Sydney-based developer Billbergia, along with partner AMP Capital, has sold $20 million worth of luxury apartments at its Brisbane Skytower development, defying the downturn in sales seen in the broader market.
Despite the state government’s social gathering restrictions on public open homes, the developer said it was able to close deals on five apartments across the building’s recently completed top-tier, otherwise known as the Horizon Collection, over the past two months.
Knight Frank Brisbane project marketing director Jason March, who negotiated the recent deals, said there was pent-up demand for the luxury residences in the development when it launched at the end of last year.
“When Covid-19 hit Brisbane we saw some hesitation in the market from buyers, but now there is greater certainty on where the pandemic is heading we have seen buyers re-emerge with renewed vigour,” March said.
“The luxury market particularly is in demand as people look to buy lifestyle residences more locally in lieu of being able to travel around the world and in recognition of the fact that we are spending more time at home.”
The 1,141 apartment tower, which rises 270 metres, was partly completed in 2017 with some of the building’s lower-level apartments sold and occupied while Hutchinson Builders continued with the delivery of the top floors.
The project’s latest release, consisting of 42 two and three-bedroom luxury residences and 5 four-bedroom penthouse apartments on the seven uppermost floors of 90-storey building, hit the market late last year.
New residents will have access to private entertainment spaces and gym, as well as the option to have lifestyle services provided by The Westin Hotel.
The tower is in Brisbane’s CBD, within walking distance of the Botanic Gardens, the Queen Street Mall, South Bank and the Brisbane River.
According to Knight Frank’s latest prime global index, Brisbane’s premium residential property market recorded a 0.3 per cent gain, even as global luxury markets record the lowest growth in 11 years.
By contrast, Melbourne’s prestige home prices fell 1 per cent weighed down by excess supply and weaker demand amid the border closures.
“Brisbane is attractive as an up and coming city undergoing transformation, as well as its affordability in comparison to its southern counterparts and lifestyle, which has been emphasised during the various Covid-19 lockdowns,” March said.
“We have seen strong enquiry over the past few months from both local and interstate buyers, as well as some from overseas.
“While some have been investors, we are mainly seeing owner occupiers looking to ‘rightsize’—that is, downsizing to luxury apartment living.”
Prime prices in Australasia and North America were the most resilient globally in the second quarter of 2020, boosted by low levels of supply and strong demand from affluent buyers.
Despite Australia’s relatively solid showing, the pandemic has clearly impacted global demand for prime properties with the index rising by just 0.9 per cent over the year to June—its lowest rate annual growth since the height of the global financial crisis in 2009.
This article is republished from https://theurbandeveloper.com/ under a Creative Commons license. Read the original article.
Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village
Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.
The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.
The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.
“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.
“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”
He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.
The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.
Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.
The council insists the remaining bridges need federal and state government funding to go ahead.
Article Source: inqld.com.au
Green ‘Grand Central’: Cross River Rail unveils changes to parklands vision
Developers of Queensland’s biggest infrastructure project, the $5.4 billion Cross River Rail, appear to have bowed to public pressure and moved to preserve more public space in its redesign of the city’s Roma Street parklands precinct.
The Cross River Rail Delivery Authority has confirmed it will allow more public open space in a revised development plan for the area.
A new development scheme for the Roma St precinct, which will contain the state’s most most important transport interchange (dubbed Grand Central) as well as the proposed Brisbane Live arena, identifies new green areas and more affordable housing than was originally planned.
The Palaszczuk government has insisted that the development of an underground Roma St station as part of Cross River Rail is a chance to revitalise an under-used part of Brisbane into a major opportunity for private investment.
The government expects that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.
However, the delivery authority came under fire for giving over part of the Roma St parklands which houses a public car park and Brisbane City Council maintenance depot to residential and commercial development.
The authority now says under the finalised development scheme the precinct would have more “publicly accessible open space”.
“The existing 11 hectares of publicly accessible open space within the Roma St Parklands will not only be protected forever, but will be expanded even further by more than two hectares,” the authority said in a statement.
“The development scheme also provides for new social and affordable housing as part of new residential buildings parallel to the rail corridor, adding to the existing apartment complexes along Parkland Boulevard.”
“This scheme is all about renewing one of Brisbane’s most underutilised inner-city locations while protecting and enhancing the beautiful natural features that already exist. ‘
About 46,000 people each weekday are expected to use the new high-capacity underground station at Roma Street by 2036.
Article Source: inqld.com.au
Brisbane Olympics to Push Property Market’s Limits
Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.
Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.
PRD chief economist Diaswati Mardiasmo said it was clear that hosting major events had served the property market well.
“The year after the 2000 Sydney Olympics, Newington (site of the athletes’ villages) and surrounding suburbs’ median house prices grew by 13.4 per cent,” Mardiasmo said.
“Median house price growth was not limited to the year after the Olympics. It grew by 38.5 per cent two years after, and 66.4 per cent three years after.
“The year after World Expo 88, South Bank and its surrounding suburbs grew by an average of 19.1 per cent and by 10.3 per cent after G20 Summit 2014.”
Brisbane property price predictions: Olympics 2032
|Suburb||2011||2021||Projected Growth G20 Average|
|South Brisbane house||$805,000||$1,210,000||$2,560,360|
|Redland Bay house||$450,000||$638,000||$1,350,008|
|Spring Hill house||$950,000||$1,150,000||$2,433,400|
|Alexandra Headland house||$570,000||$1,110,000||$3,348,760|
|Twin Waters house||$651,000||$1,077,000||$2,278,932|
^Source: PRD Research, AMP Pricefinder
“Bearing in mind the 2032 Olympics are still 11 years away, and based on how the Brisbane market is travelling, the potential to eclipse this price point is high,” Mardiasmo said.
“Regardless of the calculation method, the conclusion points us to Brisbane becoming a $1-million median house price city sooner rather than later. ”
Domain’s latest house price report showed median house price in Brisbane was $678,236, up 13 per cent annually.
Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.
Domain chief of research Nicola Powell said at the moment, low listing numbers and interstate migration were driving the price hike.
“It suggests that upgrading homeowners are fuelling house prices, as well as interstate and expat buyers moving from more expensive cities,” Powell said.
Melbourne and Canberra officially joined Sydney in the $1-million home club in the July results.
Article Source: www.theurbandeveloper.com
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