New Vision Owner

The failed Vision tower site in Brisbane’s CBD has been sold to an Australian building and civil construction company following an extensive marketing campaign. The vacant site has been bought by Billbergia Group, which specialises in building and development, design, project management and facilities management.

Originally scheduled for completion in May 2012, Vision is a landmark development of a 5,478sqm site fronting Mary and Margaret Streets in the Brisbane CBD. The original designs included basement car parking, three levels of retail, 15 levels of office space, two observation decks and 53 levels of residential apartments.

“At this stage it is unclear whether the purchaser will build the original planned development. We will endeavour to obtain details from the purchaser with regard to their future intentions for the site and will provide further details to all stakeholders as these become available,” Campbell says.

The sale was negotiated by Jeff Dolan from Colliers International and Damian Winterburn from CapLand Real Estate Advisors, who jointly managed the sale process after receiving in excess of 10 offers.

Impacted by future development

There are alert services that let you know if your property may be impacted by a neighbouring development. For example, see:

www.planningalerts.org.au

North Quay

Meriton is set to launch its Brisbane North Quay tower, to be called Infinity. This building will have a mix of 1,2 and 3 bedroom apartments. It appears that the apartments will be larger than in many current projects, but there are no balconies.

Some example floorplans and floorplates:

This should be compared with Evolution, which is the nearest apartment building of similar age. Evolution is not yet sold out, and two bedroom apartments that originally sold off-the-plan in Evolution for $650,000 range and now listed for sale in the $550,000 range.

Parklands at Sherwood Update

The unique Pradella development at Sherwood, "Parklands at Sherwood" has about 22 apartments remaining for sale. Stages 1 and 2 completed and settled last year. It is rumoured that Stage 3 apartments will start being sold off-the-plan this year. All North facing (parkview) 2 bedroom apartments have sold out. The village green view apartments will have a better aspect once Stage 3 is complete.

In my view, these apartments are a good size, with generally good floor plans (particularly when compared with recently released developments). It is worth comparing the 3 bedroom parkview apartments (which are about 150sqm total floor area) for less than $700,000 with the 2 bedroom apartments that are less than 90sqm for about the same price.

Some example pricing:

Two bedroom apartments

1. Two bedroom, 2 bath, plus large multipurpose room. 95 sqm internal plus 17 sqm balcony, for a total of 112 sqm, ground floor - $519,000

2. Two bedroom, 2 bath, separate laundry, large living room, 2 car parks and 2 storage cages, ground floor corner apartment - 91 sqm internal and 29 sqm balcony for a total of 120 sqm - $535,000

3. Two bedroom, 2 bath, top floor, 2 car parks, 83 sqm internal and 14 sqm balconey = 97 sqm total for $515,000

Three bedroom apartments

4. Three bed, 2 bath, separate meals area, separate laundry, overlooking parklands, corner apartment 117 sqm internal, 24 sqm balcony - $685,000.

5. Three bed, 2 bath, separate meals area, separate laundry, top floor, overlooking parklands, corner apartment 118 sqm internal, 31 sqm balcony, 150 sqm for - $695,000.

Sunland in Alice

What looks like an Alice in Wonderland building, we have Sunland filing a Development Approval for a 44 Level residential tower in Alice Street. Proposed 233 apartments, from 1 to 4 bedrooms each. They look larger than is typical in Brisbane new developments these days. (Sunland's Circle on Cavill development had large apartments too.) Located at 140 Alice Street, next door to Quay West, on the Carrington site.

McLachlan & Ann

The new Laing O'Rourke development near James Street in The Valley, called McLachlan & Ann (or M&A) has received development approval and is currently in pre-sales.

There are 234 apartments, with one bedrooms selling from $345,000 and two bedrooms from $485,000.

Montague West End Pricing

Montague at West End is currently in pre-sales. Here are some example prices:

Level 11 (top floor) - 1 bedroom 1 car

Area: 69sqm total (53 sqm internal) plus balcony. The bedroom in internal with no windows. Kitchen is in hallway (galley kitchen). No laundry. Small -- keep in mind that a typical dulux hotel room is about 40 sqm.

Price $400,000

North facing with views

Similar floor plan on ground floor with courtyard

Total Area: 70sqm

Price $360,000

But there are even smaller apartments than this!

For example, a 1 bed 1 car apartment on level 2 is listed at $315,000

Area 48 sqm internal plus 6 sqm balcony for a grand total of 54sqm. This is a room, not an apartment!

A larger apartment, 1 bedroom, on level 8 is listed at $420,000.

This is 57 sqm internal, plus 20 sqm balcony, for a total of 77 sqm. The laundry is on the balcony.

Station 16 - South Brisbane

A new development from Aria, at West End is Station 16. Located at 16 Merivale Street, close to the off-ramp for the new Go Between Bridge. 60 apartments in total. One bedrooms from $335,000. Two bedrooms from $485,000.

"Station 16, offering 36 two bedroom apartments (including 5 Dual Key options) across 10 levels will take advantage of South Brisbane’s existing and future $4 billion infrastructure spend with the added benefit of an anticipated settlement date in 2012. The functional, contemporary, architecturally designed apartments that include European appliances tick all the boxes for the astute investor. With a selection of apartments boasting north-east facing aspect that provide outstanding Brisbane CBD views, you will want to be one of the first to secure your piece of Brisbane’s future."

West End - Montague

"...a limited opportunity to buy from the first round price list - elevated 1 bedroom apartments with secure basement car park from $315,000 and large 2 bedroom north and south facing apartments with sweeping views and secure basement car park from $560,000. These prices in West End represent undeniable value and it has been many years since we have seen this quality in an inner city project at such attractive prices. "

Unfair "off-the-plan" contracts

"People who buy properties off the plan will have greater protection from developers who wish to make last-minute changes to homes such as switching the light fittings or reducing precious floor space.

Property lawyers say new legislation about unfair contract terms could leave some developers exposed to contract terminations if they neglect to review their purchase agreements.

Common clauses in off-the-plan contracts allow developers to alter the size of the dwelling by up to 5 per cent or change inclusions and fittings without the purchaser's consent."

See SMH

"This means that a number of usual clauses in off-the-plan contracts, which allow flexibility in developing the site, may infringe the restriction on unfair terms. For example, “no objection” clauses, where the buyer cannot object to changes to the building, the lot or the scheme, or unilateral rights to terminate in favour of the developer, may be unfair to buyers and therefore void. Developers need to be careful that including such clauses does not create a “significant imbalance” in the parties’ rights and obligations, that the clauses are reasonably necessary to protect the developer’s interests, and that they do not cause detriment to the buyer if a term was relied upon. Where these types of clauses are to be included, developers will need to include provisions to support the necessity to include such clauses (such as a financier’s requirements or changing council requirements)."

See Legal Alert

Buyer Gets Out of Contract with Mirvac at Tennyson

See Wilson v. Mirvac regarding Tennyson Reach

"it is declared that the applicant has validly cancelled, pursuant to s 214(4) of the Body Corporate and Community Management Act1997 (“the BCCMA”), the written contract entitled “Sale Contract Tennyson Reach” dated 4 December 2007 between the applicant and the respondent"

"The apartment was to be the principal place of residence for the applicant, her husband, and two teenage children. It was adjacent to the Queensland Tennis Centre (a major public facility) and a busy public thoroughfare. At the time the applicant’s husband’s occupation was such that the whole family might reasonably have a heightened sense of vulnerability to unlawful attack. The security system had been promoted as an integral feature of the development and arrangements for its management. Viewed objectively, a person in the applicant’s circumstances in August 2009 would be disadvantaged in a substantial way by its omission. That disadvantage was compounded by the omission of other items of property which would have enhanced the amenity of the apartment."

See also Changes to Your Development: When is a Buyer Materially Prejudiced? - Property and Commercial Services Update - May 2010

Negative Views

"For the first time this year, most investors surveyed are expecting house prices to remain flat or fall.

SENTIMENT among Australian property investors is turning increasingly bearish, according to the latest Investor Pulse poll of investors conducted by Colmar Brunton and BusinessDay.

For the first time this year, the number of investors expecting house prices to remain flat or fall outweighs those who see prices rising. The fundamental reason for the shift in sentiment is a dawning belief that Australian housing is in a ''bubble'' that at some point will burst and return to historic levels of affordability.

When asked about recent comments by famed US fund manager and property bubble expert Jeremy Grantham - who described Australian and British property as the only two of 34 bubbles he had studied that had not yet burst - 43 per cent of investors agreed that reversion to the mean would involve considerable pain. Only 25 per cent of investors disagreed with the bubble diagnosis and 32 per cent were undecided."

For Full Story and Chart, see Domain

The Apple Brisbane

A small apartment building, called The Apple, is currently being marketed off-the-plan in Brisbane. The building comprises 1 bedroom apartments, which are 40 sqm internal, plus (for the most part) a 10 sqm balcony. There is one bedroom, one bathroom and a living room/kitchen. Very small. Priced from $339,000 to $560,000+. The apartments are located at 466 Ann Street, Brisbane and will block some of the views of the lower apartments in "Mantra on Queen". Compare Quay West one bedrooms, 74sqm with park views and a pool, for $450,000 or so, furnished.

El Dorado Indooroopilly

From an email from an agent:

"With over 70% of the apartments now sold Pretoria Property group are now finalising their construction finance so as to commence building the iconic apartments in October this year."

An email from the same agent a few days previous says:

"With the development earmarked to complete construction at the beginning of 2013..."

How many bubbles?

There has been much discussion recently that the Australian housing market is 30% or more overvalued and is a bubble. However, recently, a respected stock analyst says that the stock market is way over valued, and that the Dow will drop from 10,000 to 1,000 soon. If that is the case, it is better to be in property than stocks (although cash may be better still!)

See Reuters.

Triguboff's View of Brisbane Apartments

"... In Brisbane the market is tougher and Triguboff may need to hold many of the apartments being built as an investment.

He says that it seems that as you go north prosperity declines with Melbourne the most prosperous city followed by Sydney a notch down and Brisbane two or three notches below Sydney. Prices of two bedroom apartments in Brisbane sell for about a 30 to 35% below Sydney, partly because of the lower cost of land and partly because of the lack of confidence in Brisbane.

However Triguboff believes, in time, the gap will narrow. Brisbane buyers' confidence has been shaken by the collapse of a number of apartment projects. But Triguboff believes that in time Brisbane will regain its confidence and he will have the apartments there to sell. ..."

From Smart Company

Comment from Prestige Agent

"I think we have seen it is a buyers' market at the moment," she says. "Our open home attendances are down by 30 to 40 per cent on last year."

I hope this agent is telling her prospective sellers this!

See Courier Mail.

The Studio at St Lucia near University of Queensland

Last month, I wrote about The Studio development at St Lucia, located very close to University of Queensland. The developer released one of the two buildings to the market, and it sold out about 25 apartments in a week with no marketing.

There was an interesting comment about The Studio in Herron Todd White's July 2010 "Month in Review" as follows:

"High demand rental areas with reasonably assured income are a safe bet and one of our tribe suggested St Lucia is a good place to park the dough. The nearby university and ready access to facilities add up to strong demand. One development is claiming a 6.5% return on a $440,000 outlay for a double studio apartment design where both tenants share kitchen facilities. It’s geared towards cashed up, overseas students willing to part with over $250 per week per studio, which could prove to be a tall order. Our advice, if you’re interested in this type of investment, is to consider all options. Second hand multi bedroom units are offering a solid return and, more often than not, better capital growth potential compared to new stock. Just make sure you talk to one of our valuers before proceeding headlong into any under researched option."

West End - Montague - from agent's email

• BUZZING WEST END RIVERSIDE LOCATION
• INSPIRED DESIGN BY INTERNATIONALLY RESPECTED COTTEE PARKER ARCHITECTS
• RIVER, CITY AND PARK VIEWS
• LUSH, SUB-TROPICAL LANDSCAPED CENTRAL PLAZA
• LAP POOL, GYMNASIUM, RESIDENT REST & RELAXATION SPACES ON ALL ROOF TOPS

Bubble?

Is there a housing bubble in Australia?

See this article from The Trump and also this article.

See also comments on the RP Data blog and Domain.

Also:

"SQM Research founder Louis Christopher says vendors have "not yet woken up to the reality of the new market".

"There are fewer buyers out there. When houses are selling the best way to sell is at auction. But in a slower market, that's not the best way because you're not going to get as good a result."

"There are listings everywhere. We're in a situation now where buyers are backing away, but there are still people trying to sell. They're not going to get the prices they had hoped for, and it's going to be disappointing for them."

Christopher says that over the rest of the year, there will be an oversupply of stock in the market, which will put downward pressure on prices.

Additionally, he says property investors wanting to sell should have made their move in the first four months of the year. Now, he warns, they may have missed their chance."

See Property Market Has Cooled from SmartCompany

Waters Edge Update

There are some good photos of the construction of Waters Edge on the developer's website. The developer is currently advertising an X type apartment "from $645,000". This is a one bedroom apartment, with an internal study or second bedroom (no external windows).

Number of Unit Sales Decrease

Latest data from the Real Estate Institute of Queensland shows there were about 10,000 unit and townhouse sales in the six months ending March - 20 per cent less than those in the previous six months.

See Courier Mail

Gold Coast Oversupplied

Coast High Rise Demand Dries Up

The situation on the Gold Coast is not good. I wonder if everyone will be able to settle new apartment purchases in Soul and Oracle this year, when valuations are likely to come in under contract price. Note that Juniper's last project is SE Qld, Oceans, there have been no resales of apartments for more than the initial off-the-plan contract price -- with some owners selling at $200,000 or more loss. From the Gold Coast Bulletin:

"THE Gold Coast's high-rise market is at a standstill, with only 57 new apartments sold in the May quarter, the quarterly Midwood Report has revealed.This takes the total number of units sold since December last year to 115, the report shows.

Units in the city's biggest projects -- Oracle, Soul and Hilton -- are due to settle later this year. Settlement will depend on valuations, available finance and the circumstances of the owners.

Bill Morris, author of the report, said settlement of these projects would be the 'litmus test' for the market, with many buyers handing over deposits before the onset of the financial crisis, when unit values remained strong. He also said there was enough available stock for five years."

See also

http://www.goldcoast.com.au/article/2010/06/11/227041_gold-coast-real-estate.html

El Dorado Indooroopilly

The El Dorado Indooroopilly apartment development is still selling off the plan, and despite about 2 years of marketing, construction has not started. Some of the three bedroom apartments have been reconfigured as 1 bedroom apartments. The developer is now offering incentives for the smaller 1 bed apartments, which are small and the bedroom is fully internal (edited from an email from an agent):

Pretoria Property Group (developers of Indooroopilly’s ‘El Dorado Village Apartments’) has agreed to provide the following investment package.

Purchase as an investment property the A3 Type or A4 Type 1 bedroom apartments currently available for sale at El Dorado Village and Pretoria Property Group will provide to you from time of Settlement:

• Rental Guarantee @ 5% Gross rental yield paid for 2 years;

• Body Corporate fees paid for 2 years;

• Brisbane City Council Rates paid for 2 years;

• Supply and Installation of Door and Window coverings;

• Depreciation Schedule.

With the development earmarked to complete construction at the beginning of 2013, the above package will mean that the astute buyer will have nothing more to pay until approximately 2015.

So it begs the question, ‘if investors and upgraders are currently driving the residential property market then how much capital growth do you think residential property in Indooroopilly will achieve in the next 5 years’?

Recently in the ‘Matusik Market Update’ (dated March 2010) Michael Matusik stated that, “new apartments in both Toowong and Indooroopilly have seen consistent price growth in recent years. Last year the average annual gain was 5.9%, with owners making $102,000 in gross terms between sales. This compares well within just a 1% average growth rate for apartments across the Brisbane area during calendar 2009”.

In a recent article published by Investors Choice dated 1 June 2010 it was stated, “Brisbane will experience 10% per annum growth over the next 3 years” (click here to See Article).

With the suburb of Indooroopilly being a traditional high growth area the thought of purchasing a secure investment at today’s prices and watching that investment grow in value over the next 5 years is indeed very appealing.

El Dorado Village itself is a mixed-use development that comprises retail, cinema’s, commercial and residential tower. It has been identified that mixed-use developments such as El Dorado command higher growth due to greater demand to live in such complexes (click here to see extract from Michael Matusik).

This is a limited investor special and will only be provided to the first 10 buyers. One bedroom apartments at Eldorado Village start at $397,000.

RP Data April 2010 Index

In the month of April all cities recorded capital gains substantially less than the national average of one per cent per month in the previous 12 months, with Melbourne’s monthly growth rate halving from 1.6 per cent per month in the year to March to just 0.8 per cent in April.

Several cities recorded a dip in home values in April, with Brisbane values down 1.2 per cent, Perth values down 0.9 per cent and Darwin recording a 0.3 per cent fall. While both Brisbane and Perth have been consistently weak performers over the last year, Darwin dwellings have risen in value by 54 per cent since the start of 2007.

According to Tim Lawless, RP Data’s Director of Research, the April results are the lowest monthly capital gain since the end of the GFC-induced downturn in December 2008.

“A wide range of indicators have been hinting that a slowdown was on the cards. We are in a market now that has lower auction clearances, weaker home loan approvals, and lower consumer confidence. Combined with the six recent interest rate rises, and the fact that home values have recorded very large gains across key markets since the start of 2009, it is not surprising to see values start to track sideways,” Mr Lawless said.

Christopher Joye, CEO of Rismark International, added, “We have been forecasting a cooling in capital growth rates back down to single digit levels since October last year. Australian disposable household incomes rose by 11.5 per cent in 2009—unsurprisingly, the cost of housing increased by almost exactly the same amount. In 2010, disposable household income growth will be less than 5 per cent. Over the long-run, residential property values track purchasing power quite closely. We believe 2010 will be no different in this regard.”

Brisbane Apartments - medium prices

Month of April - down 1.2%

Quarter - down 0.4%

Year to Date - up 2.2%

Year on Year - up 6.8%

Medium price over quarter - settled sales - $375,000

Further Information Here and detailed information here

FKP's The Milton - in pre-release

The project is a mix of retail, commercial and residential development approved for 30 storeys above ground, at Milton Railway Station. It is approved for:

• 303 Residential Apartments in one and two bedroom configurations from level 2 to 30.
  
• First Floor Commercial.
  
• Ground Floor Retail outlets and Promenade.
  
• Almost every apartment has at least one Car Park.

One bedroom apartments with car parking start from $446,000.

Two bedroom apartments with car parking start from $640,000.

One bedroom apartments without car parking (there are only two of these available) start from $379,000.

Buy in the Bust?

"Mr. Sternlicht hopes to foreclose on many of Corus’s errant borrowers, restyle their buildings and sell units for a significant profit once the real estate market recovers. He says he and his investors can afford to wait until then because the F.D.I.C. has provided them with $1.4 billion in zero-coupon financing and an additional $1 billion in low-cost loans that can be used to complete unfinished projects."

See full article in NY Times: "Barry Sternlicht, the Real Estate Bargain Hunter"

Offsite Letting Agents

In a prior post, I warned against dealing with unlicensed or unusual offsite letting agents for holiday rentals. Recently, Accommodation One on the Gold Coast closed down -- leaving landlords and guests out of pocket. So guests of both Tailly (A1) and Accommodation 1 have recently lost their holiday bookings as well as their prepayments. Booking sites such as RoamFree and eBay should take some responsibility for dealing with these operators and helping them market their accommodation. ebay has set up a compensation fund for guests, but landlords miss out (and now have to find new tenants in competition with all of Accommodation One's other landlords, in a slow winter market.)

Recent Sales

• MacArthur Chambers - 2 beds, 2 bath, Apt 609, 229 Queen Street, sold for $790,000 and now listed for rent at $730 per week furnished.
• Aurora Towers - 2 beds, 1 bath, Apt 365, 420 Queen Street, sold for $490,500
• River Park Central, 2 bed, 2 bath, Apt 1102, 120 Mary Street, sold for $420,000

Property Investor Information

Two sites with useful information for property investors:

• negativegearedinvestmentproperty.com.au
• My Tax Zone

Devine Hamilton

The Australian Financial Review included an advertisement last week stating that Devine had received construction finance for Hamilton Harbour.

Devine has also started to market a new building on the same site, Riverside Hamilton.

Vue Apartments

The Vue Apartment complex on Coronation Drive has been impacted by its bad location and road construction activity. There is construction of the Hale Street link and GoBetween Bridge nearby, and the complex is located on the corner of a busy road and a highway. It was developed by FKP, who is now pushing a new development at Milton called The Milton. Example listings in Vue:

• Apt 1705, 2 bed with roof top terrace listed at $750,000 being sold by the original developer FKP
• Apt 3102, 2 bed, renting at $460, listed at $430,000 (sold for $350,000 in 2006)
• Apt 2303, 2 bed, 5th floor, listed at $470,000 (purchased off the plan for $440,000 in 2004)

Apt 2409 sold off-the-plan by FKP in 2006 for $535,000 and was resold in February 2009 for $445,000.

Apt 2001 sold off-the-plan for $445,000 and resold for $400,000 in October 2009.

Apt 2008 sold off-the-plan for more than $504,000 and resold in Sept 2009 for $479,000

Ray White Auction Results

Last Sunday, Ray White had a large scale auction at a Valley hotel, called an Urban Living Auction. There were a number of unique and prestige apartments and houses offered for sale. The results for the sellers were not good. More than 50 propeties were listed for auction, with only 17 selling on auction day (at the auction or shortly after).

"Ray White South Brisbane principal Dean Yesberg said 17 out of 54 properties sold on the day. “We had a large number of buyers and a positive response but the number of sales was down on previous years,” Mr Yesberg said. “Certainly the message we got out of the day is that owners need to bring their expectations back into line with the marketplace and what buyers are prepared to pay. People still want to buy but recent interest rate rises and current uncertainty in the world economy is starting to make people nervous. “It was a successful day but it was a tough day at the office.” Despite the lower than average number of sales on the day, Mr Yesberg expected more properties to be sold over the next week.

Press Release from Ray White

Some good apartments that did not sell include

• Quay West Sub Penthouse Apartment 2403
• Quay West Apartment 2006
• Admiralty Towers Apartment 123

Skyline

My favourite floorplan in Skyline (30 Macrossan Street) is the G2 floorplan. It is a 3 bed apartment, and most have 2 carparks. There is a big difference in views from lower floors (which have a good city street view towards the Marriott Hotel, and some river glimpses between Admiralty Quays and Admiralty One) and the higher floors, that have a river view over Admiralty One.

The downside with this apartment is that each of the 3 bedrooms will look into The Macrossan tower and the Soliel tower, both being built right next to Skyline.

Apt 401 in Skyline, which is this floorplan on one of the highest floors, is currently listed for sale for $899,000. The listing states: "This apartment has been priced for a quick sale at only $899,000+. It was independently valued at $990,000 in September 2009."

This apartment was sold off-the-plan in September 2004 for $770,000. The current owner paid $970,000 in November 2007.

The same apartment downstair, Apt 391, sold for $875,000 in October 2009, so my guess is that the independent valuer for 401 was wrong by $100,000! Also:

Apt 291 sold for $765,000 in October 2009.

Apt 281 sold for $755,000 in March 2009.

Apt 141 sold for $740,000 in February 2010.

Apt 91 sold for $707,500 in November 2009.

The developer has a number of this type of apartment still on his books, it seems.

Lateline Story on Building Approvals

See Lateline

Recent Apartment Sales in Brisbane City

Casino Towers (151 George Street)

• Apt 1205, 1 bed, 1 bath, no car - sold for $350,000
• Apt 1902, 2 bed, 2 bath, 1 car, river views - sold for $660,000
• Apt 3205, 2 bed, 1 bath, 1 car - sold for $520,000

The Gardens (204 Alice Street)

• 2 bed, 2 bath, 1 car - 7th floor, sold for $475,000
• 1 bed, 1 bath, 1 car - sold for $345,000

RiverCity (79 Albert Street)

• Apt 1903, 2 bed, 2 bath, 1 car - sold for $460,000

Charlotte Towers (128 Charlotte Street)

• Apt 2809, 1 bed, 1 bath, 1 car passed in at auction - auctioneer's bid of $395,000

Edenview at Kelvin Grove

Edenview Apartments at Kelvin Grove are currently being marketed by a number of agents. Due for completion in mid-2011, this complex includes 15 one bed apartments (all sold), 40 two bed apartments (about 1o sold), and 7 three bed apartments (1 sold).

The prices for the 2 bed apartments range from $519,000 to $605,000. The 3 bed apartments start at $749,000.

As an example, apartment 126 is located on level 6, with street views. It has 2 beds, 2 baths and 1 car park. It is 78 sqm internal and 18 sqm on the balcony, for a total area of 94 sqm. It is listed at $579,000, which is about $6,150 sqm. The lounge/dining area is 4m x 6.3m, which is a good size. The bedrooms are 3m x 3.2m, a little tight. The second bedroom has a window onto the apartment hallway, which I don't usually like.

The complex has a pool, and the apartments have split system deducted air conditioning.

The Studio, St Lucia

The Studio student apartment complex, "sold out" in less than a week just recently. About one third of the apartments were sold, with the remainder being kept by the developer, Aspect Property Group. The complex is located within the University of Queensland, and will be complete about July 2010.

Aspect is also in the planning stages of an apartment complex at the beginning of Fred Schonell Drive, to be called Linear.

Ferry Road, West End

On Wednesday, 5 May 2010, the Australian Financial Review had an advertisement of page 7 for 51 Ferry Road, West End. Jones Lang LaSalle is marketing the property for sale, as a 6,381 sqm riverfront site, with major development potential. Expressions of interest closing 3 June.

This would be a worry for purchasers in Waters Edge, because this is the neighbouring site, and many of the apartments look directly into this site. It may also impact the cheap apartments built on Ferry Road.

Riverbend Indooroopilly

Riverbend Towers in Indooroopilly are back on the market. They were offered for sale about 2 years ago, but then the developer decided not to proceed with selling any. Now some are on the market again. The building has 2 and 3 bedroom apartments, and they are a good size. Many have river views. Some road noise. Three bedrooms listed from $710,000

Real Estate Marketing Videos

I like the fact that some agents use YouTube videos to market their properties. Here are some examples:

Quay West, Alice Street, 2 bedrooms

Ciana, 2 bedrooms

Ciana, 2 bedroom listed at $530,000:

High Density Liveability Guide

A QUT academic has published a high density liveability guide.

See www.highdensityliveability.org.au

Alderley Square Update

"Alderley Square is a village-style, mixed-use community inspired development set to reinvigorate the heart of one of Brisbane's most established suburbs. It combines the finest of residential apartment living, a thriving retail centre and a bustling commercial precinct.

The 241 residential apartments comprise a mixture of studio, 1, 2 and 3 bedroom residences over two towers and a terrace homes complex.

Both owner-occupiers and investors alike will appreciate the open plan designed apartments with generous sized balconies to take advantage of the prevailing breezes. Breathtaking views to the CBD, North-East and over the mountain will significantly enhance the 'Queensland lifestyle' feel of Alderley Square."

103 Mary Street

A proposed new apartment at 103 Mary Street, between the Vision hole and River City. It will impact the views of River City and 212 Margaret Street.

Beware of unlicensed offsite operators

The results of the recent Circle on Cavill lawsuit is a warning both to renters and apartment owners who use unlicensed offsite operators.

Tailly leased about 40 apartments in Circle on Cavill from owners, on a long term basis, for example, on one year leases. He then advertised the apartments for rent on the Internet on a short term basis. The Federal Court found that his websites were illegal, and shut them down. Tailly then went into bankruptcy. The apartment owners were not paid rent. The renters and holidaymakers lost their money and had no booking -- Tailly collected the money upfront at the time of booking, and then spent the money. Tailly was not a licensed real estate agent or travel agent -- just a tenant illegally subletting his apartments.

So if you are an apartment owner, make sure that you are using a licensed real estate agent and that you prohibit your tenant from subletting. (In this case, many of the apartment owners used real estate agents that expressly allowed Tailly to sublet!) If you are a renter or holidaymaker, it is best to deal directly with the property or use a reputable website such as Wotif.

If you are getting a too-good-a-deal from eBay, Stayz or a website that is not operated by a real estate agent or travel agent, then watch out! Not all websites are legitimate.

Another example is Paul Whitehead and his company, WorldTourism. Take care when booking with WorldTourism, to make sure you understand who you are booking with. See story on A Current Affair, and these newspaper stories.

http://www.abc.net.au/news/stories/2010/04/09/2868246.htm

http://www.mygc.com.au/article/news/local-newsroom/28374-schoolies-ban-contested-in-court.php