| Locality | Median Sep Qtr 09 | Change over qtr" | Median 12 months to end of Sep 09 |
Median 12 months to end of Sep 08 |
Change over 1yr" |
| BRISBANE (LGA) | $389,500 | 1.9% | $380,000 | $385,000 | -1.3% |
| BRISBANE (SD) | $365,000 | 2.5% | $355,000 | $355,000 | 0.0% |
| ALBION | N/A | N/A | $385,000 | $375,000 | 2.7% |
| ASCOT | $385,000 | 5.0% | $377,448 | $417,500 | -9.6% |
| AUCHENFLOWER | $395,000 | -12.2% | $429,500 | $407,000 | 5.5% |
| BOWEN HILLS | N/A | N/A | $420,000 | $422,500 | -0.6% |
| BRACKEN RIDGE | N/A | N/A | $349,750 | N/A | N/A |
| BRISBANE CITY ~ | $447,000 | 27.4% | $420,000 | $450,000 | -6.7% |
| FORTITUDE VALLEY | $387,000 | -11.0% | $397,500 | $365,000 | 8.9% |
| HAMILTON ~ | $450,000 | 16.9% | $410,000 | $462,500 | -11.4% |
| INDOOROOPILLY | $435,000 | 11.1% | $422,000 | $401,750 | 5.0% |
| KANGAROO POINT | $473,000 | 12.0% | $418,500 | $475,000 | -11.9% |
| KELVIN GROVE ~ | $408,500 | -24.4% | $430,000 | $399,000 | 7.8% |
| NEW FARM | $456,500 | 4.8% | $445,000 | $487,500 | -8.7% |
| NEWSTEAD | $531,000 | 0.2% | $530,000 | $530,000 | 0.0% |
| PADDINGTON ~ | $467,900 | 20.7% | $431,250 | $440,000 | -2.0% |
| SHERWOOD * | $475,937 | 39.0% | $425,000 | $349,500 | 21.6% |
| SOUTH BRISBANE | $410,000 | 1.9% | $399,000 | $450,000 | -11.3% |
| SPRING HILL | $400,000 | 0.0% | $384,000 | $385,000 | -0.3% |
| ST LUCIA | $460,000 | 1.1% | $442,500 | $450,000 | -1.7% |
| TARINGA | $397,000 | -0.5% | $389,000 | $370,000 | 5.1% |
| TOOWONG | $425,000 | -5.1% | $391,000 | $415,000 | -5.8% |
| WEST END | $514,990 | 1.0% | $520,000 | $565,000 | -8.0% |
Sunland Group will make its first foray into Brisbane's apartment tower market after acquiring a parcel of land in the CBD. The developer has acquired nearly half of the French Quarter site from Devine, and will seek planning permission for a tower that will feature about 200 upmarket apartments. Devine has sold several other assets in recent months.
As the phasing out of the first home-buyers grant buoys the rental market in Brisbane, premium apartment developments have pushed rental prices higher in the inner-city, according RP Data research analyst Cameron Kusher."
If you believe the sales agents hired by developers who sell apartments in Brisbane off-the-plan, you can't go wrong. Sign today, but don't pay for a few years. Population growth. Depreciation benefits. Get is early to choose the best apartment. Early buyers will get the best price. There will be a price rise soon, so sign today!
- the building may never start, and so the deposit is tied up for years
- the apartment may look different to what you expect, or have a worse view
- there could be development next door, impacting your view and the location
- the developer could onsell the development, and so you end up buying from someone other than who you signed with
- the apartment may be up to 5% smaller than set out in the marketing plans
- the quality may be different to what you expect.
So take extreme care building off the plan, as you may end up paying too much for something that you don't like or want.
101 3 bed, 2 bath $845,000
102 3 bed, 2 bath $850,000
103 2 bed, 2 bath, study $780,000
104 2 bed, 2 bath $695,000
105 2 bed, 2 bath $695,000
106 1 bed, 1 bath, study SOLD
107 1 bed, 1 bath SOLD
108 2 bed, 2 bath $690,000
109 2 bed, 2 bath $690,000
110 2 bed, 2 bath, study $775,000
Very expensive!! The project was originally advertised as starting in February 2009. My guess is that it will not start until late 2010 if at all.
"Thank you for your email enquiry regarding our proposed project at Milton.
Mirvac auctioned 9 apartments at Tennyson Reach last weekend. There are more than 15 purchasers of off-the-plan apartments at Tennyson Reach who failed to settle. Mirvac auctioned off nine apartments where there was no legal dispute between the Mirvac customer and Mirvac. These were all three bedroom apartments with river or mangrove views. For all these apartments, they sold off-the-plan for more than $1M.
At the auction, there was only one apartment where bidding was more than $1M. This was apartment 3311 (a 6th floor end apartment, 234 sqm including balcony.)
For all other apartments, the majority of bids were in the $800K and $900K range. Most of the apartments did not reach the reserve, and were passed in. Some sold after auction, and at least 5 were still for sale when I looked recently. The apartments that did not sell at auction or immediately after were:
www.johnstondixon.com/3111k
www.johnstondixon.com/3103k
www.johnstondixon.com/4117k
www.johnstondixon.com/4212k
www.johnstondixon.com/4215k
Mirvac is being very secretive regarding the results of the auction and the ultimate sales price. In my experience, when the seller and seller's agent do not publicise auction results, this is often because the results were not good. The results were not reported to APM, and so the weekend auction result report for last weekend was even worse than reported for Brisbane.
In April 2008, I listed apartments buildings that were planned for Brisbane.
Here is an update of that post. Times have changed!
- Trilogy Hotel - 192 apartments - being sold off the plan, but project on indefinite hold
- Trilogy Skyhome Apartments - 109 apartments - on indefinite hold
- Westin Residences (Empire Square) - 104 apartments - project abandoned.
- Waters Edge at West End - 220 apartments in the first 2 buildings to be released - earthworks have started
- Union at Milton - 213 residential apartments and 127 hotel rooms - status unknown
- French Quarter - about 70 apartments and 150 hotel rooms - project abandoned
- Hamilton Harbour - about 250 apartments - stages one and two being sold off-the-plan; construction finance not yet obtained
- Meriton Tower
- 200 serviced apartments plus 200 residential apartments - now called
Soleil, and all apartments -- no hotel or serviced apartment component.
- The Mill at Albion - likely to be cancelled
- Waterfront Newstead - 631 apartments - two buildings under construction
Off-the-plan buildings being marketed in April 2008 and under construction
- Vision (400 apartments) - cancelled
- Iceworks at Paddington (47 apartments) - complete
- Parklands at Sherwood (82 apartments for sale now; 211 apartments planned in total) stages one and two complete
- Tennyson Reach (393 apartments) - two buildings complete, and a third building under construction
- SL8 (112 apartments) - complete
- Ciana Indooroopilly (132 apartments) - complete
- Portside Hamilton - three buildings complete, one building in off-the-plan sales
- Riverpoint West End (280 apartments) - under construction
- The Macrossan (42 apartments) - under construction
- SW1 (57 apartments) - complete
- Fresh Toowong (92 apartments) - complete
"HIGH-rise king Harry Triguboff, confident that the Brisbane and Gold Coast apartment markets are heading for a price surge, is to step up his quest for new development sites and hasten the launch of two major projects.
The veteran developer is putting sites in the Brisbane CBD and central Gold Coast 'under the microscope'.
He says he will bring forward the launch of a 77-level Brisbane tower, Infinity, by several months to the middle of 2010.
"Prices in Queensland will, I am sure, follow suit and that will happen sooner rather than later. They may not reach Sydney levels but the gap will close.
"That's because apartment supply levels in Brisbane and the Gold Coast are falling and, with the credit squeeze forcing many projects to be shelved or deferred, supply will get even tighter. That means rents will go up, with rent pressures being further increased by strong migration to south-east Queensland."
He ventured into the Brisbane market in 2007 when he acquired a site on the corner of Adelaide and Boundary streets in a move he described as 'the opening of a third development front'. Construction of Soleil, a 74-level tower which will be Brisbane's tallest apartment building, is under way on the site and due for completion by late 2011.
Meriton has sold 82 one, two and three-bedroom apartments in Soleil, where prices start at $310,000 and peak at $900,000.
New project, Infinity, is a 77-level tower on a $25 million Herschel Street site and will include 209 apartments, 422 serviced apartments, and office and retail space.
Mr Triguboff says he is looking closely at a third Brisbane development site -- one on which another major developer has shelved plans for a sizeable project."
A luxury apartment on Fifth Avenue in NYC is a similar price to a luxury apartment in Brisbane. How can this be?
For example, see this brochure, that was issued at the height of the NY property boom.
http://www.newyorkresidence.com/Pictures/CompanyNews/1997_141_Fifth_Avenue_UPDATE.pdf
My Groups
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Gold Coast Australia Updated: 22 hours ago
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Great Southern Land. Updated: 2 days ago
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Brisbanites Updated: Oct 15, 2009
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