $461,000.
This apartment was originally listed for sale at $518,000, prior to completion of the building.
Details from original online advertisement: 2 bedrooms, 1 bathroom, 1 car, "this fantastic unit enjoys a total internal area of 71m2 with a further 11m2 allocated for alfresco dining".
Other recent sales (according to Ray White):
172/170 Leichardt Street, Spring Hill - $441,000 (Oxygen Apartments)
83/82 Boundary Street, Brisbane - $660,000 (River Place)
46 & 47/293 North Quay, Brisbane - $360,000 (North Quay)
1206/128 Charlotte Street, Brisbane - $320,000 (Charlotte Towers)
14/22 Barry Parade, Fortitude Valley - $510,000 (The Hub)
Admiralty Two - Recent Sales
Open House Realty reports the following recent sales for Admiralty Towers Two in Brisbane:
- 3 bed, 2 bath, 2 car, 150 sqm, F Type - $930,000
- 3 bed, 2 bath, 2 car, 150 sqm, F Type - $915,000
- 2 bed, 2 bath, 1 car, 116 sqm, E Type - $780,000
- 2 bed, 2 bath, 1 car, 116 sqm, E Type - $715,000
- 2 bed, 2 bath, 1 car, 103 sqm, C Type - $675,000
- 2 bed, 2 bath, 1 car, 103 sqm, D Type - $735,000
You can see floor plans on line.
Note that there are two styles of two bedroom apartments, and one is much larger than the other. So take care when comparing prices of 2 bedrooms to make sure what you are comparing. Also, as there are two pools (and only the high rise section of the building can use the top pool deck), the floor in the building impacts what facilities can be used.
Market Forces
I have tried to work out how many apartments are for sale in certain buildings as at today, looking at various sources, and this what I conclude. I did not count anything reported to be under contract. The details are probably inaccurate, but the overall picture is probably about right:
Brisbane City
- Admiralty Towers One - 0
- Admiralty Quays - 1
- Admiralty Towers Two - 2
- Quay West - 2
- Metro 21 - 4
- River Place - 5
- Felix - 6
- Casino Towers - 8
- Skyline - at least 26 (plus what the developer has not yet sold)
- Festival Towers - 32
- Charlotte Towers - at least 40 (plus what the developer has not yet sold)
- Aurora - 41
- M on Mary - more than 100
- Saville South Bank - 0
- Arbour on Grey - 2
- Aurora: 29 sales, medium sales price of $470,000
- Casino Towers: 26 sales, medium sales price of $477,500
- Felix: 13 sales, medium sales price of $440,000
- Riverplace: 7 sales, medium sales price of $600,000
- Admiralty Towers 2: 7 sales, medium sales price of $700,000
- 212 Margaret: 7 sales, medium sales price of $322,000
- Admiralty Towers: 4 sales, medium sales price of $755,000
- Quay West: 4 sales, medium sales price of $445,000
By comparison, in the whole of Indooroopilly, there are 12 apartments/units currently listed for sale, of varying age and quality.
Wednesday, February 13, 2008
Brisbane Videos
These interesting videos show future developments for Brisbane. So take care when buying -- some existing buildings will loose their views; and there will be a huge influx of apartments into Brisbane in the future.
http://www.youtube.com/watch?v=BmGWIbOYZmU
http://www.youtube.com/watch?v=l687g1Ub5qM&feature=related
Wickham Terrace & Turbot Street (Central Station)
NorthBridge (office development, which will block some views from Evolution)
Brisbane Now, from PleaseTakeMeTo.comTrilogy Tower & Mirvac
APH is spreading the rumor that Mirvac will be managing its new apartment hotel complex at Trilogy. Pricing is said to start at $480,000 for a one bedroom furnished apartment without a river view.
I hope that APH will do a better job than it did on Aurora, where there are many unhappy residents and unhappy owners.Aurora Becomes A Hotel
Another Brisbane apartment building is being turned into a hotel. This time it is Aurora.
Owner residents and tenants are upset and complaining.
http://www.brisbanetimes.com.au/articles/2008/02/01/1201801005451.html
See prior posts.:
Charlotte Towers to Become Hotel
Turning Apartments into Hotels
When will the Council stop this?
A number of buildings are adding anti-Oaks provisions to their by-laws. The latest to do this is Admiralty 2.Gabba Central
The Sunday Mail has a story today, which is not on its website, regarding delays at the Gabba Central apartment complex, stage 2, on Ipswich Road at Stanley Street near the Gabba cricket grounds.
This complex is on a noisy major intersection.
Many of the apartments in stage 1 are used for short term holiday rentals.
The Sunday Mail reports that one person who moved from Victoria who had purchased an apartment off the plan in stage 2 is living on the floor of a friend's house, as his apartment is not ready and no one is sure when the necessary approvals will be obtained. He is quoted in the article as saying: "The cheapest place I can rent in the complex (Stage 1) is $950 a week..." He obviously has not looked on realestate.com.au, where apartments in Gabba Central stage 1 are listed at $460 and $580 a week furnished.
I avoided this complex for two reasons (apart from the delays that the developer was having):
1. On a very busy intersection.
2. The developer's advertising. Floor plans showed bedrooms that are 3m x 3m, and showed the bed taking up only a small part of the room. For example a bed was shown as about 150cm long, which is not to scale. In fact, most of the furniture shown on the plans was not to scale, and so makes the rooms look bigger. Also, for stage 1, there was no disclosure that part of the complex was a hotel or serviced apartment complex -- the plans shown to potential purchasers did not label the reception area as a reception area for example.
Interestingly, the developer's website currently says that settlement will take place in 2007 and that the complex "is scheduled for completion in August 2007." Clearly, not only is the developer late, he is not diligent in updating his promotional website.
In wonder if this is the developer's first large residential development? Its website states:
"Barron Developments have built a formidable reputation in the real estate industry as developers of landmark lifestyle and commercial precincts. Their past successes include the retail projects of Helensvale Plaza and 19th Avenue Shopping Centres.
Each project presents new challenges and requires a fresh, forward thinking perspective. In the Gabba Central precinct, Barron Developments have successfully fused innovative design with a concept of city fringe living that leaves nothing to be desired."
Three Year Leases For Brisbane?
As reported in the Brisbane Times:
"Changes to Brisbane's rental market in coming years could see the introduction of a US-style system where three-year leases are quite common, one property analyst believes.
The shortage of rental accommodation in South-East Queensland is unlikely to improve in the short term, signalling a need for change, according to Michael Matusik from Matusik Property Insight.
In the US and some parts of Europe, tenants take out leases that can stretch for years - and sometimes generations.
A similar system would work in Brisbane where soaring prices and plummeting vacancy rates are stretching the rental market, he said.
Currently in Brisbane, the most common lease length is six months - but Mr Matusik believes an increase to at least 12-month minimums is on the horizon.
....."
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.pdfSaturday, February 2, 2008
Brisbane Construction
As reported on SkyScraperLife (including projected completion date and name of builder):
Under Construction:
Centary Square [108 Wickham St] -- Feb-08 <<>>
Evolution - [18 Tank St] -- due Apr-08 <<>>
Green Square [503 St. Paul’s Tce] -- Jun-08 <<>>
Tribune [199 Grey St] -- Jun-08 <<>>
WBC Annex [199 George St] -- Jun-08 <<>>
Devine Office [333 Ann St] -- Sep-08 <<>>
Wesly Mission [110 Ann St] -- Sep-08 << ???????? >>
545 Queen St [545 Queen St] -- Nov-08 <<>>
Petrie Barracks [Given Tce] -- Nov-08 <<>>
Central Plaza 3 [80 Eagle St] -- Dec-08 <<>>
NAB Annex [308 Queen St] -- Dec-08 <<>>
53 Albert St [53 Albert St] -- Mar-09 <<>>
Brisbane Central [140 Elizabeth St] -- Mar-09 <<>>
Matisee tower [110 Mary St] -- Mar-09 <<>>
NorthBridge [31 Tank St] -- Mar-09 <<>>
AM60 [42 Albert St] -- Mar-09 <<>>
The Macrossan [475 Adelaide St] -- Jun-09 <<>>
Suncorp Tower [179 Turbot St] -- Jun-09 <<>>
Icon Place [270 Adelaide St] -- Jun-09 <<>>
Sky Campus [400 George St] -- Dec-09 <<>>
NorthBank Plaza [275 George] -- Dec-09 <<>>
Vision [131 Mary St] -- Jun 2012 <<>>
Pending Start: (real Projects with construction contract, due to start soon)
Trilogy [480 Queen] -- <<>>
111 Eagle St [111 Eagle St] -- <<>>
Union [Milton Station 150 Milton Rd] -- <<>>
Westminster Hall [145 Ann St] -- <<>>
Southpoint [Collins Place] -- <<>>
Meriton [495 Adelaide St] -- <<>>
550 Queen St [550 Queen St] -- <<>>
Not all of these are apartments. Will these block views of existing apartments?
Meriton's Brisbane Plans
As reported in the Brisbane Times:
"After declaring Brisbane a "backwater" in the 1980s, one of the country's most successful property developers has announced plans for his second high-rise building - tipped to be 80 to 90 storeys.
Harry Triguboff steered clear of the Sunshine State's capital for decades, concentrating on Sydney and the Gold Coast and celebrating the success of his development company, Meriton Apartments.
But last year the billionaire property tycoon announced the purchase of a site on Adelaide Street and released plans for a 70-storey tower.
Now Brisbane is set to receive a second Meriton-built tower, with plans for a $450 million mixed-use tower of 80 to 90 storeys.
Meriton paid $25 million for the 43 Herschell Street site and plans to begin construction at the end of the year, the Australian Financial Review reports.
The 1800m2 plot is currently home to a car park, but could eventually accommodate a mammoth building comprising 650 residential apartments.
The company said it planned to engage leading architects and designers to finalise plans.
Meanwhile, construction of Meriton's Adelaide Street development could begin within months. When built it will stand taller than the nearby 67-storey Aurora Building, and in terms of height will equal the 250m Trilogy Tower high-rise on Queen Street, planned by developer APH.
Meriton's Adelaide Street tower will comprise 403 apartments, 200 of which will be serviced hotel suites managed by the company."
Wednesday, January 16, 2008
M on Mary
M on Mary in Mary Street, Brisbane, is almost complete and read for residents to move in.
I have always worried about Devine buildings and their quality. M on Mary makes the recent Devine buildings look like palaces.
M on Mary has over 360 apartments and just over 40 floors. The building comprises mostly 1 bedroom apartments, with about 10% of the apartments having 3 bedrooms. There are no 2 bedroom apartments. There are less than 200 car spaces, and so many apartments do not have car parking.
On most floors, there are 10 apartments. This is a high number of apartments per floor, and raises noise and security issues.
According to the on-site managers, the developer continues to own about 120 apartments. The developer has furnished these apartments and is planning on renting them on a short term basis. So M on Mary will turn into another short stay building.
The building has only 4 small elevators for 360 apartments. This is a very low ratio, so expect delays when wanting to come and go.
The building has very few facilities for residents. There is a very small pool at the rear of the building, on the boundary near Festival Towers. It is one of the ugliest pools I have seen. There is also a small residents gym.
The apartments are tiny. A typical apartment is 52 sqm internal with a 10 sqm balcony. Some apartments are 58 sqm internal with a 20 sqm balcony. Each apartment has a small bedroom, an internal room with no windows that could be used as a storage room or study, a small combined bathroom/laundry and a living room. At one end of the living room, there is an area that has kitchen cupboards, a sink and a small fridge. There is no ensuite -- the bathroom is not near the bedroom. There are no storage cupboards, linen cupboards or coat cupboards. Some apartments do not have a balcony.
The quality of finishes is below average in my opinion.
Many owners are investors who have purchased the furniture package, which consists mostly of Chinese flatpacked furniture.
Some of the apartments have views into Festival Towers, and others have views towards the Botantic Gardens. These views of the park will be mostly lost when Devine builds its apartment / hotel complex on Alice Street.
There are a number of apartments for sale, including:
- 1 bedroom on lower floor, no view, carpark, at $460,000
- 1 bedroom on lower floor, no view, carpark, at $420,000
- 1 bedroom on 19th floor, no carpark, at $320,000
- 1 bedroom on 21th floor, no carpark, at $360,000
- 1 bedroom, no carpark, at $329,000
- 3 bedroom on high floor at $920,000
- $420 a week unfurnished, 1 bed, no car
- $460 a week furnished, 1 bed, no car
- more than $500 a week for 1 bed with a car.
Rental price guide:
- $350 - $380 per week Unfurnished
- $420 - $450 per week Furnished
Offsite agent is trying to rent an apartment on level 23 with no car for $400 per week,
For a comparion, see what you would get in Metro 21 across the road or (dare I say it) Festival Towers at the rear.
My opinion: M on Mary is a building to avoid.
(Korean language website is located at: http://www.monmary.com.au/kr/index.htm)
Admiralty One - Two Bedroom
Monday, January 14, 2008
Two Bedroom Apartments Above $800,000 in Brisbane City
- Parklands, Apt 6042, $875,000
- Felix, Apt 377, $950,000
- Quay West, Apt 1901, $850,000
- Quay West, Apt 2006, $830,000
Some listings (all two bedrooms)
- Casino Tower Penthouse, $1,300,000
- Riparian Plaza, $2,200,000
- Quay West, Apartment 606, $800,000
- Evolution, Apartment 52 (level 5) (77sqm internal), $958,000
- Evolution, Apartment 166 (level 16) (89sqm internal), $868,500
- Evolution sub penthouse, Apartment 323, $1,640,000
- Evolution, Apartment 344, $1,740,000
- Evolution, $850,000
- Admiralty Towers Two, $815,000
- Admiralty Quays, $880,000
- Parklands, Pinnacle, 9th floor, $1,050,000
- Parklands, Pinnacle, 6th floor, $975,000
- Quest River Park Central, 29th floor, $1,400,000
- Grosvenor on Edward, $1,100,000