Welcome back to the Web World, Jeff! I hopeyou've been travelling and not languishing in a hospital.
Do you have any comments on the "apartments" and "residences" in the Southpoint/Emporium complex? They've been marketed as if they're very posh - with an extraordinary price jump between the 2-beds and 3-bedders. But I notice the entrance lobbies are very tiny and tucked-away, almost hidden. [And the vendors don't seem to be able to make up their minds about what to call the street addresses, which may not be a big deal but could cause confusion if you were moving in there...]
January 20, 2019 at 3:45 PM
In the downtown area of Brisbane, there are a few new apartment buildings adding stock to the market. These include:
Mary Lane which is on top of the newly opened Westin Hotel in Mary Street, with many apartments sitting empty (this is the replacement for 111+222 that did not go ahead)
443 Queen Street, on the Brisbane River, which is currently under construction
Brisbane SkyTower, which is nearing completion but with the lower floors occupied prior to completion (this is the other part of the replacement for 111+222 that did not go ahead)
The One Residents at Brisbane Quarter (which is where the W Hotel is located), currently under construction
Spire Apartments on Queen St, but not riverfront, complete but with very few new apartments available for sale
For sales of existing apartments, the trends depend upon the building (quality and location). Ray White has recently published a report of sales from October 2018 to December 2018. It shows:
- In some buildings, there have been no sales. These are good quality buildings, in good locations, with large apartments and fewer apartments. The owners don't want to sell. There are less renters and more owner occupiers. An example is Admiralty Towers Two, at 501 Queen St on the river.
- In some buildings, there are a few sales, and there have been capital gains over the past 10 years. For example, in this period, a large 1 bedroom in Quay West on Alice St has increased in price from about $390,000 to $525,000. Riverplace has also done well over the past 10 years.
- In buildings which are in second rate locations, with a poor quality build, there have been no capital gains over the past ten years, and in reality, capital losses. Buildings by Devine (and the people who did this are now at Metro) are an example. For example, in Festival Towers, a 2 bed, 2 bath, 1 car was selling for about $500,000 ten years ago, and one sold recently for $470,000. In Charlotte Towers, 1 bed 1 bath no car apartments have been selling consistently in the price range of $300,000 to $330,000 for the past 10 years with no capital gain. Unilodge (which is really student accommodation) has stayed flat at the $125,000 to $130,000 range for ten years.
"Brisbane Apartment Market Update"
1 Comment -
Welcome back to the Web World, Jeff! I hopeyou've been travelling and not languishing in a hospital.
Do you have any comments on the "apartments" and "residences" in the Southpoint/Emporium complex? They've been marketed as if they're very posh - with an extraordinary price jump between the 2-beds and 3-bedders. But I notice the entrance lobbies are very tiny and tucked-away, almost hidden. [And the vendors don't seem to be able to make up their minds about what to call the street addresses, which may not be a big deal but could cause confusion if you were moving in there...]
January 20, 2019 at 3:45 PM