Posted by Rob Honeycombe on 24 May 2007
This week is the first birthday of Brisbane’s tallest building, the 69 storey Aurora Tower, and its completion marked the coming of ’super-towers’ to our city. Until the late 1980’s our tallest residential building was The Gardens in Alice Street at a neck-breaking 17 storeys! The past two decades saw apartments push through 20 storeys (Dockside), 30 (Quay West) and 40 (Admiralty Towers 2) but Aurora’s arrival has yet again changed residents’ expectations of inner city living.
At 219 metres (718 feet) Aurora’s top floor is the same height as Mt Coot-tha’s lookout, and close to the cruising altitude of a hot-air balloon. With its 5 elevators travelling at more than 3 metres per second a journey to the top takes just over one minute. Higher level views extend from the Sunshine Coast’s Glasshouse Mountains through to the northern end of the Gold Coast, and at night to the glow of Toowoomba’s lights in the west. More than 1000 residents now call Aurora home, while on last year’s Riverfire night it’s estimated there were more than 6000 people in the tower for a close-up of the fireworks – a similar population to the town of Gatton!
Not surprisingly many of the 478 apartments are occupied by international visitors. From Arizona to Zambia, Qatar, China and Brazil, this “suburb on a stick” is a melting pot of cultures. With amenities like a 30m pool, large gym and a 16 seat theatrette Aurora has earned its prestige address, and rents in the building now average over $500 per week. The 4 bedroom penthouse recently rented at $1,300. Perhaps the only occupants not thrilled with the tower’s heights are the 4 legged companions. Animals are permitted but some felines have out-used all nine lives in attempting leaps from apartment balconies….
Of course Aurora’s sky-topping status won’t last, with the 80 storey Vision tower now under construction in Mary Street. With Council dropping its limit on building heights plans are already being tossed around for Brisbane apartment towers over 300 metres (1000 feet). The Gold Coast’s Q1 is Australia’s tallest building at 323 metres (the same height as the Eiffel Tower), while Taiwan’s “Taipei 101″ has the world’s highest man-made point at a breath-taking 508 metres. Not to be outdone of course the UAE’s “Burj Dubai” is under construction and proposed to top 700 metres! Due for completion next year its developers are keeping the final height a secret, but there’ll be a reported 35,000 residents living in the 160 storey tower.
Anyone remember when City Hall was Brisbane’s tallest building?!
Tags: Admiralty Towers Brisbane, Aurora Tower Brisbane, Dockside Kangaroo Point Brisbane, Mt Coot-tha Brisbane, Quay West apartments Brisbane, The Gardens Apartments Brisbane, Vision Tower Brisbane
Posted in Brisbane's rental market, Brisbane's sales market, architecture and renovation | 1 Comment »
Posted by admin on 24 May 2007
As petrol prices climb yet again and our major roads slow to bicycle speed in peak hour, Brisbanites seem to be embracing public transport. Council’s 820 buses will carry 63 million passengers this year, and we’re filling them up as quickly as they can add them to the fleet. Bus numbers are up 210 in the past 3 years while passenger numbers have also jumped 30%.
For a city once said to be dependant on cars we might be changing our thinking – at least for the workday commute. Proving that “if you build it people will come”, three-quarters of buses are now airconditioned so at least if commuters have to stand in the aisles they won’t be confronted with as many smelly armpits! And for those budding statisticians at home: BCC buses travel over 47million km every year, about the same as 1,000 trips around the earth or three return trips to the moon!
Tags: Brisbane City Council, Brisbane public transport, Brisbane traffic
Posted in Inner Brisbane events | No Comments »
Posted by admin on 23 May 2007
A doctor, a lawyer and a real estate agent were discussing the relative merits of having a wife or a mistress. The lawyer says: “For sure a mistress is better. If you have a wife and want a divorce, it causes all sorts of legal problems.” The doctor says: “It’s better to have a wife because the sense of security lowers your stress and is good for your health.”
The real estate agent says: “You’re both wrong. It’s best to have both so that when the wife thinks you’re with the mistress and the mistress thinks you’re with your wife… you can go and sell some homes.”
Tags: bad but clean jokes, real estate jokes
Posted in just for fun! | No Comments »
Posted by admin on 2 May 2007
Our rummage through the latest rental stats confirms what we’ve seen over the past month or two: our inner city market has flattened a tad. Supply might have caught up to demand, at least momentarily, according to the Residential Tenancies Authority’s March quarter stats. The number of bonds RTA holds has grown 9% in the past year (with a total of 2,386 extra dwellings), compared with growth of just 2% in the previous 12 months. Bigger new buildings like “Aurora”, “Festival Towers” and Milton’s “Vue” were completed, helping to take the edge off rent rises. Across our most central suburbs the median rent for a 3 bedroom house crept up just $10 while a 2 bedroom apartment actually dropped $10 for the quarter.
If you’d like to read more, contact us on 07 3214-6888 or visit www.beesnees.com.au for our quick and easy to read suburb profiles, “Rental Market in a Nutshell”.
Tags: Aurora Tower Brisbane, Brisbane rents, Festival Towers Brisbane, Residential Tenancies Authority, Vue apartments Brisbane
Posted in Brisbane's rental market | No Comments »
Posted by Rob Honeycombe on 2 May 2007
Many apartment investors set a 2 bedroom minimum for their home hunt and in doing so bypass a large part of the inner city’s market. With our household size still shrinking due to divorce and lower fertility and death rates, we need to keep an eye on what demand there is for each type of home. Prominent researcher Michael Matusik this week claimed that people living alone would soon (probably within 15 years) represent Australia’s largest household type. In New Farm, Bowen Hills and the Valley lone person households already occupy more than 40% of dwellings.
So which is the better investment apartment – 1 bedroom or 2? There’s no question 1 bedrooms are cheaper for tenants. In the 1st quarter of this year median rent for a 2 bedroom in the inner city was $350, while a 1 bedder was just $250. Unless tenants intend to share or somehow make permanent use of the 2nd bedroom it’s an expensive accessory. Any good property manager will tell you right now the smaller (read “cheaper”) apartments are definitely quicker off the mark, but much of the supply available is still skewed to 2 bedrooms. In the 1st three months of 2007 there were 2480 new bonds for rented 2 bedders and 1,704 for 1 bedrooms.
What about yield/returns and capital gain? If we could find reliable stats to measure this we’d be pretty smart cookies! As an example only, our two most recent sales were in the same Spring Hill building – a 2 bedroom sold with a gross return of 5.7% and a 1 bed with 5.5%. So we did the maths on capital gains in that same building. There’s been 12 re-sales of 1 bedroom apartments since completion in late 2005, at an average 23% gain. The 10 re-sales of 2 bedders have reaped their owners an average 16% increase in value. These apartments all had very similar outlooks and the same level of finish and amenity.
Like any marketplace there’ll be trends and shifts, but affordability and shrinking households suggest that while 2 bedrooms will continue to appeal to a broad market, 1 bedroom apartments might be a worthwhile investment for the inner city. And with the money you save you can always buy two properties (we are real estate agents after all!)
Tags: Bowen Hills Brisbane, capital gains, household types, Michael Matusik, New Farm Brisbane, Spring Hill Brisbane, the Valley Brisbane
Posted in Brisbane's rental market, Brisbane's sales market, Spring Hill, trends in Brisbane property | No Comments »
Posted by admin on 2 May 2007
1. If you want to know exactly where your property line is just watch the neighbour mow the lawn…
2. They have an all-electric home. Everything in it has been charged.
3. He bought a 2-storey home. One story for the bank manager before settlement, and another for after.
4. If you think no one cares if you’re alive try missing a couple of loan repayments.
5. Did you hear about Robin Hood’s house? It has a little John.
Tags: real estate jokes
Posted in just for fun! | No Comments »