ARIA’s development director Michael Hurley says ‘off-the-plan’ owners of The Standard in South Brisbane have made between 13 and 56 per cent selling their units since July. Picture: Supplied
Brisbane’s apartment market is moving so fast, units in a recently completed high-end complex have resold for more than 50 per cent of their off-the-plan price.
One owner at The Standard by Aria in South Brisbane pocketed $596,000 after selling a three-bedroom unit within months of the property opening its doors on July 27.
Three bedroom apartments at The Standard have resold well above the off-the-plan price since it opened in July. Picture: Supplied
They had bought it off-the-plan three years ago, although the financial gains made have not been isolated to one unit, says ARIA’s development director Michael Hurley.
Nine apartments have sold since the 30 storeys residential complex opened, with gains ranging from 13 per cent to 56 per cent.
A three-bedroom apartment bought off-the-plan in 2018 for $1.054m has just changed hands for $1.65m and even ARIA has made money on residences that never settled, he said.
A view from the rooftop of The Standard where apartments have sold for more than $500,000 than their ‘off-the-plan’ price. Picture: Supplied
“There have been clients that didn’t settle after buying off-the-plan and one of those, that we took back, was for $1.084 million and we recently sold for $1.5 million which was a $416,000 gain,” Mr Hurley said.
“The buildings achieving growth are ones that owner-occupier’s are attracted to because they are the ones who get emotional about living there.”
He said the ability to reap financial growth in a complex can be determined by how well an apartment sells a second time around, which has happened with The Standard.
“You have to look at who wants to buy the unit, especially the ‘second’ buyer, as everyone who buys off the plan, to a degree an investor as they a trusting the building will be as sexy as the brochure,” he said.
ARIA’s development director Michael Hurley says ‘off-the-plan’ owners of The Standard in South Brisbane have made between 13 and 56 per cent selling their units since July. Picture: Supplied
The massive gains made on reselling apartments within The Standard, which cost $110m to construct, outstrips the growth in median prices for units in South Brisbane.
According to REA data, the median price for an apartment in South Brisbane has jumped just 3.6 per cent over the past 12 months.
“These are homes within a complex, not just an apartment to sleep in, and that’s why we are getting these resales,” he said.
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