What is going on with the Midtown apartments? I see the building is open but with only a third of the apartments sold, I wonder if the onsite hotel has enough units to let out?
February 10, 2013 at 10:10 AM
Place Projects have released their December Quarter 2012 report on the development and sales for new apartment projects in Brisbane. The report can be viewed here. The report looks at 46 different city and inner city apartment developments currently being marketed and sold. Of these, only 3 are in the downtown CBD area.
Some extracts from the report:
Through the longer term, a ten year period, the average
number of unconditional new and off the plan sales has
been 307 transactions for the Inner Brisbane marketplace.
After five consistent periods whereby quarterly sales for
new and off the plan projects were well above this long
term average, the December Quarter 2012 saw a slight
softening to only just fall short, registering 274
unconditional transactions.
A weighted average of $524,544 was recorded during the
December 2012 quarter. This result represents a high
percentage of one bedroom sales for the quarter and
continues the trend recognised through the past three years
of an elevated demand for this stock, that is high yield in the
short term with the prospect of capital growth as the
market recovers.
Inner Brisbane supply tightened slightly during the December
2012 quarter. A total of 1,713 new residential apartments
remain for sale across the Inner Brisbane market. Given the
softening in sales rate recorded during the September quarter,
this translates into a relatively unchanged monthly supply of
just over 13 months.
"Place Projects Apartment Report"
1 Comment -
What is going on with the Midtown apartments? I see the building is open but with only a third of the apartments sold, I wonder if the onsite hotel has enough units to let out?
February 10, 2013 at 10:10 AM