Old homes with new life
“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.