Old homes with new life

The Courier-Mail - Property - - REALESTATE -

“It’s a lit­tle bit glam­orous, but very live­able. We didn’t ren­o­vate to sell – it’s our home and while it’s a fab­u­lous show­piece, it’s also easy to main­tain.”

Ms Con­nell-Clark said by ren­o­vat­ing the older apart­ment they had the qual­ity they were look­ing for at a bet­ter price.

“We have had the apart­ment val­ued and it is far in ex­cess of the com­bined pur­chase price and ren­o­va­tion cost,” she said.

Ray White New Farm sales agent Chris­tine Ru­dolph said buy­ers who were down­siz­ing still wanted de­cent-sized apart­ments.

Ms Ru­dolph said de­vel­op­ers had fo­cused more on one and two-bed­room apart­ments that ap­pealed to in­vestors fol­low­ing the squeeze brought on by the global fi­nan­cial cri­sis.

“The gap in the mar­ket has been large three-bed­room apart­ments and we are see­ing a short­age of these in the in­ner city,” she said.

“Buy­ers are also find­ing that off-the-plan is not such an at­trac­tive op­tion as it was in the past, as many of the apart­ments are smaller in size, so they are pur­chas­ing older apart­ments.”

Aus­tra­land Queens­land res­i­den­tial gen­eral man­ager Cameron Leg­gatt said the short­age of new three-bed­room apart­ments in Bris­bane re­flected a com­bi­na­tion of de­vel­op­ers tar­get­ing in­vestor-based projects that of­fered units priced less than $700,000, as well as owner-oc­cu­pier sites be­ing more scarce.

Mr Leg­gatt said re­sponse from Aus­tra­land cus­tomers for three-bed­room apart­ments across all their projects had been overwhelming.

“We have sold out of our three-bed­room apart­ments in Promon­tory at Kan­ga­roo Point,” he said.

The com­pany had sold more than 65 three-bed­room apart­ments at Hamil­ton Reach since its launch in 2011.

Aus­tra­land’s lat­est re­lease, New­port, com­prised only two and three-bed­room apart­ments and had proved pop­u­lar with owner-oc­cu­piers, Mr Leg­gatt said.

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