Proximity Hamilton, Brisbane’s latest luxury apartment development, has kicked off 2014 with a bang, recording more than $4.6 million in apartment sales in just 30 days.
Peter Malady, managing director of marketing agents 360 Project Marketing, said his sales team had closed an impressive 10 sales in January, traditionally a quiet period for the Brisbane property market.
“Analysts are tipping Brisbane to grab pole position as Australia’s strongest property market in 2014, and we are seeing the beginnings of that now,” Mr Malady said.
“January is ordinarily a quiet month, so these new-year sales are testament to the calibre of the Proximity Hamilton development, and the value these apartments represent when compared to similar projects in Sydney and Melbourne.
“In the four short months since release, we have achieved 39 sales worth a total of $17.9 million. Investors and owner-occupiers alike are responding to the great design, great location, and competitive pricing.”
An Oakstead Property Investments development, the stunning 14-storey Proximity Hamilton building in Hercules Street will comprise 127 one and two bedroom apartments, most with water views, in Brisbane’s exclusive Portside Wharf precinct.
Now selling off the plan, prices start from just $330,000 for a one-bedroom 60sqm apartment, $495,000 for a 85sqm two bedroom apartment, up to $655,000 for a twobed, two bathroom 104sqm apartment with panoramic river and city views.
Aside from spacious, modern design, Proximity Hamilton offers a swimming pool and deck for the residents’ enjoyment, as well as direct access to the best that Portside has to offer – fine dining, boutiques, 24 hour gyms, a new Woolworths, Doomben and Eagle Farm racecourses, cinemas, river walks, the CBD and ferries.
Cementing the case for Proximity Hamilton, a September 2013 Urbis Market Outlook Hamilton report identified Hamilton as one of Brisbane’s “blue chip suburbs”, and a suburb that has historically shown strong residential growth.
Further to that, Urbis Associate Director Jonathan Rivera said that apartments in the Hamilton catchment saw a higher median sale price in June 2013 than the Brisbane LGA benchmark, at $480,270 compared to $397,250.
“Hamilton apartments have shown largely uninterrupted price growth since the early 1990s, with capital appreciation averaging 8.8 per cent per annum over the previous decade,” Mr Rivera said.
Rental demand has also lifted in the Hamilton area in conjunction with an increase in development, particularly among the Gen Y demographic who demand a wealth of amenities within walking distance, connectivity to key destinations, and proximity to employment, Mr Rivera said.
“New apartments are currently generating premiums of between 7 and 63 per cent over the total existing stock within Hamilton,” he said.
“This premium highlights the value that potential tenants attach to new product with modern facilities and in prime locations, particularly in areas that have not traditionally supplied modern apartment stock.
“Prospective tenants continue to vote with their wallets in order to secure recently released product, working to the benefit of investors.”
Mr Malady said the Brisbane market in general was offering strong returns compared to other capital centres, as well as lower median prices.
“For example, $600,000 would buy a one-bed city apartment in Sydney, at about $10,000 per square metre, while in Brisbane, investors could purchase a one-bed at Proximity Hamilton from $5,500 per square metre. It’s a value proposition.
“Added to this, Brisbane’s growth is expected to increase by seven per cent for 2014, with gross rental yields already above the national average. For investors considering their next move, now is the time to act.”
The stunning Proximity Hamilton design, by Brisbane’s Cottee Parker Architects, was inspired by the flowing Brisbane River and features a double-height lobby with a striking piece of functional art by renowned Australian artist Brett Coelho.
Apartments are available in a choice of two colour schemes with impressive floor to ceiling windows, air conditioning, reconstituted stone benchtops, European appliances, built in wardrobes, ample storage and quality finishes including fully tiled entry, living and dining areas for selected apartments.
Residents will also benefit from secure car parking, two lifts for convenient entry, and the use of a stunning podium-level pool with sundeck and spectacular views towards the Brisbane CBD and south along the city’s meandering river.
For more information visit proximityhamilton.com.au.