Vision or not?

See this AFR story, which says that Vision does not have finance and no construction contract has been signed. Trilogy sounds more optimistic. It reports that 74 out of 192 hotel apartments have been sold. The Westin Empire Square -- hard to tell what is actually happening -- sales are good, but no finance yet.

Trilogy and Water's Edge Video

See this video.

A similar story from the Brisbane Times, which is a little misleading because presales have been going on for months:

Brisbane skyscraper nets $50 million in first week
Shannon Molloy | September 19, 2008 - 10:23AM

Investors have swooped on a new mixed-use CBD skyscraper development and snapped up more than 70 hotel suites in less than a week, resulting in a $50 million sales success.

Standing at 265m and boasting residential, hotel and office space, the Trilogy Tower project on Queen Street will be one the city's tallest buildings when complete.

Developer APH Capital caused a stir last weekend when it officially opened sales for its luxury hotel suites, which represent the first new five-star product to be released to the local market in more than a decade.

More than 30 per cent of the hotel component has sold since last weekend, generating at least $50 million.

Brisbane has one of the highest hotel occupancy rates in the world and the hotel market has been bustling with investor activity in recent years.

APH managing director John Wilson said the success at Trilogy highlighted the continuing strength in the market.

"It shows there's a huge awareness of the demand for new hotel room stock and a particular need for five-star rooms in the Brisbane CBD," Mr Wilson said.

"The response to the product has been nothing less than sensational."

Trilogy Hotel, to be managed by Mirvac Hotels and Resorts, will comprise 192 fully-furnished one- and two-bedroom apartment suites.

The rest of the tower will also be home to a luxury residents and an office component featuring 31,000 square metres of space over 28 levels.

Construction is expected to be complete in 2012.

Brisbane Apartment Prices are Not Decreasing

According to the REIQ Unit Report issued today, demonstrates that Brisbane apartment prices are not decreasing.

For Brisbane City downtown area, the median sales price for apartments the 12 months to the end of June 2008 was $451,000, which is an increase of 4.2% over a year. The median sales price for the 3 months to the end of June was $460,000, also an increase over the quarter.

Related story in Courier Mail

Sales and Auction Results for Brisbane Apartments

Felix

• Apt 294 - highest bidder = $395,000

Skyline

• Apt 254 - passed in
• Apt 422 - passed in
  

Riverplace

• Apt 32 - highest bid - $640,000
• Apt 304 - passed in

Aurora

• Apt 583 - highest bid $900,000
• Apt 584 - highest bid $900,000

Casino Towers

• Apt 3104 - sold for $316,000

River City

• Apt 2105 - sold for $375,000

Recent Opinions

Extracts from RP Data's Property Pulse this week:
"With fewer buyers in the market, ABS statistics are highlighting a reluctance by developers to initiate the building of new housing projects. This may be good news for sellers, as the lack of new stock helps to underpin existing market listings with a floor price. Investors should also benefit as population growth and a general housing shortage will likely drive up rents in coming years.

The new figures suggest residential developers are still cautious of soft market conditions despite a fundamental undersupply of residential housing stock. The reluctance from developers to build is understandable: buyers are few and far between at the moment and the number of housing loans continues to fall as credit standards tighten. Adding to the disincentive to build are the ongoing rises in the cost of construction materials and shortage of labour.

The net results of these two factors: low levels of housing construction and strong population growth, are at odds with each other. At the base level we are seeing demand for housing far outstripping supply, and the situation is worsening.

There are two factors flowing from this supply/demand imbalance. Firstly, the undersupply of dwellings places a natural floor under housing prices. This is the fundamental reason why property values have not fallen further in Australia’s major residential markets.

Secondly, the pressure is building on the rental market. Vacancy rates are averaging less than 2% across the nation’s capital cities and rental rates for houses have increased by almost 11% over the last year. We should expect to see rises of a similar magnitude over the coming year.

As property value growth remains sluggish and rental rates continue to power ahead we can expect rental yields to show consistent improvements. For investors the prospects are quite compelling: strong buying conditions and the prospect of improving returns. For renters the news isn't so good – expect further rent rises and more competition for quality rental stock. Now may be the time to consider extended lease arrangements to lock in at today’s prices!"

Landmark White says, in a recent email newsletter:
"LandMark White expects the Brisbane residential market could fall by up to a further 5% in the next six to twelve months. We anticipate the landing will be quite soft across most market sectors due to the strong fundamentals in the Brisbane market including population growth, under supply of housing and a strong rental market however there is a risk the market may get worse rather than better. This appears to be very much dependant upon overseas issues and a slowing global economy. In the medium term, the only prospect of a change in the market is for the Reserve Bank to soften interest rates further. This now seems more possible however there is a perception that as interest rates fall further, the price growth seen over 2007 will return. This optimism may prove to be unfounded with buyers more likely being more aware of the negative implications of such a price growth cycle and issues of affordability."

Milton Union Station Development

"A 30-storey highrise with 210 units, hotel, and a 10 storey office tower over Milton railway station will be built within the next three years after receiving the greenlight from Brisbane City Council."
See Courier Mail
I wonder if the fumes and smoke output from the brewery will impact those living in the apartments?

The article also mentions the Mill at Albion:
"FKP is also building another transit oriented development at Albion, which was approved by the council in April. Mr Miller said so far 120 of the 140 units averaging about $650,000 each had been sold."

Promenade Building at Multiplex's Portside

Multiplex have started to sell the fourth building in the Portside development at Hamilton Shipping Terminal. This building is named Promenade. Here is a video.

Promenade is being marketed as waterfront, but the building is not waterfront. It is behind other buildings. (In addition, the firth building, Hamilton Waterfront Residences which is the same height, will be built in front of Promenade. HWR will have "absolute waterfront" apartments with an average price of $1.6M.)

Promenade has apartments from level 4 to level 15. There are a mix of 1, 2 and 3 bed apartments. There are two levels of quality -- the lower levels are not as good quality as the higher levels. For example, the lower levels are not fully airconditoned - there is a wall mounted unit in the living room only. The cupboards are laminate. On the lower levels, the quality of finishes are lower, and in my opinion by today's standards, quite poor.

There are 144 apartments, and according to documents dated 19 September 2008, 45 apartments have sold. Most of the apartments that sold are on levels 6 and 7 (which are the 3rd and 4th levels of apartments). Only 8 apartments have been sold on the top six levels. The most expensive is $1,650,000. The cheapest is a 1 bed with no car for $385,000.

Here are some sample prices (noting that the first level of apartments is level 4):

Level 5, Apartment P014, 2 bed, 2 bath, 1 car, 90 sqm internal, 24 sqm balcony, 114 sqm total, plaza views = $669,000

Level 8, Apartment P033, 2 bed, 2 bath, 1 car, 95 sqm internal, 29 sqm balcony, 124 sqm total, river views = $719,000

Level 12, Apartment P141 (illustrated above), 2 bed, 2 bath, 1 car, 92 sqm internal, 18 sqm balcony, 110 sqm total, river views = $960,000

Level 12, Apartment P142, 2 bed, 2 bath, 1 car, 93 sqm internal, 17 sqm balcony, 110 sqm total, Hamilton views = $790,000

Level 14, Apartment P068, 2 bed plus study, 2 bath, 1 car, 103 sqm internal, 26 sqm balcony, 129 sqm total, north view = $990,000

The rentals estimates given out at the display say that the rentals estimated for Promenades for two bedroom apartments is $520 to $600 per week, or up to $675 per week if there is a study. This is not a great return for the prices listed above.

Some other figures in the Multiplex brochure:

Capital growth for units in Hamilton in 07/08 was negative 5.9% (for Brisbane City it was 13.5%).
Medium sales price for units in Hamilton in August 07 was $645,000, in March 08 it had dropped to $438,000. In the corresponding period, Brisbane City medium sales price for units had risen by $30,000.

What concerns me about this building is that it is not absolute waterfront, more than half the apartments do not have river views, the quality of finishes on the lower floors are poor (thus attracting cheaper rents and pulling down building values), and the building will eventually be surrounded by other buildings on all sides. Those apartments with river views have obstruction and roof views of other buildings. The price per sqm is high, for example $8727 for a 2 bed on a higher floor. As far as I can tell, this building does not have a pool or gym.

Luxury Apartment Report

From Property Wire
The Luxury Apartment Report released today by Colliers International reveals multimillion-dollar, quality designed units are helping Brisbane’s property market defy a national slowdown in sales. "High end luxury units are outperforming the general market in capital growth," said report author, Colliers International research analyst Alison Timchur.

Queensland's developers and agents report healthy sales to local buyers. "One thing most buyers have in common is that generally they are Brisbane locals, with the occasional Gold Coast buyer," said Ms Timchur.

See also Brisbane Times

West Village

Aria has launched a website for its South Brisbane - West End project, currently in the final stages of council approval.

www.gowestend.com.au

This project will have mostly small one bedroom apartments, priced from $380,000. There will be some two bedroom apartments, priced from $660,000.

The building will be located on Edmondstone Street in South Brisbane.

Soleil - Meriton's New Adelaide Street Highrise

Soleil is taking expressions of interest and they have started advertising.

"At Meriton we never compromise on quality with any of our apartments. You will always get the very best of everything at an affordable price. Meriton the country's only major developer that is 100% Australian owned and managed will be building a 74-level tower situated on Adelaide St within Brisbane's CBD called Soleil.

Soleil will be the most impressive building in Brisbane, with superb, affordable luxury apartments starting from the 31st floor, maximizing the outstanding views at every turn. This development will also include 30 commercial offices, 3 retail shops and 175 serviced apartments.

As with many Meriton developments, Soleil will have access to resort style facilities: an indoor heated lap pool, gymnasium, spa, sauna and theatrette."

As you can see from the image below, it blocks out Skyline completely.

Northshore

The Courier Mail reports (14 September 2008):

"A NEW riverside neighbourhood, 6km from the Brisbane CBD, will house 13,000 residents, feature high-rise buildings, a boat harbour and golf course.

Premier Anna Bligh will today release master plans for the Northshore Hamilton development as part of her Toward Q2, Tomorrow's Queensland vision. Ms Bligh said it would offer "lifestyle options from the affordable to the luxurious". Work will begin at the 304ha site – between Brett's Wharf and the Gateway Bridge – next year.

"This is a vision of how this area can be revived for Queenslanders over the next 20 years and is an example of the sort of development we want to see under my Government's Toward Q2 ambitions," Ms Bligh told The Sunday Mail yesterday. This master plan is a vision of a strong, fair, green, healthy and smart development. It combines potential facilities for super-yachts, with affordable housing, healthy open spaces and green initiatives." ...

"Northshore Hamilton will play an important role in providing housing, in close proximity to the major growth centres, for the company director to the factory floor worker," Ms Bligh said. "Over 7000 new dwellings will accommodate 13,000 new residents."

The Premier said the riverfront would feature luxury homes with moorings for pleasure craft, with at least 15 per cent of other properties classified as "affordable housing".

Buildings would rise from three to 15 storeys, with two "landmark" apartment/office blocks of 20 to 23 levels.

The master plan for Northshore and Bowen Hills can be viewed on the Urban Land Development Authority website at www.ulda.qld.gov.au

Brisbane Students Forced Out of Housing

See recent article in Brisbane Times.

As an aside, a new apartment complex is to open in Indooroopilly in October. Called Riverbend Towers, it has 35 apartments, all of which will be rentals. The majority are three bedroom apartments, with 11 two bed apartments. The apartments are relatively large. Rents range from $500 to $550 per week for a 2 bedroom apartment; $650 to $750 for a three bedroom apartment; and $950 for a penthouse.

El Dorado Village at Indooroopilly

The El Dorado Village project at Indooroopilly has launched its website.

See www.eldoradovillage.com.au The project is to launch in October, and pre-sales have been strong. There are 100 apartments in the complex, mostly 2 bedroom apartments, with some 1 beds and 3 beds. There is a display suite at Park Road in Milton.

The project does not appear to have development approval yet.

Buzz Coming Back to Brisbane?

Have a look at this comment:
http://www.realestatedaily.com.au/2008/08/26/the-buzz-is-coming-back-to-the-brisbane-real-estate-market/

Hotel Apartments

Hotel Developer Lands in Red Ink, Despite Boldface Names
... “He got caught in a bad concept — which is the hotel-condo concept,” he says. “That’s a failed concept. With a failed concept, he was swept along. That was a bitter lesson, and he is trying to learn how to deal with all that financial distress.” ...
"... During the real estate boom, condo-hotels were seen as a way for stars, jet-setters and other well-heeled investors to buy apartments that they could rent to others part time. ..."
"... That didn’t solve all his problems. Local real estate agents say Mr. Falor had trouble selling the Nicky O. units because he mispriced them. Peter Zalewski, a Miami Beach broker, said that Mr. Falor had a location with “prime” views, but was asking buyers to pay roughly $2,000 a square foot for a condo-hotel unit they could use only part time, when traditional condos nearby cost about $1,000 a foot. After buyers factored in maintenance, taxes and other fees, it would have been unlikely that rental revenue would have covered the monthly cost of their investment. ..."
See New York Times

Pricing Pressure on Developers

See Residential Developer Magazine regarding how developers are trying to get you to buy without having to cut prices.

Note the reference to a Brisbane developer reducing pricing by more than $1M on an apartment project.

HWT Report

"If inner city apartment living is your thing, there are a couple of alternatives worth your time. For an entry level option, try a one bedder with a carpark and a sale price around the $370,000 to $390,000 mark. The car accommodation can be sold or rented separately for a healthy quick return, or retained to take advantage of further growth. If you looking for owner occupier stock, lower level units in the old Admiralty Towers complex are hard to beat. While they may not have the flash-bang impact of some of the newer high rise projects, your home looks down both stretches of the river with easy access to both the city centre and the wilds of Fortitude Valley. $700,000-odd could be well spent here."

See http://www.htw.com.au/Downloads/Files/195_September_2008_Month_in_Review.pdf

Devine Update

"Devine believes the fundamentals for the housing market in Australia remain sound with a significant and growing undersupply of housing which is evidenced by historically low vacancy rates and rising rents."

French Quarter precinct (Brisbane): Expected commencement: June Qtr. 2009, Hotel/Residential/Retail, Estimated Gross Realisation: $1,200M

Hamilton Harbour (Brisbane ) Expected commencement: Dec. Qtr 2008 / Early 2009, Commercial/Residential/Retaill, Estimated Gross Realisation: $400M

See http://clients.weblink.com.au/clients/Devine/article.asp?id=4202568

Following ongoing consultation with the Brisbane City Council and the newly established body, the Urban Land Development Authority, which has been formed by the government to oversee the future development of the “North Shore” precinct at Hamilton, progress is being made to secure a development approval on the Devine/Leighton Properties JV’s Hamilton Harbour project. This is situated adjacent to Brisbane’s new cruise ship terminal at Hamilton, an inner suburb of Brisbane. A $400M mixed-use development is planned for the site.

As announced progressively over the last year, Devine has secured a total of six sites that will comprise a precinct to be known as, “The French Quarter”. A multi-staged development including a six star boutique hotel, up-market residential unit developments, an office building and retail space is planned for this prime site. It is located opposite Brisbane’s Botanical Gardens on the corners of Alice, Albert and Margaret Streets in the Brisbane CBD. Following an international architectural competition, a London based architectural firm (Atkins) who were the architects for the world renowned Burj Al Arab hotel in Dubai, were selected for the $1.2B project. They will be working in conjunction with ML Design, a Brisbane based architectural firm. It is intended that a JV be entered into with a third party to develop the site. Work is now progressing to secure a development approval for the staged project to be developed over several years.

99 Mary Street in the Brisbane CBD – A number of options for this site are currently being considered which include possible strata titled office building and a hotel development. Discussions with a particular party in relation to the latter option are currently progressing.

http://clients.weblink.com.au/clients/Devine/article.asp?id=4202565

“There is a significant and growing undersupply of housing in Australia which is evidenced by historically-low vacancy rates and rising rents,” Mr Devine said. “Based on this fact and indications that interest rates in Australia might start to trend down in the near future, we expect a recovery of the housing sector although uncertainty remains as to the timing.”

http://clients.weblink.com.au/clients/Devine/article.asp?id=4202567

Raptis and Surfers Paradise

There are rumors that Raptis, who is developing the Hilton hotel and apartment complex at Surfers Paradise, is in significant trouble. I wonder if the Gold Coast Hilton will get off the ground?

http://www.news.com.au/heraldsun/story/0,21985,24252689-664,00.html

http://www.news.com.au/heraldsun/story/0,21985,24247597-664,00.html

The Gold Coast apartment market is not doing well at present. New apartment are not selling, as existing owners are cutting prices, and rental returns are not good.

"Mr Juniper said Soul would breathe new life into Surfers Paradise. "It's the transformation of the Gold Coast; a brand new Surfers Paradise is being delivered right now," he said. "To have the Hilton being built next door is fantastic. It reassures everyone that Surfers Paradise is still moving ahead in these times at the moment. "They have achieved fantastic sales. We have achieved fantastic sales and it just shows the strength of the Gold Coast market."

He said unlike the Hilton, where sales had been to predominantly offshore interests, Soul had attracted mostly local buyers.

http://www.goldcoast.com.au/article/2008/08/13/14912_gold-coast-business.html

Ciana At Indooroopilly

I have inspected an apartment at Ciana at Indooroopilly. Although still under construction (completion expected in October 2008), I was pleasantly surprised. I viewed a 2 bedroom 2 bath apartment. It was large -- over 90 sqm internal and a balconey over 30sqm. The layout made the apartment feel large -- a living room in the middle and a bedroom each side. So it had a wide frontage, giving plenty of light. A separate study/utility area. The quality of the kitchen and large bathrooms was high -- with white tiles to the ceiling in the bathrooms. Good views East from the balconey to the residential areas of Indooroopilly. Good location - close to railway, shops, cinema and restaurants.

From India to Noosa

See this article in The Statemen of India.

SL8 Opinion

FKP is selling various apartments at SL8 at West End. These include:

• Six Skyhomes: 2 storey, 2 bedrooms, 2 bathrooms, priced at $1.165M to $1.195M
  
• Two storey ground floor terrace houses, 2 bedrooms, 2 bathrooms, 115sqm internal, priced at $895,000 to $915,000
  
• A penthouse with claimed river views, 3 bedrooms, at $975,000.

I am skeptical about this development. Despite having Donovan Hill as the architect, and some larger apartments with large and interesting terraces, in my view, this is a B grade location. It is in an industrial area, and any view will be of industrial sheds and poor quality offices. (Have a look at StreetView in Google Maps.) It is not located on the river. It is a long walk to any shops or restaurants. It is over 2kms to the downtown, so a long walk. No ferry or train nearby. The better view is to the west or south-west, which is not great. Some of the "cheaper" two bedroom apartments, which are less than 90sqm internal, have an internal bedroom -- that is, the windows for that bedroom appear to go to the common hallway and not the outside.

According to the FKP website:

"With more than 90% of 1,2 & 3 bedroom apartments sold limited opportunities remain to invest in SL8 with two bedroom apartment final release now selling from $565,000-$975,000."

When FKP is taken over, I wonder what the new owner will do in relation to SL8.

Brisbane Apartment Auction Results

• River City Apartments, Apt 2105, 2 bedroom, 2 bathroom, 1 car, sold at auction for $375,000
• Aurora Skyhome, Apt 547, three bedrooms, passed in at auction with highest bid of $740,000
• Charlotte Towers, Apt 1810, passed in at auction with highest bid of $290,000
• Charlotte Towers, Apt 3811, passed in at auction with highest bid of $310,000
• Festival Towers, Apt 2806, 1 bed, 1 bath, 1 car - no bid at auction

Matusik on Brisbane Apartments

Recent Matusik reprt on Brisbane apartments is here. Basically, it says that there are not enough apartments in inner Brisbane.

Water's Edge Sales Update

I have tried to ascertain how many Water's Edge apartments at West End have sold. From my calculation, between 30 and 35 have sold, out of about 220 apartments in total. That is not a huge number of pre-sales. Is West End overpriced for what it delivers today?

Trilogy Sales

Demolition has started on the site for the Trilogy building in Brisbane.

The building will include a Mirvac managed hotel. Mirvac is not the developer and is not doing the construction. It is uncertain if a construction contract has been signed, and construction finance probably has not been obtained yet.

The hotel component includes 192 strata titled 1 and 2 bedroom suites. These are now in pre-release, with pricing starting at $480,000 and going up to $1M. According to my survey, between 60 and 70 have been sold. The public launch has been delayed, and is likely to be early September 2008. The developer is offering a 6% rent guarantee for 2 years, with settlement due in 2012.

The Compass Points North

See SMH

Look out Sydney and Melbourne, the exclusive apartments that are planned along the Brisbane River, the Gold Coast and further north are threatening to steal your limelight.

MONEY IN THE BANK

Roseville resident Rhonda Sear knows how to identify a prime apartment in a quality development. This full-time property investor bought a $1,175,000 penthouse in Queensland's South Bank development in 2004 and sold it 18 months later for $1.6 million. Sear has just listed for sale her three-bedroom, two-bathroom apartment in Norman Reach, a $108-million premium development on the Brisbane River at Norman Park.

Sear bought the apartment for $1,739,000 in 2006 and expects to make a profit despite the softer market. "It's an appealing city and it's a lot more affordable than Sydney," she says. "The key is actually buying the prestige product that has a uniqueness because it should still show strong growth in a soft market because it represents a certain lifestyle."

Sear has also spent $1.51 million on a unit on level 55 of Empire Square, Brisbane.

Look Beyond Headlines

I have always believed that medium price statistics are somewhat misleading. See this story...

"The difference in investor sentiment in the past few months has been extraordinary," Braxton Chase director Andrew Donnelly says. "The first thing many investors approaching us ask now is 'will the market implode?'. Many are clearly having difficulty understanding all the interpretations on where prices are heading."

Braxton Chase believes the reason is the frequent use of average and median price data, which creates a broad impression that prices are falling dramatically, but doesn't reflect localities that might be performing well in terms of capital growth.

See The Australian. 16 August 2008

Devine To Wait

HOUSING and apartment specialist Devine Ltd expects the residential market to fire once interest rates start sliding.

The housing and apartment specialist would pounce on apartment development sites in Sydney once market conditions turned, managing director David Devine said yesterday.

Since Leighton injected $95 million into Devine early last year to buy a 40 per cent stake in it -- since increased to 43.4 per cent -- Devine has been on a site acquisition spree, building a land bank to develop 10,000 homes in Melbourne, Adelaide and Brisbane. So far, it owns nothing in Sydney.

"Obviously, we'd be looking at the Sydney market for medium density and any opportunities that come up there," Mr Devine said. He did not think property values had any further to fall, and said residential markets nationally were "very much undersupplied". "Vacancy rates are below 1.5 per cent in most markets and according to BIS Shrapnel, we are very much undersupplying the market," he said.

"The stock deficiency is higher than it has ever been and with overseas migration at record levels, we see the residential market improving dramatically."

See The Australian, 15 August 2008

Google Insights

Google has an interesting service, that allows you to see what people are searching for on Google.

It is called Google Insights. It is helpful when making investment decisions.

For example, when looking at searches conducted in Australia over the past 12 months, the following are relative rankings of various searches:

trilogy brisbane	27
mill albion	38
empire square	44
westin brisbane	21
sl8	13

mirvac	59
pradella	1
devine	62
fkp	10
stockland	56

indooroopilly	62
new farm	40
west end	54
st lucia	19
toowong	44

Auction in Quay West

Apartment 905 in Quay West went to auction - 1 bedroom, 1 bathroom, 1 car, furnished. 72sqm, 9th floor with park and river views.
Highest bidder was $445,000.
Now listed for sale at $470,000.

Brisbane Rates Website

See www.brisbaneratesrort.com

Brace for the BOOM!

Monday, August 11, 2008

That’s the front cover headline of the September 2008 issue of Your Investment Property magazine. BIS Shrapnel predicts Brisbane will grow faster than any other capital city with the median house price to jump from the current $422,000 to $515,000 by June 2011. That’s a huge 22% increase in just 3 years!

Underpinning this strong growth forecast are several key factors:

• supply and demand – last year 90,000 people migrated to Queensland from interstate and overseas. Approximately 44,000 new dwellings need to be built next year to accommodate this rapid growth, however, only 33,000 are expected to be constructed, resulting in a shortfall of 11,000 new homes
• higher rental yields – rents have risen 15-20% during the past 12 months. Independent property analyst Michael Matusik predicts rents will rise by a further 17% in the next 18 months
• lower interest rates – we should see the first official rate cut in a month or two, with several more reductions to follow during the next two years

The bottom line is that regardless of whether you are buying as an Owner-Occupier or Investor, now is the time to secure your next property before prices take off again!

- Brian White, Senior Property Consultant, Prime Property Sales (Qld) Pty Ltd

What Brisbane Buyers Want

"Brisbane property buyers are willing to pay a premium to live closer to good schools, fancy restaurants and public transport nodes, according to one analyst.

Australian Property Investor magazine has identified the six ingredients of prime real estate, being an attractive view, proximity to water, heritage appeal, an inner-city location, lifestyle options and amenity."

See Brisbane Times

Stockland Results

http://www.stockland.com.au/

"Short term weakness in Residential; to rebound strongly in medium term"

In 2007/08 FY, Stockland sold 225 apartments Australia wide, for a total of $212M, at an operating profit of $11M or 5%.