Bluechips bringing home the bacon in the unit market

first_imgApartment 9 at 170 Bowen Terrace, New Farm, sold for over $1m more than its owners paid just two years before.BRISBANE bluechips have flown in the face of the unit downturn, latest research has found, with one couple walking away with a million-dollar gain after just two years of ownership.New unit resales data, tracking how much the second owner of new apartments paid in inner Brisbane, showed it was the luxury end of the market that held its value best in the past five years.The Place Advisory report found that 191 new buildings were settled in the inner city during that period with 467 apartments resold.Firm principal Lachlan Walker told The Courier-Mail that the market had pulled through in positive territory despite the financial climate.“There’s been a lot of speculation that the apartment market has fallen off the floor and that those who purchased have lost money, but surprisingly despite all that speculation there is a 0.7 per cent price growth.”Popular inner city lifestyle suburb, New Farm, was the best performer with an average capital gain of 4.6 per cent for the resale of over 30 newly settled apartments, followed by Toowong (4.1pc), Newstead (3.6pc), St Lucia (3.1.pc) and Teneriffe (2.9pc). FREE: GET THE COURIER-MAIL’S REAL ESTATE NEWS DIRECT TO INBOX The apartment is in a block of just six others.More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoBut it was Hamilton that delivered the best individual apartment resale off a three-bedder in the sixpack development “Platinum on Kent” — which saw annual average capital growth of 21.7 per cent. Apartment 3 in the building sold for $702,500, which saw the owner walk away with a $172,000 gain after just over a year and a half of owning it.New Farm’s 170 on Bowen had the second highest percentage gain but those owners walked away with a price that was $1.079m more than they had paid just two years before — meaning they’d made $530,500 a year.Mr Walker said the average price fetched at resale by Brisbane inner city apartments in the past five years was $717,417.“Those established suburbs which would be classified as blue chip regions in Queensland, and that could be drilled down further to boutique owner-occupier type buildings, have definitely outperformed the market.” 3/65 Kent Street, Hamilton, saw annual average capital gain of 21.7 per cent. Picture: CoreLogic Stunning kitchen at apartment 9 at 170 Bowen Terrace, New Farm. The jawdropping view of the city skyline and Story Bridge could never get old.It was the investor stock in suburbs that had gone through major development that had not performed as well, he said, with some going into negative.“It takes a bit of time for locations to mature, get better restaurants, better retail, those sorts of changes are when you start to see the growth.”His advice for those who could hold on was to do so, while those who were looking to buy could also find some great opportunities as others exit the market.“Brisbane hasn’t yet gone through a period of high growth, when that comes all sorts of properties will see growth.”“I think there are some great buying opportunities,” he said. “Brisbane hasn’t seen that price spike, and that’s just a matter of when. Do your research, be specific about what you are looking for.” FOLLOW SOPHIE FOSTER ON FACEBOOKlast_img

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