16 posts tagged “felix”

• What will happen to the inner city Brisbane apartment market if foreign students stop coming to Brisbane?
• When interest rates rise, will Brisbane apartment prices fall?
• Will Meriton build a building in Brisbane that is lesser quality than Devine?  Is that possible?
• When will Felix have its river views blocked by development?
• Will returns to owners in Oaks buildings decrease this year?
• Will apartment prices in Brisbane continue to fall into 2010?
• When first home owners stop buying, will sellers who have not sold become desperate?
• Are the only investors buying at present the vultures and bottom-feeders?
  

Oaks Hotels & Resorts Ltd net profit was down 33.3% to $9.8 million in the year to June 30, 2009, on revenue up 11.5% to $120.9 million.

• 38 properties under management
• 4,788 serviced rooms under management (12% increase over last FY)
• occupancy rate down 2.11% to 84.38 for CBD properties
• average room rate $151 for CBD properties
• new central reservations team -- I wonder what owners are being charged for this?

I spoke with some Oaks managers recently.  They were not keen to take on new apartments into their rental pool in Brisbane, and the rent that they offered/guaranteed is not as great as last year.  So if you invest in an Oaks building, take care, because as time goes on, you may not get as good rent as you would like.

2 bedrooms:

• Floor 36, Apt 361 - $430,000 (April 2009)
  
• Floor 35, Apt 356 - $490,000 (January 2009)
• Floor 35, Apt 355 - $420,000 (October 2008)
  
• Floor 34, Apt 342 - $495,000 (October 2008)
  
• Floor 32, Apt 325 - $430,000 (March 2009)
• Floor 32, Apt 322 - $487,000 (February 2009)
• Floor 31, Apt 314 - $460,000 (June 2009)
  
• Floor 29, Apt 294 - $424,000 (September 2008)
• Floor 27, Apt 272 - $491,000 (May 2009)
  
• Floor 25, Apt 256 - $522,000 (August 2008)
• Floor 24, Apt 245 - $415,000 (July 2008)
  
• Floor 24, Apt 246 - $500,000 (October 2008)
• Floor 22, Apt 225 - $420,000 (September 2008)
• Floor 21, Apt 217 - $485,000 (Feb 2009)
• Floor 20, Apt 204 - $440,000 (Dec 2008)
• Floor 17, Apt 173 - $480,000 (August 2008)
• Floor 17, Apt 176 - $497,000 (July 2008)
  
• Floor 16, Apt 163 - $476,500 (Sept 2008)
• Floor 14, Apt 144 - $421,500 (Sept 2008)
  
• Floor 13, Apt 133 - $465,000 (Sept 2008)
• Floor 13, Apt 136 - $462,000 (Nov 2008)
• Floor 11, Apt 113 - $485,000 (Jan 2009)
  
• Floor 10, Apt 103 - $475,000 (Oct 2008
  

• Floor 29, Apt 291 - $340,000 (Sept 2008)
  
• Floor 24, Apt 248 - $333,000 (March 2009)
• Floor 18, Apt 188 - $335,000 (Dec 2008)

FloorPlanFelix

If you are thinking of buying or renting in an apartment managed by Oaks, then you should read the online reviews written by people staying in the building, who are short stay "hotel" guests. The problem with Oaks buildings is that they were built as cheap apartment buildings (not as hotels) but a large number of rooms are rented out (often for a night at a time, via Wotif) to people who think they are staying in a hotel. Thus, both residents and "hotel" guests are often not happy.

Example Reviews:
Aurora
212 Margaret
Festival Towers
Casino Towers
Charlotte Towers
Felix
Lexicon
River City

Similar issues for M on Mary.

• Felix, Apt 317, Level 31, 3 bedrooms, 3 bathrooms, over 150 sqm - highest bid $820,000, now listed at $950,000
• Willahra Tower, Apt 49, 2 bed, 2 bath, 96sqm, no bid at auction, now listed at $449,000
• Quay West, Apt 401, Level 4, 2 bed, 2 bath, 126 sqm, vendor bid of $600,000
• Roma Street Parklands, Building 3, Apt 3095, 3 bed, 2 bath, end/rear unit, vendor bid $535,000, listed at $600,000 and reported as sold
• Roma Street Parklands, Building 4, Apt 4046, 3 bed, 2 bath, lower floor with no view, vendor bid $550,000, now listed at $700,000
• SoHo South Brisbane, Apt 605, 3 bed, 2 bath, impacted by new bridge being built, highest bid $550,000, now listed at $600,000
• Toowong, 24/12 Patrick Lane, 2 bed, 2 bath, sold for $487,000
• New Farm, 7/38 Elystan Road, 2 bed, 1 bath, sold for $780,000

See Courier Mail blog

• Felix:  342/26 Felix St, 2 bed, 2 bath, sold for $495,000.
• Festival Towers, 1901/108 Albert St, passed in $450,000
• Festival Towers, 3508/108 Albert St sold prior to auction, reported at $555,000 or $445,000??
  
• Charlotte Towers, 1502/128 Charlotte St, 2 bed 2 bath, passed in on vendor’s bid of $420,000
• River Place River Terrace House:  1/82 Boundary St was passed in at $1.35 million, now listed at $1.5M
• Skyline, 12/30 Macrossan St, three bedroom unit passed in at $900,000, now listed at $1,240,000
  
• Aurora Tower Penthouse:  651 and 656/420 Queen St passed in at $2.4 million, now listed at $2.6M
  
• Soho, 416/8 Cordelia St, 1 bed, South Brisbane was passed in at $280,000
• SoHo, 615/8 Cordelia St was passed in for $465,000, looking for offers above $500,000
  
• SoHo, 108/8 Cordelia St passed in at $505,000
• Euro, 1308-2-6 Manning St, South Brisbane, 2 bed 2 bath, passed in at $400,000
• Trilogy, 336/51 Hope Street, Spring Hill, 2 bed, 2 bath passed in at $540,000, sold after for $550,000 (vendor was off the plan owner who had paid $595,000)
  
• Stradbroke Tower, 74/2 Goodwin St, Kangaroo Point passed in at $875,000
• 1/24 Brisbane Street, St Lucia, sold for $414,000
• 6/211 Baroona Rd Paddington, 2 bed, 1 bath, sold for $431,000
• LeftBank, 64/35 Buchanan St, West End, passed in at $1.15 million

"Hundreds turned out to the convention centre on Sunday to see 80 properties offered for sale as part of the Ray White Property Auction Spectacular.  There was a wide range of units and houses was on offer but properties sold under the hammer for prices well below what would have been expected six months ago.
Chief auctioneer Philip Parker said he pleased with the lacklustre clearance rate of almost 30 percent but said those who sold at auction realised they were not going to get what they thought their property was worth before the economic downturn.  He said while no-one was happy with the current economic climate, sellers realised if they wanted to move a property they had to meet the market.
``Out of those that sold today, only one buyer didn’t go down on their original (minimum) price,’’ Mr Parker said.
He said the vendors who didn’t budge, didn’t get a sale.  Negotiations are continuing on several properties offered for sale."  http://blogs.news.com.au/couriermail/publicproperty/index.php

Felix

• Apt 294 - highest bidder = $395,000
• Apt 256, listed at $549,000, sold for $522,000
  

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

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

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

• Apt 3104 - sold for $316,000

• Apt 2105 - sold for $375,000

• Apt 2502, listed at $470,000, sold for $450,000
  

Trilogy (proposed) - 265 m
Vision (proposed) - 259 m
Empire Square (proposed) - 250 m
French Quarter (proposed) - 230 m ??
Aurora - 207 m
Riparian Plaza - 200 m
Empire Square - Level 50 - 182 m
Trilogy - Level 48 (First Skyhome floor) - 175 m
Skyline - 150 m
Waterfront Place - 162 m
M on Mary - 145 m
Charlotte Towers - 138 m
Festival Towers - 135 m
Trilogy - Level 36 (First Hotel floor) - 135 m
Felix - 131 m
Admiralty Towers Two - 126 m
Casino Towers - 120 m

** Updated post click here **

It is becoming harder to find a good apartment to rent in Brisbane. Not only are rents increasing, but there are few new buildings opening over the next few years and a number of existing buildings are being turned into short stay "hotels".

Good apartments are often snapped up quickly. Also, onsite managers control the majority of apartments for rent in most buildings, and don't often advertise on the usual property websites (as they don't need to do so). Some have their own website. Onsite managers may have a relationship with executive relocation services that are given preference.

You have to find out how each manager advertises his/her vacancy.

If you are looking for a place to rent a good inner city apartment, I believe that this is one of the better sites to look at: http://www.seqrents.com.au

This website has a list of most city apartment buildings, with useful information and links about them. Also, try this customized search engine.

You want to avoid any buildings that are primarily short stay buildings (unless of course you want to stay for 2 nights to 2 months.) So avoid buildings managed by Oaks, as they focus on short term hotel style rentals. Look here if you want a short stay apartment in Brisbane.

There are some cross-over buildings, that are officially hotels but that have apartments on higher floors. Usually, the apartments in these buildings have the option of receiving hotel services. Two examples are Quay West and Saville South Bank, which are good places to live.

Look around -- the rents for some of the newer buildings are much higher, and the apartments are smaller, than in buildings that are five to ten years old.

Some places to look:

In the downtown area:

Admiralty One, is good value: http://www.seqrents.com.au/admiralty/

Admiralty Quays and Admiralty Two are also good quality. At present, I think some of the best value apartments for rent are in Admiralty Two.

Admiralty One (also called Admiralty Towers), Admiralty Two and Admiralty Quays were all developed by the same developer and are direct river front, an easy walk to the downtown. They all have one or more swimming pools.

Next door to Admiralty Quays on the river in the city is River Place, that is clearly not as good quality (it is a Devine built building), but is likely to have availability as this is a large complex. Careful of Storey Bridge noise. Great views. Recently taken over by Mint Apartments, which is doing short stay and hotel rentals.

For an inner city downtown building, Metro 21 is one of the better quality buildings. It has only 4 apartments per floor -- and tries to be more upmarket so is better than most buildings that aim at students -- it seems to have better availability, and some of the two bedroom apartments have three bathrooms. It does not do short stay. The balconies are large: http://www.realestate.com.au/realestate/agent/metro+21+brisbane/mlibri
and http://www.metro21apartments.com.au/

On Alice Street in the city, if you can get an apartment in Quay West, that is fantastic, as it has park and river views. Half of this building is a hotel managed by Mirvac. All apartments are privately owned. You want to get above level 7.

It is also worth trying some of the off-site agents:

• Harcourt
• Ray White CBD
• Ray White Projects
• Blocksidge
  

In my opinion, some of the buildings to avoid (see prior posts) are

• 212 Margaret
• Festival Towers
• Charlotte Towers
  
• Aurora
• River City
• Felix
• Casino Towers
  

I recommend Arbour on Grey at SouthBank: http://arbour.com.au/cms/welcome.html

Also, Saville at SouthBank is one of the nicest buildings if you get a river facing apartment: http://www.seqrents.com.au/saville/index.htm

I know people at LeftBank at West End who like living there, but it is a little bit far to walk to any shops -- it is in an industrial area: http://www.seqrents.com.au/leftbank/

In the back of Toowong, Encore is a relatively nice complex, with good pricing (but currently construction next door, so take care of which apartment). http://www.seqrents.com.au/encore/

St Lucia is harder to find quality -- the quality is there, it is just that there are few onsite managers and it is harder work to find good available apartments.

In Indooroopilly, Riva is the only quality building -- again, some noise in some apartments due to nearby construction. Some have river views. http://www.seqrents.com.au/riva/

My theory is that if a building has too many apartments for sale at any one time, this negatively impacts the value of the apartments.  First, it shows high turnover (which could mean dissatisfaction.  Second, it drives the price down -- as purchasers can play each seller off.  On the other hand, scarcity drives values higher.

I have tried to work out how many apartments are for sale in certain buildings as at today, looking at various sources, and this what I conclude.   I did not count anything reported to be under contract. The details are probably inaccurate, but the overall picture is probably about right:

Brisbane City

• Admiralty Towers One - 0
• Admiralty Quays - 1
  
• Admiralty Towers Two - 2
• Quay West - 2
• Metro 21 - 4
  
• River Place - 5
  
• Felix - 6
  
• Casino Towers - 8
• Skyline - at least 26 (plus more than 20 apartments that the developer has not yet sold)
• Festival Towers - 32
• Charlotte Towers - at least 40
  
• Aurora - 41
• M on Mary - more than 100

• Saville South Bank - 0
• Arbour on Grey - 2

Tim Lawless from RP Data recently reported:

The jump in new residential property listings is highest in Queensland, where the number of new listings over the last four weeks is up 38% over last year’s figures. ... The number of new listings over the last four weeks in Brisbane has increased by 62% over the same period last year.

Such strong figures can be viewed in two ways: market sentiment remains high and vendors are confident in market conditions, or conversely vendors are pushing more properties into the market now for fear of conditions deteriorating later in the year.

In all likelihood, the latter may be true, with home owners becoming jittery about future market conditions. The Reserve Bank has been clear in their warnings of further rate rises and there seems to be a consensus amongst experts that growth in property values will begin to slow during 2008.