This article is from the Australian Property Journal archive
The $50 million Allegro apartment project in South Brisbane has record almost $40 million in sales.
The 117 apartment complex is now 80% sold and has become developer Pradella’s best performing development in the South Brisbane precinct.
According to Pradella, a high demand for rental accommodation in the precinct has seen Allegro sell 12 apartments in an impressive three weeks.
Pradella’s managing director David Pradellasaid the remaining Allegro apartments will sell quickly as buyers realise the great value on offer.
“I tend to agree with the latest Brisbane Unit Report from PRDnationwide[1] that indicates property buyers are sizing up value like never before as the focus shifts away from lifestyle features to ‘bang for buck’.
“While still important, lifestyle benefits are being set aside as price growth, infrastructure improvements and value for money emerge as the greatest motivating factors for purchasing new apartments. For instance, we identified a shortage in supply of furnished apartments, so recently offered homebuyers a furniture package that ensured we were meeting market demand within the $200,000-$499,999 price range,” he added.
Allego is located in the large capital growth area of South Brisbane, just one kilometre from Brisbane CBD.
“Our sales directly reflect the PRDnationwide research that show 61% of all stock sold was valued at between $200,000-499,999 in the June quarter. This demonstrates the real market strength of quality and affordable studio and two bedroom apartments that fall within this price bracket with proximity to the CBD.
“Recent REIQ research[2] also shows inner city units and apartments are, at times, the only affordable option for first homebuyers who work and have social lives centred around the CBD. This is why we are seeing such a strong trend of apartment sales between the $200,000-$499,999 range,” Pradella concluded.
By Kathryn O’Meara
