NEWS
Run of High-End Sales Brings $16M for Vision
18 December 2007
The top end of the Brisbane CBD apartment market is continuing to show its strength following a $16 million sales surge at Austcorp Group's flagship $970 million Vision tower.
Vision – which will be Brisbane's tallest building on completion – has secured seven unconditional apartment sales at above $1.5 million each during the past [eight weeks], topped by the purchase of a two-level 243sqm apartment for $3.7 million.
The sale is one of the highest prices recorded at Vision since two similar apartments sold for $3.74 million and $3.89 million in June and February respectively.
A total of [264] Vision apartments are now unconditional or under contract, pushing total sales in the building to [$239 million].
The latest run of big-ticket sales includes:
- A four-bedroom apartment on level 52, sold for $3.665 million;
- Two apartments sold to a single purchaser for $1.665 million and $1.690 million respectively;
- A level 54 apartment sold for $3.7 million.
- A three-bedroom apartment sold for $2.236 million.
The sales surge follows the release of a report in late August by Australian property analyst group RP Data, which confirms the Brisbane CBD as one of the country's outstanding locations for continued growth and demand.
RP Data product and marketing general manager Kris Matthews says Brisbane is now well into the growth cycle, with price growth averaging about 13 per cent over the past 12 months.
"Despite the strong growth, the Queensland capital's prices still provide a strong value proposition compared with other capital cities," Mr Matthews said.
"Average house prices are now virtually the same as those in Melbourne ($408,696 compared to $406,910 in the Victorian capital) and unit prices are the third least expensive after Adelaide and Canberra.
"Brisbane and the greater south-east Queensland marketplace has the greatest longevity of any property market around Australia. This is due to strong population growth (60,000 new residents in the past year), a well-managed urban development plan and the strength of the region's economy."
Austcorp Queensland general manager Kerry Spencer says Vision's iconic attributes coupled with the diminishing supply of apartments in Brisbane has been a catalyst for the recent raft of sales.
"It's no secret that there is still an undersupply of residential product in the CBD, and there's no sign of a decline in the trend towards design-conscious inner-city living that's close to work, restaurants and other important lifestyle elements," Mr Spencer said.
"A major drawcard for buyers at Vision is that the building will offer everything that residents need to live, work and recreate in one location - it will literally be a vertical village.
"Vision will also offer a range of added luxuries such as a full service concierge 24 hour hours a day, seven days a week and the ability to choose from more 80 different floor plans to ensure that their apartment precisely suits their needs.
"Vision will be unique in Brisbane, and with completion due in 2011/12, it will be the first of a new generation of buildings which will change the way people live in the city."
Mr Spencer says local buyers have particularly shown confidence in the project, with more than two thirds of all purchasers from Queensland, including 60% from Brisbane.
"The response we have had – especially from Brisbane purchasers, who are more savvy than anyone else when it comes to the local market - confirms that we are delivering what people are looking for, a place where all the essentials are at the doorstep in a luxurious environment."
Vision purchasers Neville and Helen Newnes, of Brisbane, said a major attraction to Vision were the hotel-like services and amenities.
"For us, leading busy lives, it's ideal," Mr Newnes says.
"We were early converts to the idea of inner city living and we see Vision as taking that concept to a whole new level."
Vision is situated on a 5485sqm site between Mary and Margaret Streets in Brisbane's city centre and, at 287 metres, is set to be Queensland's largest residential, commercial, retail and tourism building.
The 79 storey Vision tower will comprise approximately 400 residential apartments over 54 levels, commercial workplaces consisting of 29,000sqm of net lettable area over 15 levels and accommodating up to 1500 workers, a civic and retail plaza covering 3000sqm of net lettable area over three levels and Brisbane's first observation deck, providing a major new tourist attraction for the city.
Read more about Austcorp's Vision.
Go to the Vision Brisbane website atwww.visionbrisbane.com.au.
