Which Brisbane apartments present the best value: New or established?

Which Brisbane apartments present the best value: New or established?
Jessie RichardsonDecember 7, 2020

When looking for a new apartment, a buyer might consider location, price, local infrastructure and tenant quality.

But should investors purchase new or established apartments?

Some investors won't touch off the plan purchases, while others argue there are plenty of reasons to consider new apartments – as long as you do the required research

Off the plan apartments can look very shiny and exciting, especially in those renders in the brochure. But are you paying for a high quality product, or marketing materials (including the events, the PR-distributed gift baskets and the Vespa)?

Established apartments may be cheaper, but why should you pay for a degraded product if a brand new one might be available for just a little bit more cash?

These questions are particularly pertinent in Brisbane, which has seen multiple new developments crop up in the last year, with more to come this year (prompting oversupply warnings from some).

To see just how much more you'll pay for a new apartment in Brisbane, Property Observer looks at recent sales in three suburbs: Toowong, Bulimba and Holland Park West.

Toowong

1/68 Benson Street, Toowong

 

This one bedroom, one bathroom apartment in Toowong sold for $469,000 in December.

The only one bedroom apartment in the complex, it has 60 square metres of internal floor space, with polished timber floors, a balcony and a stone kitchen.

The buyer will have access to the complex's pool and change room. The apartment comes with one car space.

  • New or established: New
  • Price: $469,000
  • Bedrooms: One
  • Price per square metre: $7,816

36/7 Landsborough Terrace, Toowong

Just up the river is 36/7 Landsborough Terrace, an established apartment that sold for $452,800 late last year.

The first floor apartment has two bedrooms and two bathrooms, with a north-facing patio. Coming with one car space, the 84.5 square metre apartment is newly carpeted and pool access.

  • New or established: Established
  • Price: $452,800
  • Bedrooms: Two
  • Price per square metre: $5,359

Bulimba

4/18 Wambool Street, Bulimba

In Bulimba, this two bedroom, two bathroom new apartment sold for $659,000 in November.

The air-conditioned, 79.2 square metre apartment has a balcony that opens off the living area and comes with one secure parking space. Construction is expected to finish in February.

  • New or established: New
  • Price: $659,000
  • Bedrooms: Two
  • Price per square metre: $8,320

55/25 Love Street, Bulimba

 

Buyers paid $535,000 for this established apartment in Bulimba. With two bedrooms and two bathrooms, the 91 square metre unit has two balconies, giving it a north-south aspect.

There are two side-by-side parking spaces, and comes with access to a 25 metre lap pool, a gymnasium and a barbecue area.

  • New or established: Established
  • Price: $535,000
  • Bedrooms: Two
  • Price per square metre: $5,879

Holland Park West

5/35 Crown Street, Holland Park West

A two bedroom apartment sold off the plan for $429,000 in November. Apartment 5 has 84 square metres of internal space, with tiled living areas and a "designer kitchen".

The two bedroom apartment in a low rise complex comes with a balcony and one garage space. Construction has commenced.

  • New or established: New
  • Price: $429,000
  • Bedrooms: Two
  • Price per square metre: $5,107

3/27 Rolle St, Holland Park West

Vendors secured $372,500 for this established apartment in Holland Park West.

The two bedroom tiled apartment has two balconies and a recently renovated bathroom. With 75 square metres of floorspace, the unit sits above a secure garage.

  • New or established: Established
  • Price: $372,500
  • Bedrooms: Two
  • Price per square metre: 75 square metre

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