The Brisbane bus tour for "Boxing Day bargain" apartment prices
There are two bargain hunter property tours planned for buyers seeking apartments in Brisbane next month.
It follows the wave of new apartments hitting the Brisbane market.
Bargain hunters are being bussed to newly built projects where defaults — largely by Chinese buyers — have led to units back on the market at a discount.
“The Boxing Day sale of real estate” is how David Beard opens his tour commentary for the five-hour mystery tour.
Tickets on the bus cost $57 for early birds, then up to $115.
"The apartment prices available today won’t be available tomorrow,” he suggests, adding that on defaulted apartments, developers are using the forfeited 10 per cent deposit to cut prices, and then discount further.
The Australian reported from a bus tour earlier this month.
They noted those on the bus included hopeful first-home buyers and investors, all wanting deeply discounted price.
There was also a handful of real estate agents seeking a good buy for their own clients along with stickybeak property advisers curious on just where the tour went.
The first port of call was a masterplanned community at Hamilton on Brisbane’s northside at a 10 per cent discount on the retail price.
A two-bedroom, two-bathroom unit offered at $513,000, down from $569,000.
Next stop was Ascot, where a developer had reduced his $550,000 asking price on a two-bedroom, two-bathrooom units to $510,000.
It was onto Bowen Hills, but given the 19 per cent discount on several new apartments, an investor had quickly snapped them up.
Brisbane's first “branded residential property”, in Fortitude Valley, was next on the bus tour.
A two-bed, two-bath apartment reduced from $581,000 to $495,000 created much interest, but was off limits for viewing because it’s part of a hotel complex.
The final port of call, in Yeronga saw a $435,000 two-bed, two-bath apartment, that had been reduced from $490,000.
Beard cites a report that one in five foreign apartment buyers in Brisbane are failing to settle due to tighter restrictions on moving money out of China.
“If you had a project that was predominantly sold to China, you would have a headache,” Mr Beard told The Australian.
"Now is the time for local Australian buyers to capitalise on these deposit defaults!
"You can save up to $120,000 on a standard 2 bedroom apartment right now in Brisbane.
"If you are going to buy property in the next 12 months, you would be crazy not to make the most of this situation.
"This is a once in a life time opportunity to instantly make capital gains and save thousands on your mortgage!"