31 posts tagged “west end”

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."

See story in Courier Mail

"Down at the Regatta Apartments by the river, Paul Rees agrees that new and old residents want to see old industrial areas redeveloped.

"But it has to be on a human scale which protects West End's village atmosphere," says Mr Rees  He said residents of new riverside apartments were stunned that the plan proposed 12-storey buildings, where the current plan allowed only for seven.

The West End Community Association's Darren Godwell argues that compact, high-density cities can work with an eight-storey height limit.

" West End Riverside residents are fighting Brisbane City Council proposals to turn the former industrial area into a concrete jungle.   Secretary of Regatta Apartments body corporate committee Paul Rees said residents of the new Riverside apartment buildings were stunned at learning the Council’s draft neighbourhood plan would allow 12 storey buildings in the area, when the current plan provides for seven storeys, while elsewhere in West End, 30 storey high rise buildings will be allowed.

A developer called Mirae Queensland Pty Ltd is in the final steps of obtaining development approval for an apartment complex at West End, just behind Stockland's Koko project.  The development is called "The Wave" and is located at 321 Montague Street, West End.

It is an 8 storey development, proposed to have 424 apartments.  There are a large number of studios and one bed apartments.  In total, there are 563 bedrooms in the development.  There are over 500 car parks.  So this development will have a large number of apartments.

There have been a significant number of objections filed to the Development Application, so it is not certain whether or when this will go ahead.

The Wave West End

See story in Courier Mail

INNER Brisbane rents are increasing at more than 10 per cent a year, with a downturn in new apartments expected to keep vacancies tight.

DTZ Research has shown the biggest growth has been in one-bedroom units in the inner south and inner west suburbs of South Brisbane, West End and Indooroopilly, where rents have risen by up to 20 per cent.

The median rent of a one-bedroom unit in the inner south is now $420 a week, only $10 less than the CBD median price.  DTZ director of project marketing Paul Barratt said the strongest growth in the next two years would be in near-city units and middle-ring suburbs with good transport.

SQM has a good website to look at rental vacancy rates:
Brisbane City (4000 postcode) - 1.7%
South Brisbane area (4101) - 1.6%
Toowong (4066) - 1.4%
St Lucia (4067) - 1.5%
Indooroopilly (4068) - 1.9%
Sherwood area (4075) - 2.6%
Hamilton (4007) - 4.4%
Noosa (4567) - 2.2%
Mooloolaba (4557) - 1.3%

SL8 in West End is nearing completion.

2 bedroom listed for re-sale at $570,000 (Apt 203)
2 bedroom listed for resale at $560,000 (Apt 213)
2 bedroom listed at $690,000 (Apt 241)
2 bedroom listed at $550,000 (Apt 142)
2 bedroom listed at $617,000 (Apt 214)

"With more than 90% of the 1, 2 & 3 bedroom apartments sold, limited opportunities remain to invest in SL8’s West End apartments. The two bedroom apartment final release is now selling from $565,000-$975,000."

See SL8 Real Estate (FKP)

Update:  After posting this, I received the following comment from a reader:
"A word of warning about SL8: it appears the financial crisis has forced the developer (FKP) into a number of "cost rationalization" exercises. A number of items in the original fit out (eg,. taps, balcony railings etc.) have been changed for cheaper, inferior substitutes. A good example are the verandas, which have gone from frosted glass to aluminum railings (which was NOT noted in the specs changed sent to owners!!) which are nowhere near as expensive or attractive as the original.

Disappointing really as this looked like being a good property from a good developer."
See here.

“This trend, plus investors not yet comprehensively returning to the market, means the unit and townhouse market has been affected by lower overall demand in the December quarter.  Over the year, however, most areas recorded steady price growth,” REIQ chairman Peter McGrath said.

Brisbane City - Median December 08 Qtr  - $460,000, with 2.2% increase over the Dec 07 results.
Indooroopilly -  Median December 08 Qtr  - $375,000, with 6.6% increase over the Dec 07 results.
Taringa - Median December 08 Qtr  - $365,000, with 10.4% increase over the Dec 07 results.
Toowong - Median December 08 Qtr  - $342,500, with 14.9% increase over the Dec 07 results.
West End - Median December 08 Qtr  - $524,000, with 7.9% increase over the Dec 07 results.

Pradella reports as follows:
"Waters Edge has received a fantastic response since its October launch late last year and has now achieved 50 sales in total to date.  Despite the uncertain times, investors are regaining confidence and returning to the property market. Waters Edge, located on the river at West End, is testament to this with 2 apartments sold within the last week, with a further 3 expressions of interest obtained."

I drove past SL8 today in West End. I was not impressed. Although still under construction, to me it looks like a cheap motel from the 1950s. All the railings for the balconies are metal pipe rails. So from the front, it looks very uniform with railings going the complete width from left to right on every floor, without a break. From the back, it looks even worse. You may not realise, but the apartments don't have closed hallways. The door opens onto a hall that is outside -- and with the same rails going along the whole length. So you will be exposed to the the rain, heat and wind as soon as you open your door. The building looks to me like a larger version of the motel where Martin Luther King was assassinated when leaving his room.