Beware the Brisbane boom property spin as Anna Bligh secures 0.4% annual gain
The former Queensland Premier Anna Bligh has sold her Highgate Hill, Brisbane investment apartment for $622,000, reflecting 0.4% annual price gain over her five year ownership.
The sale price didn't cover its initial $20,000 stamp duty.
The three bedroom, two bathroom apartment in the Beaumont block had a $640,000 asking price through Ray White South Brisbane agent Luke Croft.
The 4/91 Dornoch Terrace apartment cost $609,000 in 2009 when bought by Anna Bligh with her husband Greg Withers.
So its 0.4% annual price growth suggests reports of a boom in Brisbane apartments is premature. The hype might be just appropriate to the off the plan market, rather than the repeat established unit market.
The Bligh rental had 149 square metres space with two car spaces.
The large wraparound balcony has a north/east aspect as well as southern views over to the University of Queensland.
It sits within the sought-after Brisbane State High catchment.
The apartment recently became available for rent at $520 a week, so reflecting a 4.2% rental yield if it had sold at its asking price.
It was previously available for rent at $480 a week in May 2011.
On its 2009 purchase the couple sought to obtain $530 a week tenants, but had to lower the asking rent to around $490 a week.
Property Observer understands the couple retain two other Brisbane investment properties.
Their Brisbane house was sold following their move to Sydney where he took up a job in 2012 at Arts NSW.
The Sydney-based former Queensland premier Anna Bligh and her husband, Greg Withers, secured $960,000 having bought the 1890 Highgate Hill home in 1997 for $290,000.
They rented in Sydney's Paddington.