I was thrilled to see the new Powderfinger music video on the weekend!
Talk about showing off Brisbane in all its glory. They guys from Powderfinger were rocking out their new single “All of the Dreamers” in all my favourite places and giving a great overview of some well known properties and locations around inner Brisbane.
They started under the Riverside Expressway. They went through most of Brisbane including the Botanic Gardens, up Alice Street including Restaurant Two, the Grosvenor, River Place and Felix Apartments. I saw Mincom and Central Station, the Sofitel and Anzac Square Residences looking up Adelaide Street.
I’m sure I saw a glimpse of Customs House in front of Aurora, Summitt at Spring Hill got a look in, Post Office Square and last but definitely not least Treasury Casino.
The last few moments they pulled the shot out to an amazing night time city skyline, including the Story Bridge and several reaches of the Brisbane River (which I myself have had the pleasure of viewing on occasion). It shows off some of our most impressive commercial towers too including Central Plaza One & Two.
To relive this magical cityscape I’d say dinner on a Petrie Point balcony might offer something like it, or for a more birds’ eye view try Riparian Plaza. I have a new listing there actually – does anyone need a 182sqm two bedder for $900 per week? Go on, live it up in Brisbane, best city in the world!
Okay so it’s nowhere near Brisbane but we think Burj Dubai is worthy of a mention here just for the sheer scale of this human achievement. And for the first time in history the planet’s tallest structure includes residential apartments. See some amazing pics below.
Due for its grand opening in 5 weeks time the tower is a record setter in so many ways. At 818m Burj has 160 storeys while the next tallest building is now Taipei 101 at 509m. In Brisbane our Aurora Tower is 67 storeys and 219m!
Burj Dubai has the world’s fastest elevators, traveling a zippy 64 kilometres per hour.
For the record the tower now has a floor area of 334,000m2 (almost 83 acres)! Construction started in September 2004 and has cost approx $4.5billion.
The tower will be home to an Armani Hotel and the good news is homes are still available – but at more than $40,000/m2 they’re not your typical apartment!
Photo taken November 2009. The tower can be seen 95km away!
Brisbane City Council are set to approve Meriton Development’s proposal for a residential tower in Herschel Street in Brisbane CBD (pictured below). At a neck-breaking 77 storeys this will be our tallest on completion, eclipsing the current title holder Aurora Tower at 67 storeys, and Meriton’s own Soleil, which will rise to 74.
Meriton’s Harry Triguboff bought his first Brisbane development site just two years ago and Soleil Apartments are now rising out of the ground at that Adelaide Street address. With over 600 apartments his Herschel Street project will add a critical mass of apartments to Brisbane CBD’s western pocket.
You’ll notice we keep using “will” when we write about the project. There’s rarely any “mights” when it comes to Meriton.
Tucked in with the mailman’s delivery of Easter cards, this year’s land valuation notices held a sting for plenty of inner Brisbane property owners. These are the official numbers the state government assigns to every piece of real estate, and they’re used to work out how much you’ll pay in Council rates and, for a large number of property owners, land tax.
In South Brisbane we’ve seen a number of jumps over 50% in just one year, with one Peel Street property (Soho Apartments) rocketing 74%. Across the whole city we’re told the rise was a to-be-expected 16%, but the department confound us each year with their process. The “unimproved capital value” (see your UCV on your BCC rates notice) is supposed to be based on the notional value your land would be worth with no building, fences, levelling etc. So to determine this they look for recent sales in your area of vacant or “lightly improved” properties and work back from there. If anyone’s seen any vacant land selling around the inner city let us know…
If you own an apartment you won’t get the notice as it goes direct to the body corp. But you will get the rates and land tax increases that result. If you own at Aurora Tower or Oxygen Apartments your taxable value just leapt 29%; Que and Greenwich at South Brisbane were up 53%. Might be worth asking your committee if they plan to appeal the amount?
Land tax kicks in as soon as you own property worth a combined $600,000 (or $350,000 if held in a company name), so for many inner city suburbs that’s just one property! You don’t have to be a wealthy old landlord to be copping this state tax.
The outcome? Higher costs of owning real estate and higher rents for tenants.
This week is the first birthday of Brisbane’s tallest building, the 69 storey Aurora Tower, and its completion marked the coming of ’super-towers’ to our city. Until the late 1980’s our tallest residential building was The Gardens in Alice Street at a neck-breaking 17 storeys! The past two decades saw apartments push through 20 storeys (Dockside), 30 (Quay West) and 40 (Admiralty Towers 2) but Aurora’s arrival has yet again changed residents’ expectations of inner city living.
At 219 metres (718 feet) Aurora’s top floor is the same height as Mt Coot-tha’s lookout, and close to the cruising altitude of a hot-air balloon. With its 5 elevators travelling at more than 3 metres per second a journey to the top takes just over one minute. Higher level views extend from the Sunshine Coast’s Glasshouse Mountains through to the northern end of the Gold Coast, and at night to the glow of Toowoomba’s lights in the west. More than 1000 residents now call Aurora home, while on last year’s Riverfire night it’s estimated there were more than 6000 people in the tower for a close-up of the fireworks – a similar population to the town of Gatton!
Not surprisingly many of the 478 apartments are occupied by international visitors. From Arizona to Zambia, Qatar, China and Brazil, this “suburb on a stick” is a melting pot of cultures. With amenities like a 30m pool, large gym and a 16 seat theatrette Aurora has earned its prestige address, and rents in the building now average over $500 per week. The 4 bedroom penthouse recently rented at $1,300. Perhaps the only occupants not thrilled with the tower’s heights are the 4 legged companions. Animals are permitted but some felines have out-used all nine lives in attempting leaps from apartment balconies….
Of course Aurora’s sky-topping status won’t last, with the 80 storey Vision tower now under construction in Mary Street. With Council dropping its limit on building heights plans are already being tossed around for Brisbane apartment towers over 300 metres (1000 feet). The Gold Coast’s Q1 is Australia’s tallest building at 323 metres (the same height as the Eiffel Tower), while Taiwan’s “Taipei 101″ has the world’s highest man-made point at a breath-taking 508 metres. Not to be outdone of course the UAE’s “Burj Dubai” is under construction and proposed to top 700 metres! Due for completion next year its developers are keeping the final height a secret, but there’ll be a reported 35,000 residents living in the 160 storey tower.
Anyone remember when City Hall was Brisbane’s tallest building?!
Our rummage through the latest rental stats confirms what we’ve seen over the past month or two: our inner city market has flattened a tad. Supply might have caught up to demand, at least momentarily, according to the Residential Tenancies Authority’s March quarter stats. The number of bonds RTA holds has grown 9% in the past year (with a total of 2,386 extra dwellings), compared with growth of just 2% in the previous 12 months. Bigger new buildings like “Aurora”, “Festival Towers” and Milton’s “Vue” were completed, helping to take the edge off rent rises. Across our most central suburbs the median rent for a 3 bedroom house crept up just $10 while a 2 bedroom apartment actually dropped $10 for the quarter.
If you’d like to read more, contact us on 07 3214-6888 or visit www.beesnees.com.au for our quick and easy to read suburb profiles, “Rental Market in a Nutshell”.