16 posts tagged “parklands”

• Admiralty Quays, Apt 164:  4 bedrooms, 3 bathrooms, 2 cars - $2,200,000
• Admiralty Quays, Apt 90:  1 bedroom, 1 bathroom, 1 car - $580,000
• 212 Margaret Street, Apt 47, 2 bed, 1 bath, 1 car - $465,000
• Willahra Towers, Apt 26, 2 bed, 2 bath, 1 car (76m2 internal, 36m2 external. Total area 112m2; white-goods included) - $435,000
  
• Parklands 3, Apt 4073: 1 bed, 1 bath, 1 car - $365,000
• Charlotte Towers, Apt 2305: 1 bed, 1 bath, 1 car - $354,000
• Casino Towers, Apt 3304: 1 bed, 1 bath, 1 car - $339,998
• River City, Apt 1005: 1 bedroom, no car, view straight into neighbouring building - $305,000
  

I pity the investors who purchased an apartment at Mirvac's Tennyson Reach. The returns are terrible. The quality and size of the apartments are great. There are magnificent river views from most apartments. But the location is pretty terrible. There is no neigbourhood. The tennis centre is very industrial.

As previously reported, Mirvac has sued at least 10 purchasers who did not settle. Valuations for some apartments came in $200,000 or more under contract price. It will be hard for an original buyer to resell without making a loss. There are about 30 apartments listed for resale at present.

As at mid July 2009, there were 23 apartments listed for rent by the onsite manager. There are over 40 rental listings on realestate.com.au. Rents for unfurnished apartments are:

• 2 bedrooms: $500 to $600 per week
• 3 bedrooms: most in the $700 to $790 per week range, although one is listed at $590 per week and another at $600 per week
  

So let's compare with Parklands at Sherwood. The Parklands apartments don't have river views, and are smaller than Tennyson. But the location is better, and the pool area is superior.

Tennyson - 2 bedroom sold for $990,000 and rents for $500 per week
Parklands - 2 bedroom sold for $495,000 and rents for $450 per week

Tennyson - 3 bedroom sold for $1,400,000 and rents for $720 per week
Parklands - 3 bedroom sold for $700,000 and rents for $570 per week

The Tennyson apartments are double in price, but the rent is not.

Pradella has decreased the list price for apartments at Sherwood. In my opinion, the city view apartments are great -- but there are few of these left. It is a very good development. Two apartment buildings are complete. There are 3 more apartment buildings that are planned (construction not commenced).

Apt 201 - 2 bed - rear view - ground floor - decreased to $509,000
Apt 203 - small 2 bed - rear view - ground floor - decreased to $485,000
Apt 204 - 1 bed - rear view - ground floor - decreased to $379,000
Apt 205 - large 2 bed - rear & side view - ground floor - decreased to $549,000
Apt 206 - large 2 bed - city view - ground floor - decreased to $559,000
Apt 213 - 3 bed - city view - ground floor - decreased to $690,000
Apt 214 - 3 bed - city view - ground floor - decreased to $699,000
Apt 216 - 1 bed - rear view - ground floor - decreased to $379,000
Apt 221 - small 2 bed - rear view - 1st floor - decreased to $495,000
Apt 222 - 1 bed - rear view - 1st floor - decreased to $385,000
Apt 223 - large 2 bed - rear & side view - 1st floor - decreased to $559,000
Apt 225 - small 2 bed - city view - 1st floor - decreased to $515,000
Apt 231 - 3 bed - city view - 1st floor - decreased to $699,000
Apt 240 - 1 bed - rear view - 2nd floor - decreased to $395,000
Apt 241 - large 2 bed - rear & side view - 2nd floor - decreased to $569,000
Apt 243 - small 2 bed - city view - 2bd floor - decreased to $525,000
Apt 250 - 3 bed - city view - 2nd floor - decreased to $719,000
Apt 251 - large 2 bed - rear & side view - 2nd floor - decreased to $575,000

Magazine story

• 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

One bedroom for sale in Roma Street Parklands - Pinnacle - for $669,000.  Nice apartment, but that seems expensive!  Compare a one bedroom at Quay West for $450,000

I have looked around this weekend, and these apartments seem to be good buys:

• Ciana at Indooroopilly has about 15 new apartments left for sale from developer. Three bedroom apartment for less than $565,000; large two bedroom apartments from $485,000 to $600,000.
• Parklands Sherwood - large two bedroom with 2 cars and views $535,000
  
• Fresh Toowong - large new 2 bedroom garden apartment at $520,000
• El Dorado off the plan: 2 bedroom apartments less than $600,000
• Precinct Toowong - mid size furnished two bedroom listed at $529,000
• Encore Toowong - 1 bedroom garden apartment listed at $339,000

Looking at the rents, these are all positive geared.

There is also Tennyson Reach, where off the plan purchasers are trying to sell 2 bedroom apartments for $1,200,000 and three bedrooms from $1.6M. Ouch!

A recent Brisbane apartment auction:

7041/7 Parkland Boulevard, Brisbane
3 bedrooms, 2 bathrooms, 2 car parks
In 2006, it was listed for sale for $685,000.
Sold at auction on 21 February 2009 for $730,000

Stage One at Pradella's Parkland at Sherwood is now complete.  There appear to be some good buys, including a large one bedroom for less than $400,000.  There are apartments for rent too.

 

It is rental season in Brisbane, and there is strong competition for apartments.  Many people are delaying a buying decision, and so are renting.  Some renters have locked in long term leases, taking these apartments off the market for some time.  Some investors have put their apartments into a short term letting pool for nightly "hotel" rentals, taking these away from the permanent rental market.

I have previously written about Pradella's development "Parklands at Sherwood" which is high on a hilltop overlooking parks and Oxley Creek, with city views in the distance.  See prior comment.

I visited again this week.  Apartment Building 1 (AP1, marketed as Jacaranda) is almost complete.  The bottom floor is at lockup stage, and the top floor apartments are being tiled.  Looks like about 2 to 3 months work until completion.  Apartment Building 2 (AP2, marketed as Brookline) now has a roof.  The bottom floor has internal walls, the top floor has frames for internal walls.  Probably 6 months more work till completion.  There are also terrace house and detached houses.

I am very impressed with the apartments.  Even the smaller two bedroom apartments seem large.  Maybe this is because at least half the apartments have great park views. The design and outlook is good.  I am less impressed by the detached houses -- they are in the worst location in the development, and the rooms seem smaller than I would have liked.

There are some resales already listed:

• smaller 2 bedroom, 2 bathroom, study nook, 2 cars, top floor, park & city views - listed at $530,000
• smaller 2 bedroom, 2 bathroom, study nook, 2 cars, top floor, village green views- listed at $520,000
• 3 bedroom townhouse - listed at $798,000

Some of the developer stock in AP1, at the rear of the building, is discounted.  For example, a 2 bedroom apartment for sale in the mid $400,000s.  There is good buying to be had, and this development will impress when complete.