BRISBANE The Research Apartment Reportcdnf.tlcollect.com/f1/cl/710/9516/Brisbane Apartment Report...

Lachlan Walker is the Brisbane Projects Analyst for Colliers International. His complete focus is upon understanding projects within the Brisbane landscape. Through combining this knowledge with the power of Colliers International Project Marketing team, Lachlan is able to provide a point of difference for potential clients and therefore a competitive advantage over potential competition. Lachlan’s professional career has been rounded out with a Bachelor in Business and Commerce majoring in Management of Organisations, Banking, Finance and Accounting.

When markets are extremely tight or economically unstable, demand increases significantly for information to help reduce the amount of risk and provide the intellectual capital required to make an informed business decision regarding a significant property transaction. Colliers International’s research department has the ability to service this need and provide well researched information and fully inform key stakeholders on market supply, market demand and specific market trends.

Colliers International’s market leading research reports are considered a gateway into the property industry and a key tool for those entering the market. The company’s widely used material provides a valuable insight into the various facets of the property industry.

“Price remains the most important driver for residential transactions. However those who can provide a point of difference and meet market expectations on value will recognise sales”

BRISBANEApartment Report

June Quar ter 2010

Image Supplied by Mosaic, Fortitude Valley

The Research

June Quar ter 2010 3June Quar ter 2010 3

15 kilometre ring

5 kilometre ring

Middle North

Middle West

Middle South

Middle East

Inner West

Inner South

Inner North

Inner East

City1 2

4

35

137

8

31

33

32

34 36

38

39

41

43

44

42

40

35

1115

9

14

20

24

19

21

2325

2926

28

27

Gaythorne

Indooroopilly

Sherwood

Tennyson

Carindale

Chermside

Nundah

Coopers Plains

45

16

22

12

37

30

18

1710

6

Map

Inner Ring _____________________________________________________________________________ 4

City Precinct __________________________________________________________________________ 6

Inner North Precinct ___________________________________________________________________ 8

Inner South Precinct _________________________________________________________________ 10

Inner East Precinct ___________________________________________________________________ 12

Inner West Precinct __________________________________________________________________ 14

Middle Ring Overview ________________________________________________________________ 16

Middle North Precinct _______________________________________________________________ 17

Middle South Precinct ________________________________________________________________ 18

Middle East Precinct _________________________________________________________________ 19

Middle West Precinct _________________________________________________________________ 20

Special Report _______________________________________________________________________ 21

Research & Consultancy ______________________________________________________________ 22

Glossary ____________________________________________________________________________ 23

CONTENTS

CIty PRECINCt

1 Evolution – CBD2 Skyline Apartments – CBD3 Soleil – CBD4 The Macrossan – CBD

INNER NORth

5 Paragon on Arthur – Fortitude Valley

6 Kingfisher Apartments – New Farm

7 Promenade Hamilton Apartments – Hamilton

8 Theodore Apartments – Kelvin Grove

9 Pier at Waterfront – Newstead10 Park at Waterfront – Newstead11 Harbour One – Hamilton12 Harbour Two – Hamilton13 Riverside Hamilton – Hamilton14 Rivé – Breakfast Creek15 Edenview Apartments

– Kelvin Grove16 Code Apartments – Bowen Hills17 Aris – Newstead18 Mosaic – Fortitude Valley

INNER EaSt

19 Castlebar Cove – Kangaroo Point20 Quartz – Bulimba21 Scott Street – Kangaroo Point22 Forty Park Avenue

– Kangaroo Point23 Yungaba – Kangaroo Point24 Aqua’ta – Bulimba

INNER WESt

25 Pulse Apartments – Milton

INNER SOuth

26 Gabba Central I and II – Woolloongabba

27 Riverpoint – West End28 SL8 – West End29 Waters Edge – West End30 Universal – South Brisbane

MIddlE NORth

31 Equinox – Chermside32 HQ – Chermside33 Madison Green – Nundah34 Focus – Chermside35 The Edge – Chermside36 C1 – Chermside

MIddlE SOuth

37 Alderley Square – Alderley38 Farringford – Tennyson Reach

– Tennyson39 Cargo Apartments

– Coopers Plains40 Parklands at Sherwood

– Sherwood

MIddlE EaSt

41 Solito – Central Tower – Carindale

42 Solito – South Tower – Carindale

MIddlE WESt

43 Pavillion in Botanic – Gaythorne44 El Dorado Village – Indooroopilly45 Verve Apartments – The Gap

MethodologyProjects are selected on the basis that they fall within a strict criteria as follows;Inner City Apartment Projects are selected using BCI Australia Value above $10 million.Middle Ring Apartments Projects are selected using BCI Australia Value above $5 million.Qualifying projects must be available for sale and new development stock only.Transactions are based on unconditional sales and settled sales depending on projects development cycle.

Prepared by Colliers International Research Author – Lachlan Walker Brisbane Projects Analyst

Colliers International does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one-way or the other in relation to the accuracy of such information, figures and projections.

Colliers International will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material.

Use with written permission only. All other responsibilities disclaimed. ©2010

4 BRISBANE Apar tment Repor t June Quar ter 2010 5

IN BRIEF

OFF-PLAN NEW APARTMENT SALES BY QUARTER

Prepared by Colliers International Research Source: Colliers Brisbane Unit Survey

NEW APARTMENT SALES BY QUARTERSept Quarter 2009 to June Quarter 2010

Quarter Sep-09 Dec-09 Mar-10 Jun-10

Available Units 986 927 1,045 1,050

Added to market 214 349 301 570

Sold this quarter 273 226 244 308

Remaining units 927 1,050 1,102 1,312

VACANCY RATE Residential Rental Apartments – June Quarter 2010

Prepared by Colliers International Research Source: OESR

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

6.0%

Rest ofQueensland

Gold CoastBrisbaneSurrounds

Remainderof Brisbane

InnerBrisbane

INNER CITY NEW UNIT SALES AND SUPPLYJune Quarter 2005 to June Quarter 2010

Uni

ts


Jun-05

Sep-05

Dec-0

5

Mar-0

6

Jun-06

Sep-06

Dec-0

6

Mar-0

7

Jun-07

Sep-07

Dec-0

7

Mar-0

8

Jun-08

Sep-08

Dec-0

8

Mar-0

9

Jun-09

Sep-09

Dec-0

9

Mar-1

0

Jun-10

Sold this Qtr Available for Sale

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

OFF-PLAN NEW APARTMENT SALES BY QUARTER

Prepared by Colliers International Research Source: RPData

GENERAL MARKET MEDIAN PRICE PER PRECINCT

Precinct Mar-10 Dec-10 Mar-10 Qtr change Annual change

CBD $407,500 $474,000 $445,000 -6.1% 9.2%

North $413,500 $472,000 $447,000 -5.2% 8.2%

South $388,625 $340,000 $413,500 -3.8% 6.4%

East $389,000 $445,000 $435,000 -2.2% 11.8%

West $388,750 $430,000 $439,000 2.1% 12.9%

Overall $400,000 $458,000 $435,000 -5.0% 8.7%

0%

5%

10%

15%

20%

25%

45%

35%

40%

REMAINING STOCK INNER CITY BRISBANEPercentages by Variation - June Quarter 2010


One Bed Two Bed Three Bed OtherPenthouse/Sub-penthouse

NEW INNER CITY UNIT AVERAGE SALE PRICEJune Quarter 2005 to June Quarter 2010

Aver

age

Price

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10

Series 1 Linear (Series 1)

➤ The June 2010 quarter finished with 1,312 new apartments available for sale in Inner Brisbane

➤ 308 unconditional sales were made suggesting a new unit supply of 13 months

➤ The weighted average sales price of new apartments in Brisbane for the June quarter was $603,750

➤ The median price of units in Inner Brisbane was $435,000

Inner RingDespite Market Sentiment, Brisbane Has Performed

The end of the 2010 financial year has seen the Brisbane off-plan apartment market resist wider market sentiment of softening markets and general negativity to record a level of unconditional sales not seen since September 2007, before the Global Financial Crisis reached Australian shores. A total of 308 unconditional transactions were recorded during the three month period to June 2010, a figure 19% above the March 2010 quarter and realising a rolling annual sales figure of 1,051 apartments for Brisbane’s Inner Ring.

A weighted average unconditional sales figure of $603,750 was recognised for the unconditional transactions recorded within five kilometres of Brisbane’s GPO, totalling almost $186 million in sales for the June quarter. The weighted average price is a figure 7% below the March 2010 quarter prior and 7% above the same period twelve months prior suggesting that the Brisbane market has stabilised around this point, balancing price pointed real estate with a level of luxury product still transacting in the market, albeit limited.

The top performing project during the June 2010 quarter was Leighton Properties’ Mosaic Apartments in the Fortitude Valley. The 210 apartments were firstly soft launched to the market in October 2009 and have recorded unconditional sales for the first time in the June 2010 quarter. The Hamilton Harbour precinct, which has structured an investment focussed master plan, has again continued its dominance of the Brisbane market during the June period. Now selling through its third stage, the precinct saw a total of 67 unconditional over its three buildings. Harbour Two recorded 36 unconditional sales whilst Riverside Hamilton saw 24 unconditional sales. A reasonable end price and targeted investment consumers has helped establish these continued results.

Other strong performers during the three month period to the end of the financial year were Universal, Code Apartments, Mirvac’s Park at Waterfront and Soleil. Roca Construction’s Universal (34 sales) and Mirvac’s second stage at Newstead Riverpark, Park at Waterfront (26 sales) have recognised their first unconditional sales. Code Apartments, again reported solid transactions registering a further 26 unconditional sales to take the project to 75% sold whilst Soleil saw a further 19 unconditional sales during the June quarter.

Of the apartments which have been transacting within the Inner Ring, the demand has been focussed upon one and two bedroom stock over the past twelve months, totalling almost 95% of the transactions through the calendar year to June 2010. For the most recent June quarter specifically, two bedroom transactions saw the majority with 60% of the 308 unconditional sales, followed by one bedroom configurations which totalled 35% of the June 2010 quarter’s sales. Three bedroom configurations totalled 4% of the quarter’s transactions whilst penthouse and sub-penthouse configurations made up the remaining 1%.

The sales made for the quarter aligns directly with the apartments which remain for sale. Currently, Brisbane real estate remains a supply led market. As at the 30th of June 2010, a total of 1,312 new apartments remain for sale, the majority of which are two bedroom apartments (42%). One bedroom variations closely follow with 35% of the available apartments whilst three bedroom configurations total 19% of the 1,312 apartments. Importantly, based upon the sales rate realised during the June 2010 quarter, these 1,312 apartments are likely to supply the current market demand for just over 12 months.

An analysis of the existing real estate market has shown a market which has suffered a significant tightening in sales achieved through recent months. Across all Inner City precincts 806 settled sales transacted during the March 2010 quarter, a 20% softening in the number of transactions from the same period in 2009. Although the market continues to be driven by price pointed transactions with 67% of the 806 settled sales recorded during the three months being under $500,000. The median price has however strengthened over the past twelve months despite the fact that the number of registered transactions has softened, recording an overall median of $437,500, a figure 9% above the same period in 2009.

Colliers International Research is under no illusions that the Brisbane residential market is thriving. It is a tough market and those who are actively marketing residential projects have provided feedback that they must work hard to secure unconditional transactions. The off-plan market has fared better than the softening general real estate market, recognising a strengthening in sales rates driven by factors such as supply and price

point. Consumers are pursuing projects which will recognise strong yields and the potential that capital growth will be recognised given an ever expanding population.

Buyers remain scarce, given fears that interest rates will rise and the market will follow the US into a possible double dip recession. Combined with the Federal election and the surrounding controversy of indecision, has left many potential purchasers sitting on their hands. Positively however, those who are seeking a residential purchase have generally done their homework. They understand their capacity to purchase, their limitations and to some extent are prequalified in terms of their financial capability prior to the initial enquiry. They know what they are seeking in their residential acquisition and have a broad understanding of the underlying drivers which are impacting the wider market.

The Brisbane apartment market will become an ever competitive precinct. A recent analysis has recognised that Inner Brisbane may see over 3,000 new apartments enter the market by December 2010. Large scale projects competing for the same buyers and offering similar value propositions. Projects which have been restructured from encompassing a majority of larger three bedroom apartments to high density one and two bedroom stock.

Value propositions therefore must become ever competitive. Price remains the most important driver for residential transactions however those projects which can provide those factors which add long term capital appreciation such as access to infrastructure, amenity, view corridors, significant employment nodes and efficient apartment design will recognise superior results. Those who provide a point of difference and therefore meet market expectations on value will recognise sales.

Successful projects must be forward thinking and counter cyclical in nature in order to achieve sustainable results in the long term. A full understanding of the new council town plans, and therefore the future of each individual region will become critical to recognise the vision for each precinct and the impacts new infrastructure, amenity and growth will have on the areas. This will not only fast track projects to the market but also allow projects to recognise potential growth areas, competition and understand the point of difference that you can provide.


BRIEFLY...

Project Name Project Status Total Proposed Apartments

400-410 Queen St Feasibility/Deferred 25

549 Queen st Feasibility/Deferred 206 (1,2,3 Beds)

Meriton, Herschel St Development Approval 629 (1,2,3 Beds)

Silverpoint Towers Development Approval/Deferred 36 (4 Beds)

Trilogy Tower Development Approval/Deferred 277 (1,2,3,4 Beds)

Vision Construction/Deferred 392 (1,2,3 Beds)

Waterfront Palace Development Approval/Deferred 200 (1,2,3,4 Beds)

Hogan Place Development Application 138 (1,2,3 Beds)

140 Alice Street Development Application 223 (1,2,3 Beds)

New Projects Pending

Prepared by Colliers International Research Source: BCI Australia, BCC


Sale Price Range Mar-09 Jun-09 Sep-09 Dec-09 Mar-10Less than $300,000 22 34 37 19 19

$300,000 to $399,999 61 92 53 33 24

$400,000 to $499,999 46 53 57 29 32

$500,000 to $599,999 16 15 16 22 10

$600,000 to $699,999 3 13 21 14 13

$700,000 to $799,999 14 9 7 10 9

$800,000 to $899,999 3 3 5 6 4

At least $900,000 9 11 20 15 5

Grand Total 174 230 216 148 116

General Market Apartment Sales

Prepared by Colliers International Research Source: SEQ Rents

Project Beds Bath Car Furnished Rent $ PwThe Manhattan Apts 2 2 0 Yes $430

Gardens Apts 1 1 0 Yes $400

Metro 21 1 1 0 Yes $480

Mayfair Residences 2 2 1 No $520

San Domenica 2 2 1 No $450

Gardens Apts 2 2 1 Yes $610

Metro 21 2 2 1 Yes $660

Grosvenor Apts 2 2 1 No $800

San Domenica 3 2 2 No $600

Grosvenor Apartments 3 2 2 Yes $1,000

Examples of Current Apartment Rents

Evolution CBD Completed 178 173 0 5

Skyline Apartments CBD Completed 192 191 0 1

Soleil CBD Under Construction 414 128 19 286

The Macrossan CBD Under construction 42 31 1 11

Summary - 4 Projects 826 523 20 303

New Apartment Sales


Development Suburb StatusTotal Units

Sold to Date

Sold June QTR

Available for Sale

City Precinct Consistent

The most recent quarter ending June 2010 saw 20 unconditional sales recorded within Brisbane’s CBD, a number not disproportionate to every quarter since December 2007. For this three month period a weighted average sale price of $527,000 was recognised, the lowest weighted average new apartment price seen since the June quarter in 2004. When compared to the March quarter prior, this is a figure 17% below the weighted average recorded three months prior representing a $109,087 difference. This exemplifies the current consumer preference for price pointed real estate in today’s market.

Weighted average sale prices and unconditional transactions within Brisbane’s CBD have remained very similar between quarters now for over two years. This however should be unsurprising given a market which has seen a limited change in the number of new residential projects entering the market, a softer than average consumer sentiment and a region whose land is scarce and as a result has a significantly more expensive land content than many Brisbane fringe sites. Given that the CBD precinct has seen significant commercial development in recent years, residential towers have been neglected. However, recent site sales, development applications and sites being actively marketed as potential residential development precincts indicates that the Brisbane CBD residential market may recognise significant change in coming years.

The unconditional sales recorded during the three months to June 2010 was again heavily weighted by Soleil which recorded a phenomenal 19 of the 20 sales and therefore continuing the trend of the Meriton project’s governance within the Brisbane CBD marketplace. The Macrossan Residences recorded its first unconditional sale since the period ending June 2008. As the building approaches practical completion, predicted to be November 2010, Colliers International Research expect the sales rate within this luxury residential tower to again pick up, given a tangible product will be available for the prospective residential purchaser.

The Brisbane CBD remains a supply led off-plan market directly impacting the purchaser’s choice and as a result, the unconditional sales reported for the June period. Of the 20 sales which transacted for the quarter, the majority of activity reflects the predominance of apartment type available for sale within

the precinct, that of one bedroom variations. Sixteen of the 20 unconditional sales transacted were one bedroom configurations equating to 80% of the total transactions. Two beds saw 15% of sales whilst the remaining 5% was in three bedroom configurations.

As at the end of June 2010, a total of only 303 new residential apartments remain for sale within the Brisbane CBD apartment market. The overwhelming majority of apartments which remain available for sale exist as one bedroom stock 65%. Two bedroom apartments total 22% of the 303 remaining available apartments whilst three beds and penthouse/sub-penthouse configurations total the remaining 13%.

Given that the residential market is currently being driven by a price sensitive purchaser, smaller, tighter, denser residential precincts will continue to be delivered targeting the younger inner city renters and more affluent owner occupiers. The majority of the current CBD residents spend little time at home and are therefore open to the prospect of a smaller residence if it ticks all the other boxes: amenity rich precincts with access to infrastructure and employment – the CBD. The limited developers who own A-Grade sites however, have the luxury of deciding what product they wish to deliver. Affordable or luxury, or preferably a mixture of both. It becomes impossible to deliver only luxury ‘top-end’ residential apartments to the Brisbane CBD. The depth of this market remains slim in the Brisbane CBD and only the best product can attract this purchaser.

It must be remembered that the Brisbane CBD is a market which is dominated by young professionals, who seek the CBD residence due to the lifestyle associated. The amenity which the precinct naturally provides and its proximity to the residents place of employment. It may therefore be the case that new residential product would be widely accepted by the Brisbane market which offers a diversity of choice. Either way, the development process must begin with the end in mind. Understanding who the buyer will be is the first step. Designing residential product which specifically appeals to this target market must however be the goal.

General apartment Market• TheBrisbaneCBDrecordedamedianprice

of $445,000 for the three month period to March 2010. This is a figure 6% below the

December quarter prior yet 10% above the same quarter in 2009.

• Thestrengtheningmedianpricesuggeststhat buyers are taking their time to make a purchase decision, preferring apartments suit their immediate needs rather than price pointed real estate alone. There does however remain a heavy weighting of transactions toward the lower end of the price spectrum as buyers continue to be focussed upon sub $500,000 stock, totalling 73% of the transactions.

• ThenumberofsettledtransactionswithinBrisbane’s CBD has softened slightly during the March 2010 quarter following the substantial increase recognised through the six months prior.

• DuringtheMarch2010quarteratotalof116 settled sales transacted, 22% less than the period prior and 33% below the same period in 2008.

• The$300,000to$399,999pricebracketsaw the predominance of activity throughout the March 2010 quarter registering 27% of the 116 settled sales.

• Forthosewhosoldtheirapartmentduringthe three month period to March 2010, an average annual capital growth was attained of 5.1% over the period the assets were held. Properties sold during the March 2010 quarter were held for an average of just over 6 years.

Planned Projects• Sunlandhaslodgedanewdevelopment

application for their acquisition of Devine’s Carrington site. The project is expected to span 44 stories and 223 apartments over a mix of one, two and three bedroom configurations.

• Themajorityofplannedprojectsremainheavily weighted toward smaller one and two bedroom product within the Brisbane CBD.

• MeritonConstruction’sInfinity,locatedatHerschel Street which began early works a number of months ago has been softly launched to the market.

➤ 20 new CBD apartments were sold during the June 2010 quarter

➤ 303 new apartments remain for sale within the Brisbane CBD

➤ The weighted average price of a new CBD unit was $527,000 for the June quarter

➤ The median price of the general CBD apartments was $445,000


BRIEFLY...


New Projects Pending Name Project Status Likely No of Apts

Chester St Development Approval/Deferred 63 (1 Beds)

Bonney Lane Housing Development Development Application 83 (Studio, 1 Bed)

41-47 Beeston St Development Approval/Deferred 44 (1,2,3 Beds)

458 Brunswick St Development Application 87 (1,2,3 Beds)

8 Best St Bowen Hills Development Approval 34 (2 Beds)

McLachlan & Ann Development Application 307 (1,2,3 Beds)


Project Beds Bath Car Furnished Rent $ PwV Human Space 1 1 1 No $350

Cannery 1 1 1 No $365

Freshwater 1 1 1 Yes $525

Cube Apartments 2 1 1 No $400

Ultra Apartments 2 2 1 No $420

Time Square 2 2 1 No $450

Cannery 2 2 1 No $450

Degree 2 2 1 No $470

Ignition 3 2 1 Yes $650

Viva 3 3 2 No $650



Sale Price Range Dec-09 Mar-10 Jun-10 Jun-10 Sep-10Less than $300,000 39 32 33 9 24

$300,000 to $399,999 100 109 89 69 67

$400,000 to $499,999 97 96 121 85 70

$500,000 to $599,999 28 50 75 47 39

$600,000 to $699,999 19 25 19 23 25

$700,000 to $799,999 12 10 16 16 5

$800,000 to $899,999 7 8 9 12 9

At least $900,000 12 11 29 29 16

Grand Total 314 341 391 290 255


Paragon on Arthur Fortitude Valley Completed 39 33 1 6

Edenview Apartments Kelvin Grove Under Construction 65 35 3 30

Promenade Hamilton Apts Hamilton Under Construction 172 133 0 39

Theodore Apartments Kelvin Grove Under construction 69 61 0 8

Pier at Waterfront Newstead Under Construction 99 56 1 43

Pier at Waterfront Newstead Awaiting Construction 102 21 21 81

Hamilton Harbour - One Hamilton Under Construction 257 249 7 8

Hamilton Harbour - Two Hamilton Under Construction 212 176 36 36

Hamilton Harbour - Riverside Hamilton Awaiting Construction 189 24 24 165

Mosaic Fortitude Valley Awaiting Construction 210 80 80 130

Rive’ Apts - Stage 1 Hamilton Under Construction 95 59 5 36

Code Bowen Hills Awaiting Construction 132 100 26 32

Kingfisher Apartments New Farm Under Construction 32 31 2 1

ARIS Newstead Under Construction 39 18 8 21

Summary - 14 projects 1,712 1,076 214 636

New Apartment Sales


Development Suburb StatusTotal Units

Sold to Date

Sold June QTR

Available for Sale

Inner Nor th Precinct The Majority of Residential Transactions

New apartment MarketBrisbane’s Inner North apartment market remains the shining light for residential off-plan apartment transactions during the June 2010 quarter. Of the total 308 unconditional transactions recorded during the most recent three month period, 70% occurred within Brisbane’s densifying Inner North precinct. A total of 214 unconditional sales were registered within the precinct a figure 43% above the March quarter prior and the highest number of recorded sales since the June 2002 quarter.

The three month period to June 2010 saw a weighted average sale price of $585,280, a figure in line with the March quarter prior of $583,333 and reflective of the markets continued propensity to purchase price pointed real estate over the past 18 months.

As at the 30th of June 2010 a total of 636 apartments remain for sale in Brisbane’s Inner North. When this is translated into the current market supply in months, based upon the sales rate recognised during the June quarter, these 636 available apartments are likely to supply the Inner North for only nine months, suggesting that there is a definite undersupply of apartments currently for sale in the Inner North if sales rates recognised continue to be upheld. The most significant proportion of these available apartments remains as two bedroom configurations which total 47% of the available stock. One bedroom configurations total 29% of the 636 available apartments followed by three beds with a considerable 18% of the stock.

The proportion of stock sold during the June 2010 quarter was indicative of the apartments available for sale. Of the 214 unconditional transactions which occurred during the quarter, two bedroom apartments featured with the greatest proportion of transactions, equating to 57% of the sales. One bedroom sales followed closely with 40% of the quarter’s sales whilst three and four bedroom transactions totalled the remaining 3%. This remains in line with the demand recognised by the consumers current preference for price pointed real estate.

Brisbane’s Inner North continues to expand in terms of the number of residential projects currently being actively marketed, leading the market in terms of availability and hence the number of unconditional sales per quarter.

A total of 14 projects are currently on the market following the new release of Park at Waterfront and Mosaic.

Leighton Properties’ new residential tower, Mosaic, located in the Fortitude Valley saw the highest level of unconditional sales during the June quarter 2010. The building has seen 80 unconditional sales to June 30 taking the building to 38% presold. The Hamilton Harbour Precinct has also maintained its presence as one of the best performing projects. Hamilton Harbour Two recognised 36 unconditional sales during the three months to June 2010 closely followed by the new Leighton’s and Devine tower, Riverside Hamilton, which saw 24 unconditional transactions during the three months to June 2010. Other strong performers were Park at Waterfront by Mirvac which recorded 21 unconditional sales and Code which saw 26 unconditional sales.

The strong population growth recognised in the greater Brisbane area and the council’s emphasis on infill development bodes well for the Inner North looking to continue its Inner City market dominance. Our recent analysis of this market suggests that there are up 4,500 apartments at different stages of Development Application and marketing release. When combined with the delivery of extensive infrastructure and amenity continued densification will occur as long as apartments remain price pointed to meet the demands of the active residential purchaser.

General apartment Market• TheInnerNorthprecincttransactedthe

highest number of settled transactions for the March 2010 quarter across all precincts recording a total of 255 settled sales. Consistent with all other inner city precincts this was a softening from the period prior.

• The$400,000to$499,999andthe$300,000 to $399,999 price points recorded the highest percentages of transactions at 27% of the 255 settled sales for the quarter

• ThemedianpriceestablishedfortheInnerNorth during the March 2010 quarter was $447,500. Median prices have slightly softened against last quarter (5.2%) however strengthened 8.2% over the longer 12 months period.

• Aresaleanalysiswasundertakeninorderto establish returns achieved by those who exited the Inner North property market during the three months to March 2010. Again, an average annual capital growth of 7.9% was sustained by those who sold their properties. These apartments were held for an average of just under 6 years before being resold into the market.

• TheInnerNorthcontinuestorecognisestable growth in median weekly rents according to the RTA. The median weekly rent for a one bedroom apartment within the Inner North was $320 whilst a two bedroom apartment achieved a median weekly rent of $440.

• Askingrentsintheopenmarketdohowever continue to achieve slightly higher returns. An apartment in the Viva is seeking a tenant to reside in a two bedroom for $650 per week whilst a one bedroom residential tenancy in Freshwater is seeking a tenant at $525 per week.

Planned Projects• TheInnerNorthprecinctcontinues

to maintain a strong pipeline of development activity.

• Over4,000apartmentsareatdifferentstages of the development process. On top of this, there have been a number of significant site sales which could see the region‘s pipeline supply expand a further 1,000 apartments.

➤ The Inner North outperformed all Inner City precincts, recording 214 unconditional apartment sales

➤ The weighted average price for a new apartment in this precinct was $585,280

➤ 636 apartments remain for sale within Brisbane’s Inner North

➤ The median price of units within the general apartment market was $447,500


BRIEFLY...

Name Project Status Likely No of Apts

45 Boundary St Development Approval 46 (1,2,3 Beds)

151-159 Logan Road Development Application 83 (1,2 Beds)

320-324 Vulture St Development Application 214 (1,2,3 Beds)

Station 16 Development Approval 60 (1,2 Beds)

Gabba One Development Application 115 (1,2,3 Beds)

Buranda Village Development Application 866 (1,2,3 Beds)

Southpoint Development Approval 247 (2,3 Beds)

West Village Development Application/Deferred 212 (1,2 Beds)

Montague Development Approval 424 (1,2,3 Beds)

Phoenix Deferred 626 (1,2,3 Beds)




Project Beds Bath Car Furnished Rent $ PwSW1 1 1 1 Yes $510

River Plaza Studio 1 1 No $295

SL8 1 1 1 No $410

Saville 1 1 1 No $380

South Edge 2 2 1 Yes $600

Koko 2 2 1 No $530

SL8 2 2 1 No $610

Leftbank 2 2 2 No $610

Riverview Gardens 2 2 1 Yes $650

River Plaza 2 2 1 Yes $575

Koko 3 2 2 Yes $850




$300,000 to $399,999 47 50 47 33 28

$400,000 to $499,999 28 31 51 22 38

$500,000 to $599,999 13 16 14 14 17

$600,000 to $699,999 9 10 8 5 6

$700,000 to $799,999 6 3 7 6 9

$800,000 to $899,999 2 2 3 1

At least $900,000 8 8 5 8 5

Grand Total 140 148 108 99 129



Gabba Central I and II Wooloongabba Completed 271 269 2 2

Riverpoint West End Completed 129 94 0 35

SL8 West End Completed 112 109 0 3

Waters Edge - Reach West End Under construction 234 95 13 139

Universal South Brisbane Awaiting Construction 69 34 34 35

Summary - 5 projects 815 601 49 214

New Apartment Sales Development Suburb StatusTotal Units

Sold to Date

Sold June QTR

Available for Sale

Inner South PrecinctSignificant Infrastructure Spend

Brisbane’s Inner South unconditional sales have strengthened further during the three month period to June 2010. A total of 49 unconditional sales were recorded for the precinct, the strongest sales rate since the December quarter 2008 eighteen months prior, and a figure 80% above the period prior which saw only 27 transactions.

The 49 unconditional sales recognised a weighted average figure of $605,612, a figure approximately $115,000 below the March quarter three months prior yet directly in l ine with the December period 2009. The softening weighted average is representative of the markets continued propensity to buy price pointed real estate which provides secure investment returns.

The June 2010 quarter Inner South unconditional sales were heavily weighted by the new release of Universal Apartments in South Brisbane. This price pointed project developed by Roca Constructions saw a total of 34 transactions and the overwhelming majority of sales in the Inner South. Waters Edge was again one of the top performing projects in the region, recording 13 unconditional sales for the three month period to June.

Of the unconditional sales which transacted within the Inner South, the overwhelming majority was in two bedroom configurations. Almost 90% of the regions sales were in two bedroom variations. The remaining 7% of sales recognised during the quarter were in three bedroom transactions.

In terms of the stock which remains for sale, the Inner South is one of Brisbane’s precincts which are heftily weighted toward two and three bedroom apartments. At the end of the financial year 214 new developer apartments remain for sale within the precinct. When these 214 available apartments are broken down by product type, 52% are two bedroom configurations, 34% are three beds and only 13% are one bedroom types. This suggests that, considering the wider apartment market is transacting price pointed real estate, and as a result demanding smaller one and two bedroom apartments Colliers International research suggests that there is a significant opportunity to release price pointed one and two bedroom apartments

to the region.

Recent years have seen the Inner South precinct come under the spotlight for redevelopment given its significant development potential and its desirability as a place to visit, work and live. An Inner City precinct, currently underdeveloped, the Inner South has been identified as one of Brisbane’s foremost developing precincts. Its proximity to a cultural hub, schools, universities, hospitals, major entertainment arenas as well as direct access to major developing transport infrastructure nodes will unduly accelerate this growth.

West End has however, again ignored the potential for which the region can provide. The South Brisbane Riverside Plan has restricted its building heights from twelve stories to only seven, negatively impacting proposed development in the region. From the perspective of residential projects, the Inner South’s location, investment in infrastructure and surrounding amenity will drive demand; the greater community must however recognise that well planned sustainable development will facilitate the long term growth of the precinct.

General apartment Market• Themostrecentthreemonthperiod

ending March 2010 has recorded a total of 129 settled sales for the 2010 quarter. This number reflects a 30% strengthening in the number of settled sales against the December quarter prior.

• TheInnerSouthrecordedamedianpriceof $413,500 for the March 2010 quarter. This a softening of 3% from the December quarter prior which saw a figure of $430,000 however is a 6% strengthening from the same period twelve months prior.

• Themajorityofsettledsalesrecordedwithin the three months to March 2010 were under the $500,000 mark. A total of 70% of transactions were recorded below this mark whilst the most active price point was the $400,000 to $499,999 price point, which realised 30% of the total transactions.

• The$300,000to$399,999pricepointalsoregistered significant levels of sales during

the quarter with 22% of transactions.

• ColliersInternationalundertookaresalesanalysis to substantiate real gains within the Inner South precinct. For those who sold their apartment during the June period, a strong average capital growth was attained of 8.5% per annum. This was the highest average annual capital growth across all precincts during the March quarter. For the properties which were resold during the quarter, the average hold time was 5.5 years.

• FiguresreleasedbytheRTAfortheMarchquarter suggest that the median weekly rent for a one bedroom apartment is currently $290, whilst a two bedroom apartment demands a median weekly rent of $450.

• Askingrentsontheotherhandtelladifferent story. A two bedroom apartment within Riverview Gardens for example is currently seeking a tenant at $650 per week, whilst a three bedroom apartment in Koko is asking for a long term tenant at $850 per week.

Planned Projects• Station16andMontaguewillrecognise

unconditional sales during the September 2010 quarter following public releases to the market.

• TheInnerSouthiscurrentlyrevisitingtheirtown planning scheme, with particular emphasis on building heights and density.

• TheStateGovernmenthasrecentlyputforward plans to enable up to 40 stories to be developed in the Woolloongabba local area.

➤ 49 unconditional sales were recorded within the Inner South precinct

➤ The weighted average price of a new apartment for the quarter was $605,612

➤ 214 new apartments remain available for sale at the end of the June 2010 quarter

➤The median price for general apartments within Brisbane’s Inner South was $413,500


BRIEFLY...

Project Status Likely No of Apts

Seven Hills Tafe Redevelopment Development Application 250

53-61 Kitchener St Development Approval/Deferred 28 (1,2,3 Beds)

@20 Development Application 192 (1,2,3 Beds)

Dockside Garden Towers Development Application 102 (1,2,3,4 Beds)

Life Options Project Development Approved/Deferred 32 (1,2 Beds)

Shafston International College Development Application 142 (2,3 Beds)

498 Wynnum Road Development Application 72

125 Bulimba St Bulimba Development Approval 34 (1,2,3 Beds)

Community Care Centre - Coorparoo Development Approval 20 (1 beds)




Project Beds Bath Car Furnished Rent $ PwLana Place 1 1 1 Yes $310

1 Holman Street 1 1 1 No $410

The Docks on Goodwin 1 1 1 No $420

Vicinity 2 2 1 No $420

The Docks on Goodwin 2 2 1 Yes $630

Stradbroke Tower 2 2 1 Yes $700

30 Silver Quays 2 2 2 Yes $700

Shaftson Towers 3 2 1 Yes $750

1 Holman Street 3 2 2 No $1000




$300,000 to $399,999 73 85 76 48 54

$400,000 to $499,999 47 33 51 39 57

$500,000 to $599,999 15 18 26 27 29

$600,000 to $699,999 2 13 13 12 12

$700,000 to $799,999 3 4 2 3 3

$800,000 to $899,999 2 4 2 9 4

At least $900,000 13 8 17 10 12

Grand Total 181 183 210 155 186


Castlebar Cove Kangaroo Point Completed 38 34 0 4

Forty Park Avenue Kangaroo Point Completed 5 4 0 1

Scott Street Kangaroo Point Under Construction 11 5 0 6

Quartz Apartments Bulimba Under Construction 52 40 4 12

Yungaba Promontory Kangaroo Point Awaiting Construction 68 31 7 37

Aqua’ta Bulimba Under Construction 81 18 7 63


New Apartment Sales


Name Suburb StatusTotal Units

Sold to Date

Sold June QTR

Available for Sale

Inner East PrecinctSupply Constrained

New apartment MarketThe June 2009 quarter saw 18 registered unconditional sales in the Inner East precinct at a weighted average price of $921,667. This is the highest weighted average price recorded of any inner city precinct by over $300,000, and as can be expected in a price sensitive and volatile marketplace, the sales rates are reflective of this, falling considerably from the 44 unconditional sales registered in the March quarter prior.

Of the stock which transacted during the quarter, the majority of transactions occurred within two bedroom variations, recording 56% of the total sales. Three bedroom apartments recorded 34% of the 18 transactions whilst the remaining 10% of sales were in one bedroom configurations. Whilst it could be argued that these sales are a result of the product type which is currently offered to the market, it should also be recognised that the Inner East has been a region with limited new supply in recent years which has restricted unconditional sales registered.

Yungaba and Aqua’ta again outperformed all other projects within Brisbane’s Inner East recording seven unconditional sales a piece during the three month period to June 2009. Yungaba at a weighted average figure of over $1.1 million and Aqua’ta at approximately $670,000. Quartz again recorded a consistent four unconditional transactions.

The Inner East therefore closes the 2010 financial year with 123 apartments available for sale over six different projects. Of the stock which remains for sale in the Inner East precinct, there is an overwhelming majority of two and three bedroom apartments. A total of 52% of the stock available for sale exists as two bedroom off-plan apartments whilst three bedroom variations total a further 41% of the remaining stock. One bedroom apartments total only 6% of the apartments available for sale suggesting there may be a demand for this product mix. With the focus on high end, $1 million plus residential in the region currently, the projects being actively marketed can expect a slower than average rate of sale given the $1 million plus market was a very small proportion of the total settled sales registered for the quarter, less than 5%.

A considerable challenge continues to occur for new apartment product available for sale within Brisbane’s Inner East precinct. A

significant price differential continues to exist between the new apartment transactions, a weighted average price of $921,667, and the resold stock which recognised an average price of $504,198. This equates to an enormous differential of 83% between the two figures and is a telling example of why minimal new apartment sales are occurring when compared to the existing market.

Competition for buyers is, and will continue to be, a prevalent issue for new apartment configurations within the Inner East precinct. The greatest competition being the existing apartment market. Into the future, a lack of stock and limited future stock given land constraints in the region, may provide the motivation instigating the capital growth required to force resale apartment values closer to the new apartment product currently available for sale within the marketplace. The new apartment stock delivered to the market must ensure that the end user is front of mind and competes on a level which appeals to the target market, whether it is owner occupier or investor stock. The project cannot be all things to all markets; however effective design will allow different aspects of the building to appeal to varying markets. Currently, price is the underlying factor adding or detracting from the consumer’s motivation to purchase. Value propositions in development must be strong and encompass different elements including location, lifestyle, amenity, infrastructure, design and view corridors in order to appeal to a competitive market surrounding the individual purchaser

General apartment Market • Themedianpriceforanapartmentwithin

the Inner East precinct during the three month period to March 2010 was $435,000 a softening of 2% from the December period prior and a figure 11.8% above the same period in 2009. The Inner East was the only region to recognise double digit growth over the past twelve months.

• Intermsofpricepointactivityderivedfrom the settled sale price of the Inner East apartment market, activity continues to be heavily weighted toward the sub $500,000 price point with 68% of the quarter’s sales falling below this point.

• Brisbane’sInnerEasthasseenastrengthening in the settled sales activity registered during the three month period to March 2010. A total of 189 settled sales were recorded during the most recent quarter, a figure 22% above the quarter previously.

• AresaleanalysiswasundertakenbyColliersInternational Research in order to establish returns achieved by those who exited the Inner East property market during the March 2010 quarter. An average annual capital growth figure of 7.5% was realised. Properties were held on average for 7 years before being resold.

• DemandfortenancieswithinBrisbane’sInner East has seen stable rental returns through recent months. According to the RTA, median weekly rents for a one bedroom apartment in the Inner East are $310 per week whilst a two bedroom apartment saw a median weekly rent of $430 per week.

• Currentmarketratessuggestthatrentaltenancies are seeking much higher weekly returns than the median suggested by the RTA. A two bedroom apartment in Silver Quays is asking for a tenant at $700 per week whilst a three bedroom apartment in One Holman Street is seeking a tenant at $1,000 per week for a long term tenant.

Planned apartment Market• Anumberofsitesremainforsaleinthe

precinct and are seeking a developer who is able to undertake the proposed projects.

• TheInnerEastremainsasoneprecinctwhich will look continue to be undersupplied into the long term.

➤ 18 new unconditional sales were registered during the June 2010 quarter

➤ The weighted average price of a new apartment for the quarter was $921,667

➤123 units remain available for sale within Brisbane’s Inner East precinct

➤ The general apartment market registered a median price of $435,000


BRIEFLY...


Project Beds Bath Car Furnished Rent $ PwMilton Edge 1 1 1 No $410

Precinct Toowong 2 2 1 Yes $530

Regatta Riverside 2 2 1 Yes $560

Elysees 2 2 1 Yes $600

Riverbend Tower 2 2 1 No $680

Iceworks 2 2 1 Yes $760

Coronation Residences 2 2 1 No $780

Elysees 3 2 1 Yes $750

Coronation Residences 3 2 1 No $850

Linear 3 2 2 No $730

Precinct Toowong 2 2 1 Yes $540



$300,000 to $399,999 81 45 48 46 34

$400,000 to $499,999 52 50 35 43 43

$500,000 to $599,999 18 11 17 17 12

$600,000 to $699,999 10 12 11 12 11

$700,000 to $799,999 7 3 8 6 5

$800,000 to $899,999 1 3 2 4 3

At least $900,000 2 4 2 8 2

Grand Total 196 148 135 141 117




21-27 Manning St Development Application 127 (1,2,3 Beds)

22-36 Railway Terrace Development Approval/Deferred 100 (1,2,3 Beds)

36-46 High Street Development Approval/Deferred 119 (1,2,3,4 Beds)

39-48 Brisbane St Deferred 33 (2 Beds)

Milton Railway Terrace Development Approval/Deferred 213 (1,2,3,4 Beds)

The Studio Development Approval 71 (2 Beds)

29-31 Manning St Deferred 8

33-35 Manning St Development Application 28 (1,2,3 Beds)



Pulse Roma St Awaiting Construction 46 18 7 28

Summary - 1 project 46 18 7 28

New Apartment Sales



Sold to Date

Sold June QTR

Available for Sale

Inner West PrecinctLittle Now, Little Later

New apartment MarketThe Inner West saw a total of seven unconditional sales within the precinct during the three month period to June 2010. Again, as the only new apartment project remaining for sale within the Inner West precinct, Pulse Apartments remains as the sole contributor to the Inner West precinct.

Only 28 apartments remain for sale within the Inner West precinct. Of these 28 apartments, the majority of stock which remains for sale is in two bedroom configurations (75%). The remainder are one bedroom apartments.

Of the stock which transacted during the quarter, the majority of transactions occurred within two bedroom variations, in line with the current market supply in the area. A total of 94% of the total sales during the June quarter. Three bedroom apartments recorded 6% of the 7 transactions whilst it could be argued that these sales are a result of the product type which is currently offered to the market, it should also be recognised that the Inner West has been a region with extremely limited new supply in recent years which has restricted unconditional sales registered periodically.

The Inner West apartment market recognised a weighted average price of $557,143 for the June period. This is a figure directly inline with the weighed averages recognised in recent periods and should be expected given Pulse has been the only new project for the past 12 months.

The Inner West has suffered another quarter of supply constraint leading to limited unconditional sales. The Milton has begun its pre release campaign. If the market remains reasonably strong, Colliers International Research expects this project this project to perform well given the market has been supply constrained for many periods.

The stage of future new off-plan developments has changed very little through the most recent quarter as no new projects have entered the market and many remain deferred pending market conditions. Milton appears to be where future density is going to be focussed in the short term, making use of the height limits and potential densification corridors enabled by the local council under

the new town plan.

The Inner West, consistent with a well established Brisbane precinct, contains strong educational nodes, retains a strong student population and has a well established high end purchaser demographic reflective of the professional inner city white collar worker which resides in the region. The Inner West will continually demand residential product of significant scale as land remains scarce and prices continue to rise in the housing stock. It is therefore common sense to deliver a project to the market which meets this demand, remains relatively affordable in terms of end price whilst providing a solution to the population’s problems. The one issue which will have a significant impact into the future will be transport infrastructure. A solution must be found and the council is working hard to resolve the congested Coronation Drive, however there remain only two main roads in the Inner West and no short term solution is forthcoming.

General apartment Market• Brisbane’sInnerWestrecordedamedian

price of $388,750 for the three month period to March 2010. This reflects a 9% softening from the same period in 2009. This equates to a difference of $40,750 from March 2009 to March 2010.

• Transactionsarestillhowever,substantiallyweighted toward the lower end of the price spectrum with over 72% of sales transacting below $500,000. The $400,000 to $499,999 price bracket saw the predominance of activity throughout the most recent quarter registering 36% of the 117 settled sales, slightly outweighing the $300,000 to $399,999 price point which saw 29%.

• ThenumberofsettledtransactionswithinBrisbane’s Inner West has softened slightly during the March quarter.

• Duringthemarch2010quarter,atotalof117 settled sales transacted 24 less than the period prior however 60% below the same period in 2009.

• Forthosewhosoldtheirapartmentduringthe three month period to March 2010, an average annual capital growth was attained of 7.9% over the period the assets were held. Properties sold during the March 2010

quarter were held for an average of almost 6.9 years before resale.

• StatisticsprovidedbytheRTAsuggestthatapartment rents within the Inner West have stabilised during the March 2010 quarter. A one bedroom apartment within the Inner West still sits at a median weekly rent of $260 whilst a two bedroom apartment saw median rents of $370 per week.

• ExamplesofaskingrentswithintheInner West have been established. A one bedroom apartment within Milton Edge is seeking a tenant at $410 per week. On the other hand, much newer product within Coronation Residences is asking for a tenant for a three bedroom residence at $730 per week.

Planned Projects• Nonewdevelopmentapplicationswere

lodged for the Inner West during the June 2010 quarter.

• TheMiltonwasgivendevelopmentapprovalproviding car parks were reduced.

• MostprojectsplannedfortheInnerWestprecinct are currently deferred or are quietly seeking adaptation so that they can enter the supply constrained precinct.

➤ 7 new unconditional sales were registered during the June 2010 quarter

➤ The end of the June 2010 sees only 28 new apartments available for sale

➤ All apartments which remain for sale are within Pulse Apartments




Madison Green Nundah Under Construction 45 39 12 6 87%

Equinox Chermside Under Construction 60 59 1 1 98%

Focus Chermside Under Construction 79 51 0 28 65%

The Edge Chermside Awaiting Construction 74 42 7 32 57%

C1 Chermside Awaiting Construction 65 33 1 32 51%

New Market Garden New Market Awaiting Construction 35 34 12 1 97%

Alderly Square Alderly Awaiting Construction 234 75 75 159 32%

Summary - 7 projects 592 322 108 259 56%

New Apartment Sales


Stafford Sustainable Living Development Application 80

The Firestation Development Application 212

22 Morris st Development Application 272

75 Kittyhawk Drive Development Approved/Deferred 474

3-9 Union St Development Application 53

19-25 Union St Development Application 53

1943-1961 Gympie Rd Development Approval 114




Sold to Date

Sold June QTR

Available for Sale % Sold

New apartment MarketThe Middle North precinct saw a strengthening in the number of unconditional sales recorded during the March quarter 2010. A total of 108 unconditional sales were registered over the seven projects currently being actively marketed within the precinct, a figure more than twice the March quarter prior.

A weighted average figure of $488,889 was recorded across these 108 unconditional transactions, a figure 4% above the March quarter prior, and very competitive with the local existing real estate market.

Alderley Square reported unconditional sales for the first time during the June 2010 quarter and easily transacted the highest percentage of sales within the Middle Ring during the period. A total of 75 unconditional sales were registered by the PCN project. This brings the project to almost 50% sold after one quarter of reporting.

Of the stock which transacted during the quarter, the majority of sales transacted within two bedroom configurations, totalling 56% of the sales. One bedroom apartments saw 40% of the unconditional sales which transacted.

Of stock which remains for sale, 259 apartments, the apartments are reasonably evenly split between one and two bedroom variations which hold 45% of the apartments and 48% of the apartments respectively. Limited three bedroom apartments remain for sale in the precinct.

General apartment Market• Theprecinctrecordedasofteninginsettled

sales during the March 2010 quarter to register 215 sales, a figure 8% less than the December quarter prior.

• Themedianpriceforanapartmentwithinthe Middle North during the three month period to March 2010 was $376,000, a 2% increase from the $360,125 median price registered during the March 2009 quarter twelve months prior.

• Themajorityofsalestransactedwithinthe$300,000 to $399,999 price point, which saw 57% of sales for the quarter. This was closely followed by the $400,000 to $499,999 price point which totalled 23% of the December quarter transactions.

• ColliersInternationalResearchperformeda resale analysis upon the Middle North precinct in order to measure capital growth achieved upon the apartments which were resold into the market during the March quarter 2010. Resold apartments recorded an average annual capital growth of 8.8% to March 2010. These properties were held for an average of 6.8 years.

Planned apartment Market• Largescaledevelopmentdoesremains

centred on precincts such as Chermside and Nundah.

• ProvinceLivingatChermsidehasenteredthe market and is expected to record sales in the next quarter.

Middle Nor th PrecinctStrong Results

Middle RingSize Matters

New apartment MarketBrisbane’s Middle Ring has recognised a period of softening for many of the Middle Ring projects during the three month period closing the 2010 financial year, however the unconditional sales recognised in PCN Project’s Alderley Square has propped up the sales for the quarter. The three month period to June 2010 saw a total of 124 unconditional sales recognised during the period. When compared to the March quarter prior this is a strengthening of 68%, equating to approximately 50 more apartment sales than the prior period.

In terms of weighted average price for the Middle Ring during the most recent three month period to June, a figure of $525,524 was realised. This equates to an 8% softening from the March quarter prior to realise a more reasonable weighted average price for the Middle Ring.

Alderley Square reported for the first time during the June 2010 quarter and easily outperformed all other Middle Ring projects during the three month period. The project spans 234 apartments and is easily the largest residential project in the precinct. A total of 75 unconditional sales were registered by the PCN project. Other strong performers were Newmarket Green and Madison Green, both of which registered 12 sales.

Of the 124 recorded unconditional sales, the overwhelming majority of transactions occurred in two bedroom configurations. Over 55% of the stock sold during the quarter transacted in two bedroom apartments during the period. A further 34% of sales were one bedroom sales and the remaining transactions were three bedroom configurations.

A total of 446 new developer apartments remained for sale as at the 30th of June 2010 within Brisbane’s Middle Ring. Reflective of the sales being achieved within recent quarters, the overwhelming majority of this

stock remains in two bedroom configurations totalling 46%. One bedroom apartments were the next prominent apartment stock remaining with 32% of the 446 available apartments whilst three bedroom stock totalled a further 20% of apartments.

Considering the general real estate market within the Middle Ring precinct as a whole, the most recent settled sales for the existing market registered a median price of $390,000. This is a figure only 1% above the prior quarter and 3% above the same period in 2009, suggesting that the precinct has found a relatively stable point in the current market. A total of 550 settled apartment transactions were totalled for the entire Middle Ring during the March period, a softening of sales rates given recent prior quarters.

For those Middle Ring apartment owners who sold their apartment during the March quarter 2010, an average annual capital growth of 6.7% was realised. On average these apartments were held for approximately 6.5 years before resale.

Given that a number of price pointed projects have been released to the market and that the market is actively seeking this stock, Colliers International Research expect growth from the June 2010 figures through the back half of 2010. Risk does however remain. The impacts of the Federal election, possible interest rate rises and a market sentiment which is uncertain and volatile may see buyers take their time and do their homework before committing to sale. Those projects which can provide a point of difference will recognise unconditional sales.

Added to this fact is that the development restrictions governing densification generally force smaller scale density to be designed and delivered to the Middle Ring. Projects which are more likely to succeed in today’s market given continued lending restrictions as they have less density and are therefore able to

meet financial constraints in more reasonable timeframes. Price however will be the biggest driver of success. Middle Ring projects must be able to provide slightly larger apartments at an equal or lower price point.

Apartments in the Middle Ring must recognise that competition exists in a wider market than those in the immediate surrounds. The Inner Ring projects are direct competition and therefore Middle Ring apartments must be competitive in price and provide a better end value for the consumer. Demographics of the local area must be understood in depth appealing directly to the surrounding market as an owner occupier or if an investment grade product the project must provide the returns expected in the short term and the potential for growth in the longer term.

BRIEFLY...BRIEFLY...➤ The Middle North outperformed

all Brisbane precincts, recording 108 unconditional apartment sales

➤ The June 2010 quarter finished with 446 new apartments available for sale within the middle ring

➤ The weighted average price for a new apartment in this precinct was $488,889

➤ 124 unconditional sales were made during the period

➤ 259 apartments remain for sale within Brisbane’s Inner North

➤ The weighted average sales price of new apartments in the middle ring for the quarter was $525,524

➤ The median price of units within the general apartment market was $376,000

➤ The median price of resold units in Middle Brisbane was $390,000



1512 Boundary Rd Development Approved/Deferred 59

190-198 Padstow Rd Development Application 38

428 & 429 Blunder Rd Development Approval 195

52-58 Chipley St Development Application 98

1537 Beenleigh Rd Development Application 62

64-78 Ormskirk St Development Application 40

92-96 Illaweena St Development Approval 47

3-7 Grout St Macgregor Development Application 43


Prepared by Colliers International Research Source: BCI Australia, BCCPrepared by Colliers International Research Source: BCI Australia, BCC


122 Klumpp Rd Development Application 34

1437 Logan Road Development Application 116

26 Bendena Tce Development Application 86

42-46 Sanders St Development Application 57

582 Manly Rd Development Approval 62

81-85 Lawson St Development Application 72

Tranquility Residences Development Approval 55


Solito - Central Tower Carindale Under Construction 36 27 0 9

Solito - South Tower Carindale Under Construction 30 13 0 17


New Apartment Sales



Sold to Date

Sold June QTR

Available for Sale

Farringford - Tennyson Reach Tennyson Under Construction 92 49 4 43

Cargo Apartments Coopers Plains Awaiting Construction 54 22 0 32

Parklands at Sherwood Sherwood Under Construction 82 56 2 26


New Apartment Sales



Sold to Date

Sold June QTR

Available for Sale

New apartment MarketThe Middle East precinct saw zero unconditional sales during the three month period to June 2010.

Only two projects remained for sale in the precinct as at the close of the June quarter, leaving only 26 new developer apartments available for sale at the end of the financial year. Both projects and all apartments are in Australand’s Solito precinct at Carindale.

Colliers International Research do however recognise that future projects are currently entering the market and are expected to recognise unconditional sales in coming periods, suggesting the Inner East will see a substantial increase in sales. Three of the larger projects include Tranquillity Residences, Pinetrees and Axis are all projects located in Mt Gravatt. Anthony John Group also looks to move forward with their proposed project at Cannon Hill in the near future.

Only 26 new off-plan apartments remain for sale in the Middle East, the majority of which, 85%, is in three bedroom configurations. It can be reliably argued that the Middle East,

given recent sales rates in one and two bedroom stock, is demanding this product particularly in one and two bedroom configurations.

Brisbane’s Middle East has the potential to outperform all other Middle Ring precincts in coming years. Projects are forthcoming in these regions as density is ever increasing and becoming accepted in this area.

General apartment Market• Themedianpriceforanapartmentwithin

the Middle East during the three month period to March 2010 was $429,000 suggesting there has been a slight strengthening in the median through the most recent period, again recording the highest median price amongst the Brisbane Middle Ring precincts.

• Theprecinctalsorecordedatighteninginthe number of sales registered during the March 2010 quarter. A total of 92 settled apartment transactions were recorded for the three months to March 2010, a figure 39 below the three month period prior.

• Themajorityofsalestransactedwithinthe Middle East precinct during the March 2010 quarter were within the $300,000 to $399,999 and the $400,000 to $499,999 price point at 34% and 37% of the sales respectively for the quarter.

• Aresaleanalysiswasundertakeninorderto derive the capital growth registered by properties which were resold into the Middle East apartment market during the March 2010 quarter. Resold Middle East apartments recorded an average annual capital growth of 7.4% for the most recent quarter. These properties were held for an average of 6 years.

Planned apartment Market• Thesoutherncorridorlookstobea

significant development corridor into the future. Mount Gravatt, Upper Mount Gravatt and Mount Gravatt East look to provide the majority of apartment development into the future. There are also significant projects through the Cannon Hill

Middle East PrecinctNo Change

New apartment MarketBrisbane’s Middle South apartment market saw a total of 6 unconditional sales transact through the three month period to June 2010, a figure more than half the number recorded during the March quarter prior. A weighted average figure of $1,083,333 was recorded. Once again, the Inner South was the highest weighted average of all Middle Ring precincts, weighted by the sales recorded within Mirvac’s Farringford Apartments which are high end riverfront properties.

Mirvac’s Farringford Apartments was again the performing project during the quarter registering total of 4 unconditional sales during the period. Parklands at Sherwood recorded a further two sales during the quarter to total the six transactions.

Recorded unconditional sales within the Middle South were spread over one, two bedroom stock. Two bedroom configurations registered the majority at 82% of the quarter’s sales whilst two and three bedroom apartments saw 25% of the unconditional transactions.

A total of 101 apartments remain for sale within the Middle South over three separate projects, the majority of which exists as three bedroom stock. An overwhelming 64% of the available stock is in three bedroom configurations whilst two bedroom apartments total a further 28%.

General apartment Market• TheMiddleSouthrecordedastrengthening

median price during the March 2010 quarter. The past twelve months have seen a median price growth of 14%, the strongest of all Middle Ring precincts. A median of $375,500.

• AnalysisofthesettledsalesduringtheMarch quarter 2010 registered the majority of sales within the $300,000 to $399,999 price point of 38%.

• Theprecinctrecognisedadecreaseinthenumber of settled sales to March 2010. A total of 116 settled apartment sales were reported, approximately 50 less than the 162 sales recorded during the December 2010 quarter previously.

• Capitalgrowthwasmeasuredonpropertieswhich were resold into the Middle South apartment market during the March quarter 2010. Resold apartments recorded an average annual capital growth of 8.5%. These properties were held for an average of 7 years before being resold into the market.

Planned apartment Market• Therewaslittlemovementintheplanned

apartment market through the June 2010 quarter.

• Manyprojectsremainintheapprovalprocess awaiting council approval. Others are pending market conditions before the sales process is undertaken. There have been some smaller projects enter the DA process and look to enter the market.

Middle South PrecinctHigh Weighted Average, Low Unconditional Sales

BRIEFLY...BRIEFLY...➤ Zero new unconditional

sales were registered during the December 2010 quarter

➤ 6 unconditional sales were recorded within the Middle South precinct

➤ There a number of new projects due for launch into the market in coming months

➤ The weighted average price of a new apartment for the quarter was $1,083,333

➤ 26 units remain available for sale within Brisbane’s Middle East precinct

➤ 101 new apartments remain available for sale at the end of the December 2010 quarter


➤ The median price for general apartments within Brisbane’s Middle South was $375,500


For more information please contact the Colliers International Research department on (07) 3026 3352


105-115 Coonan St Indooroopilly Deferred 67

181 Clarence Rd Development Application 138

Everton Park Urban Village Deferred 420

Ashgrove Golf Club Development Application/Deferred 105

Bardon Centre Development Approved/Deferred 104

Blackwood Street Village Centre Development Approval 31

17 Marshall Lane Development Application 21

28 Mt Nebo Rd Development Application 26



Verve Apts - Stage 1 The Gap Awaiting Construction 44 22 7 22 50%

Pavillion in Botanic Gaythorne Under Construction 23 20 3 3 87%

El Dorado Village Indooroopilly Awaiting Construction 100 65 0 35 65%

Summary - 3 Projects 167 107 10 60 64%

New Apartment Sales



Sold to

Date

Sold June QTR

Available for Sale

% Sold

Special Repor t“Identifying the Future Growth Precincts of Brisbane”

The implementation of new infrastructure upgrades will allow Brisbane to further integrate its suburbs and provide both employment nodes and efficient transport nodes for Brisbane city’s residents. The result will be future growth for those inner city regions which can promote strong infrastructure access. Those suburbs that benefit from the council upgrades will recognise greater growth into the future.

South-East Queensland Infrastructure Plan and Program 2009 – 2026 will manage the extreme growth of the Brisbane region. The 2009 edition of the plan identifies $124 billion in estimated infrastructure investment which is expected to create up to 900,000 jobs in the region through 2026.

Recently completed Infrastructure Initiatives:

Clem 7The Clem 7 is an integral component of the BCC’s TransApex plan. The project will encompass 2 x 2 lane 5.7 kilometre tunnel will connect the South East freeway, Ipswich Road, Bowen Bridge Road and Inner City Bypass. The tunnel runs below the Brisbane River avoiding 24 sets of traffic lights allowing for faster transport between point A and B for Inner City residents.

• $2.1billionproject(est.);CompletedMarch 2010.

Go-Between BridgeThe Go Between Bridge is an initiative of the Brisbane City Council to link South Brisbane to the ICB, Milton Road and Coronation Drive. The bridge is predicted to cater for 30 per cent of cross river traffic via its four lane toll bridge as well as pedestrians and cyclists seeking the cross river journey.

• $241millionproject(est.);Expectedcompletion July 2010

CityGlider The CityGlider, a $4.5 million mass transit bus service aims to provide a dedicated, reliable and accessible public transport system linking West End and Newstead. The proposed bus service will operate on high frequency timetables departing every 10 – 15 minutes,

18 hours a day (Sunday to Thursday) and will become Brisbane’s first 24 hour service on Friday and Saturdays.

Chinatown Mall Redevelopment The recently completed Chinatown Mall has been the product of an $8 million Brisbane City Council upgrade, revamping the deteriorated precinct into an alternative location for retail amenity outside of the Brisbane CBD. The Chinatown Mall now encompasses three distinct terraced zones one of which is dedicated to events and dining alone.

Kurilpa FootbridgeThe Kurilpa Footbridge, completed in late 2009, links the CBD North Quay precinct to the cultural South Bank region. The bridge will be constructed to cater for both pedestrians and cyclists and is expected to be used by approximately 53,000 people per week.

• $65millionproject(est)

Infrastructure Initiatives in progress:

Northern Busway The construction of the Northern Busway will establish a link between the Inner Northern Busway and the Airport Link which is currently under construction. The project will provide public transport nodes from the northern suburbs to the CBD.

• $800millionproject(est.);Expectedcompletion 2012

Northern link tunnelThe two parallel tolled tunnels will connect the western freeway at Toowong to the Inner City Bypass at Herston. A part of the Council’s TransApex plan, the Northern Link will span a distance of 5.5 kilometres, 4.7 kilometres of which will be underground and reduce congestion on current cross city nodes.

• $1.6billionproject(est.);Expectedcompletion 2014

airport linkThe Airport Link will more efficiently connect Brisbane’s northern suburbs to the airport. The preferred corridor will be to follow Lutwyche Road at Bowen Hills and connect

to the East-West arterial at Toombul with provisions to link the Northern Busway in the future, providing shorter travelling times for northern residents.

• $3.4billionproject(est.);Expectedcompletion 2012

Eastern Busway The Eastern Busway has been proposed to link the Boggo Road Busway at Woolloongabba and the South East Busway at Buranda to Main Avenue at Capalaba. This new busway is expected to halve current travel times from Brisbane’s eastern corridor.

• $603millionproject(est.);Expectedcompletion 2012

Mater hospital – translation Research Institute and Queensland Children’s hospital (QCh)Mater Hospital Refurbishment and Medical Research Facility – Six storey building which will attract up to 650 new well paid employees. Construction is underway on the $1.1 billion Queensland Children’s Hospital which is expected to be relocated to by Mater facility after practical completion in 2014.

Western Brisbane transport Network InvestigationCurrently undergoing a feasibility study, Brisbane’s western districts infrastructure is presently being investigated for potential upgrades to the existing infrastructure networks. Included in this investigation is the Ipswich Motorway upgrade and links to the Centenary Motorway, Logan Road and Progress Road interchanges.

• $17millionhasbeenconfirmed;Howeverthe Ipswich Motorway upgrade is expected to total $2 billion

• Feasibilitystudies;Expectedcompletionisupwards of 2012

New apartment MarketThe Middle West saw 10 unconditional sales transact during the three months to June 2010, a figure slightly above the ten sales reported during the March quarter prior yet directly in line with the ten sales recorded twelve months prior. The resulting weighted average price for the precinct was $586,500, a figure almost $100,000 above the June quarter 2009. When directly compared to the period prior only a 1% difference in weighted average price is recognised.

The top performing project within the Inner West for the March 2010 quarter was again Verve Apartments at The Gap. The project to be developed by the Exelsior Group saw a further seven unconditional transactions for the most recent period to June 2010. Three further transactions were recorded within Pavillion in Botanic, a project by the Semilan Group.

The recorded transactions were evenly spread over two and three bedroom apartments during the period. Both two bedroom and three bedroom configurations

saw five unconditional sales a piece for the period ending March 2010.

The stock which remains for sale in the Middle West is dominated by two bedroom apartments totalling 67% of the available apartments. Three bedroom apartments total 27% of the remaining 60 apartments. Limited one bedroom apartments remain for sale suggesting that these variations continue to be undersupplied in the market and therefore a possible pent up demand may exist for this type of residence.

General apartment Market• TheMiddleWestprecinctsawareasonable

strengthening in median price during the March 2010 quarter to record a median price of $407,500, a figure only $2,500 below the December quarter prior.

• Furthertothis,theprecinctrecognisedastrengthening sales rate, registering 127 settled sales for the quarter. This is an increase of 20% equating to 21 transactions.

• Analysisofthepricepointsinwhichthesettled sales occurred shows that the

overwhelming majority of transactions again fell in the $300,000 to $399,999 price bracket. 43% of the region’s total sales for the period transacted within this price point closely followed by the $400,000 to $499,999 price point which saw 34% of the settled stock.

• Capitalgrowthwasmeasuredonpropertieswhich were resold into the Middle West apartment market during the March 2010 quarter. Resold apartments recorded an average annual capital growth of 8.2% to March 2010. These properties were held for an average of 7.1 years before being resold into the market.

Planned apartment Market• Manyprojectshavebeendeferredpending

market conditions however, there remains potential for some larger projects to enter the market to satisfy residential demand.

• TheMiddleWest,anareaofgreatdevelopment potential is set to recognise substantial residential development into the future.

Middle West PrecinctLimited Availability

BRIEFLY...➤ 10 new unconditional

sales transacted during the June 2010 quarter

➤ The weighted average price of a new apartment within Brisbane’s Middle West was $586,500 for the June 2010 quarter

➤ The end of the June 2010 sees only 60 new apartments available for sale


22 BRISBANE Apar tment Repor t

Research & Consultancy

RESEARCH

Colliers International’s Residential Research division provides reliable, unbiased, and authoritative property research and consultancy to clients in metro and regional locations across Australia.

Our extensive research capability and specialised approach ensures our clients can make the most informed and financially sounds decisions about residential properties.

OUR SERVICES

We have the ability and systems to monitor market movements, demographic changes and property trends. We use our knowledge of market sizes, price structure and buyer profiles to identify opportunities for clients and provide market knowledge that is unbiased, thorough and reliable.

Our services include:• AdvisoryandConsultancy• MarketAnalysisincludingProfilingandTrends• Primaryqualitativeandquantitativeresearch• DemographicandTargetMarketAnalysis• Geographicinformationmapping• ProjectAnalysisincludingproductandpricingrecommendations• Rentalandinvestmentreturnanalysis• Competitiveprojectactivityanalysis• Economicindicators• Socialresearch,includingfocusgroupsWe set industry benchmarks when partnering with our clients to answer key questions and solve complex issues in the residential development arena.

CONSULTANCY AND VALUE ADDING

Our specialised consultancy service adds value to our clients' business by identifying the best means for gaining a competitive advantage. We have extensive experience in providing advice on virtually every type of residential property and the issues and considerations that surround them.

We simplify your decision-making process by providing:• Primaryandsecondarymarketanalysis• Productandpricingmixanalysisandrecommendation• Amenityanalysisandrecommendation• Targetmarketanalysisandconsumerresearch• Marketingandlaunchstrategies• GISMappingandspatialinterpretation

For more information on how we can assist you contact (07) 3026 3322

Sources: Colliers International, RPData, BCI Australia, BCC, OESR, RTA, ABS

Mixed use development (Mud) The development of more than one land use on a single site or within a single building, where the uses co-exist in harmony (e.g. residential, retail, commercial, hotel, dining, etc). MUDs are generally walkable communities with all uses easily accessible to each other.

transit Oriented development (tOd) Mixed use development which is designed around high quality, high frequency public transport.

Off-Plan Sale The sale of a dwelling before it has been built, using the building plan to identify the dwelling.

detached housing A single, stand-alone house.

Semi detached housing Townhouse or terraced house which shares at least one wall with another dwelling.

developer Stock The original sale of a new dwelling by the developer, either off-plan or after construction is complete.

Resale Subsequent sales of a dwelling (after the initial sale by the developer to a buyer).

Quarter A three month period ending in the month specified, i.e. the December 08 quarter includes the calendar months October, November and December 2008.

Median The middle value of a number of observations arranged in order of magnitude.

General Market Settled sales including resales and new developer sales

CBd or City precinct The suburb of Brisbane City

Inner North precinct An area encompassing Albion, Bowen Hills, Fortitude Valley, Hamilton, Herston, Kelvin Grove, New Farm, Newmarket, Newstead, Spring Hill, Wilston, Windsor

Inner South precinct An area encompassing Dutton Park, Fairfield, Greenslopes, Highgate Hill, South Bank, South Brisbane, West End, Woolloongabba

Inner East precinct An area encompassing Balmoral, Bulimba, Coorparoo, East Brisbane, Hawthorne, Kangaroo Point, Norman Park

Inner West precinct An area encompassing Milton, Auchenflower, Toowong, St, Lucia, Taringa, Indooroopilly

Inner Brisbane The five precincts above

Middle North Albany Creek, Alderley, Ascot, Aspley, Banyo, Boondall, Bridgeman Downs, Brisbane Airport, Carseldine, Chermside, Chermside West, Clayfield, Eagle Farm, Fitzgibbon, Geebung, Gordon Park, Grange, Hendra, Kedron, Lutwyche, Mcdowall, Northgate, Nudgee, Nundah, Pinkenba, Stafford, Stafford Heights, Taigum, Virginia, Wavell Heights, Wooloowin, Zillmere

Middle South Acacia Ridge, Annerley, Archerfield, Chelmer, Coopers Plains, Corinda, Darra, Durack, Eight Mile Plains, Graceville, Jamboree Heights, Jindalee, Macgregor, Middle Park, Moorooka, Mount Ommaney, Nathan, Oxley, Robertson, Rocklea, Salisbury, Seventeen Mile Rocks, Sherwood, Sinnamon Park, Sumner, Sunnybank, Sunnybank Hills, Tarragindi, Tennyson, Westlake, Willawong, Yeerongpilly, Yeronga

Middle East Belmont, Camp Hill, Cannon Hill, Carina, Carina Heights, Carindale, Chandler, Gumdale, Hemmant, Holland Park, Holland Park West, Lytton, Mackenzie, Manly West, Mansfield, Morningside, Mount Gravatt, Mount Gravatt East, Murarrie, Rochedale, Seven Hills, Tingalpa, Upper Mount Gravatt, Wakerley, Wishart, Wynnum, Wynnum West, Manly

Middle West Arana Hills, Ashgrove, Bardon, Brookfield, Bunya, Chapel Hill, Enoggera, Everton Hills, Everton Park, Ferny Grove, Ferny Hills, Fig Tree Pocket, Gaythorne, Indooroopilly, Kenmore, Kenmore Hills, Keperra, Mitchelton, Mount Coot-Tha, Pinjarra Hills, Taringa, The Gap, Upper Kedron

GLOSSARY

PREPARED BY COLLIERS INTERNATIONAL RESEARCH.

For further details contact:Lachlan WalkerResearch Analyst | Brisbane Projectsp. 0438 710 888e. [email protected]

Level 20, 345 Queen Street Brisbane Q 4000GPO Box 2750, Brisbane Q 4001P: (07) 3229 1223 F: (07) 3166 0411

www.colliers.com.au

Colliers International represents property investors, developers and occupiers in local and global markets, facilitating our clients’ growth.

WE OFFER A FULL RANGE OF PROPERTY SOLUTIONSAdvisory Services Consultancy Facility Management Leasing Portfolio Marketing Services Project Management Project Marketing Property Portfolio Management Real Estate Management Research Sales Sustainability Transaction Services Valuation Workplace Solutions

OUR PROPERTY SOLUTIONS SERVICE ALL PROPERTY TYPESDevelopment

Healthcare & Retirement

Hotels & Leisure

Industrial

Office

Plant & Machinery

Residential

Retail

Rural & Agribusiness

Colliers International is proud to be the Real Estate Institute of Australia’s Commercial Agency of the Year 2007, 2008 & 2009 - setting a benchmark for industry excellence.

COLLIERS INTERNATIONAL HAS COMPLETE MARKET COVERAGE IN AUSTRALIAaustralian Capital territory Canberra 02 6257 2121

New South WalesAlbury 02 9257 0222

Coffs Harbour 02 6659 9888

Newcastle 02 4926 4888

Penrith 02 4702 0100

Sydney CBD 02 9257 0222

Sydney North 02 9957 6611

Sydney South 02 9317 4888

Sydney South West 02 9824 1131

Sydney West 02 9840 0222

Wollongong 02 4222 7222

Northern territoryDarwin 08 8941 0055

Palmerston 08 8939 0888

QueenslandBrisbane CBD 07 3229 1233

Cairns 07 4031 3443

Gold Coast 07 5588 0200

Sunshine Coast 07 5478 3788

Toowoomba 07 4659 7875

Townsville 07 4721 2622

South australiaAdelaide 08 8305 8888

VictoriaBallarat 03 5327 0700

Geelong 03 5226 9393

Melbourne CBD 03 9629 8888

Melbourne East 03 8562 1111

Melbourne West 03 8325 6888

Wodonga 02 9257 0222

tasmaniaHobart 03 6210 7877

Western australiaPerth 08 9261 6666

294 offices worldwide

BRISBANE The Research Apartment Reportcdnf.tlcollect.com/f1/cl/710/9516/Brisbane Apartment Report...

Documents

Transcript of BRISBANE The Research Apartment Reportcdnf.tlcollect.com/f1/cl/710/9516/Brisbane Apartment Report...