Post a Comment On: Brisbane Apartment

This blog reported recently that PCN's Alderley Square development was on hold.  The AFR reported on Thursday that receivers have moved into Alderley Square, due to a significant slow down in sales.

Developer owes Westpac $12 million. Construction has not yet started. Off-the-plan purchases have dried up. Colliers reports 30 months of supply of new apartments in Brisbane. Alderley Square had 234 apartments across 3 buildings. In the first 12 months, $55 million of contracts, mostly to locals. In the next six months, only $4 million in sales, even with the $10,000 building boost. The AFR reports that buyer fatigue extends throughout south-east Queensland. At Australand's Yungaba project at Kangaroo Point, only 37 out of 167 lots have been sold, or about $33 million out of $150 million of stock. What will happen to PCN's El Dorado Indooroopilly development? See also story here and here.