Developer Releasing $1.45m Apartments in Coorparoo

[RPI]

Hi All

I have seen some pricing on the new Coorparoo Square development on the old Myer Site.

147m2 3 Bed apartment $1.45m

There was also a 100m2 ish 3bed for $995k

I don't know how many 3beds there are in the 2 towers.

I was amazed, I just can't see a market for that type of product in that area.

Thoughts?

 

[Richard Feynman]

Totally stabbing in the dark but I'll guess that those are both the top floor penthouses. If they fail to sell before construction commences, the developer will probably reconfigure them to 2 x 2 bed levels or something similar.

Pretty insane prices but you only need a couple of buyers for those.

There is quite a price disparity in houses in Coorparoo so this has probably encouraged them to have a crack. Obviously there are some folks with a few dollars to spare in the area despite being the exception, rather than rule.

 

[Gargamel]

Good luck to them, that pricing is ridiculous!

 

[vbplease]

Tenerife/New Farm on the river seems reasonable for that price

Old Cleveland Rd is an eyesore imo.. Putting 'luxury' apartments on that road seems odd to me.

How tall are the towers going to be?

 

[RPI]

2 x 19 storeys high with a 3 storey podium

 

[chindonly]

Seems very high relative to other products around.

 

[Roosterman]

There seems to be a price disparity in townhouses as well

http://www.realestate.com.au/property-townhouse-qld-coorparoo-119276723

$740k for a townhouse.

The fences have come down on that Myer site so it looks like work is about to start...

 

[Aaron Sice]

that's over $10,000m? - Cottesloe prices.