Yesterday I was walking around the city along a route which took me past a few relatively new high rise apartment blocks. Some of these have "for sale" signs near the entrance, and thus I found myself considering the price of inner city living.
For example, in a year-old block, there was a two bedroom, one bathroom apartment (on the 13th floor, I think) for sale for $460,000. It had two car parking bays too. 87m2 size, I think. Other two bedroom units with ensuites (which are much more common) and on higher floors were for sale for about $600,000.
I know also that "off the plan" contracts for Vision, a very tall high rise planned to be finished in 2011, are selling one bedroom apartments of 67m2 for around $430,000.
I live about 18 km from the city in a pleasant suburb, and am certain that a price in the same range as these units would get you a four bedroom house with a main bathroom, ensuite, and second toilet or bathroom downstairs, probably on around 600 - 700 m2 of land. Sure, it might be 15 -20 years old, but houses of that age are often still of pleasing appearance. During the middle of the day, it takes me about 25 minutes to get to the heart of the city. A house owner also does not pay $2,500 - $3,000 in body corporate levies per year.
It seems to me that inner city living is overvalued, even in Brisbane.
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