Investing in units: Why settle for one when you can have the whole ‘six-pack’?

first_imgEmily Lambert, 25 of Forestdale, and fiancŽ Luke McCabe, 26, are interested in purchasing 1 of the six-pack style units in New Farm. Photographer: Liam KidstonOLDER ‘six-pack’ apartment blocks have become the hardest market to crack in Brisbane amid a surge in demand from buyers looking to ‘bulk buy’ fixer-uppers.The humble ‘six-pack’ apartment block — and the individual units in them — are so prized among those who own them, they rarely come up for sale.But when they do, they are selling fast, defying the recent drop in off-the-plan sales for new units in Brisbane.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREDespite a flood of new apartments in the inner city market, real estate agents say single title six-unit blocks and classic art deco apartments are in strong demand, with savvy buyers looking for a solid long-term investment and an opportunity to renovate and reap the returns.Claudia Marchand of LJ Hooker New Farm recently sold a one-bedroom, art deco apartment at 86 Moreton Street for $517,000 and an entire art deco ‘six-pack’ for $2.95 million. This one-bedroom unit at 1/86 Moreton St, New Farm, recently sold for $517,000.The heritage-listed property at 32 Moray Street was sold as part of a deceased estate after being owned by the same family for 81 years.WHAT TO LOOK FOR IN A PROPERTY *Larger floorplan*High ceilings*Character*Ornate cornices*No or reduced body corporate fees*Hold their value*Often renovated *New Farm*Clayfield*Newstead*Teneriffe*Coorparoo*St Lucia*Greenslopes*Herston*Ascot*Toowong*Lutwyche*Annerley*Wilston*Kedron Inside one of the art deco apartments at 32 Moray St, New Farm.Phil Hassid of Phil Hassid Flat Sales said part of the reason ‘six-packs’ were in demand was because owners refused to sell an asset that provided a good stream of cash returns.“The types of properties I sell, most people hold for a lifetime or at least decades,” he said.And while tighter lending restrictions had put some buyers off, Mr Hassid said it was worth going through the short-term pain of dealing with the banks for the long-term gain.“The bottom line is these are still great investments,” he said.“In the long run you’re going to do brilliantly.”And he believes now is the time to buy.“At some point in time, when the construction wave finally abates, there is going to be an almighty catch up that will unleash a wave of sales,” Mr Hassid said.A new Jones Lang LaSalle report, there are currently 8800 new units under construction across 46 projects in Brisbane, but smaller developments such as ‘six-packs’ which are targeted more at owner occupiers are in decline.WHERE LESS THAN $500,000 BUYS A HOUSEProperty analyst Michael Matusik recently noted that the number of ‘walk-up’ units across the country had fallen by 56,000 dwellings since 2006, while the number of mid-to-high rise apartments had lifted by 194,000 new homes.“In short, the older six packs have been knocked down to make way for bigger, taller and shinier new apartments,” he said.But Mr Hassid said despite Brisbane being in the midst of a transition to more high density living, he doubted that six-packs would disappear from the city’s skyline.“Most six-packs do not sit on high rise sites and you will not get enough site value to justify demolition unless it is a high rise site,” he said.A block of art deco units in New Farm recently sold for the first time in six decades for more than $2.4 million to a local developer.The building, Osmaston, at 598 Lower Bowen Terrace, generated a rental return of about $80,000 a year and offered strata title potential. This block of six units at 32 Moray St, New Farm, sold for $2.95m.Ms Marchand said there was a big difference between the new “cookie cutter” off-the-plan apartments and the older, boutique apartments, which offered character, larger floorplans and higher ceilings.“I’ve got more buyers than supply for that type of product — not even just a block, but also single apartments,” she said.“What is being built today is really contemporary and it’s all a bit cookie cutter, so people really value something that’s different and has character, which is not going to be replicated in the future.“A unique opportunity is always something people will value.”center_img This ‘six-pack’ at 598 Lower Bowen Tce, New Farm, sold for $2.4m. SIX-PACK SUBURBS SIX-PACK UNIT SELLING POINTS The kitchen in one of the apartments in 598 Lower Bowen Tce, New Farm.Young Brisbane couple Emily Lambert and Luke McCabe would be happy to get one sixth of a ‘six pack’.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThey are in the market for an “older style” apartment with character because Ms Lambert believes they hold their value better than new apartments.Ms Lambert, who is a real estate agent, said investors would be smart to buy a ‘six-pack’ unit block because they would have no issues finding tenants or onselling.Brisbane graphic designer Rebekah Kington bought a one-bedroom, art deco apartment in a ‘six-pack’ just off James Street in New Farm 12 years ago and hasn’t looked back.Miss Kington said she considered investing in a new apartment at the time, but was glad she didn’t.“It had such a nice feel,” she said.“As soon as I walked in, I felt at home. I loved the high ceilings.“The newer apartments are quite small. They’re just really tiny and pokey.”Miss Kington has since upgraded the bathroom and plans to renovate the kitchen.Buyer’s agent Selena Corness of Universal Buyers Agents said now was a good time to enter Brisbane’s unit market.“In the past 18 months, there have been a lot of new residential multistorey unit complexes completed within a 2 kilometre radius of Brisbane CBD … and this has flooded the market and pushed prices down,” Ms Corness said.She said buyers could use that to their advantage and find an entry point into the market via an affordable unit.“By buying smart and taking advantage of the market, buyers are really in the driver’s seat,” she said.last_img read more

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GDF retain Terrence Ali C/ship for 16th consecutive year

first_img… Allicock voted Best Elite, Moore Best YouthTHE Guyana Defence Force (GDF) Boxing Gym successfully defended their Guyana Boxing Association GBA)/Terrence Ali National Open Championship title for the 16th consecutive year.At the National Gymnasium on Mandela Avenue, the action on Thursday featured the final in all weight divisions.In addition, Forgotten Youth Foundation’s (FYF) Keevin Allicock was adjudged the Best Elite Boxer on show, while Christopher Moore of the Vergenoegen Boxing Gym (VBG) was voted the Best Youth Boxer. Joann Williamson of the GDF was adjudged Best Female Boxer.The Best Coach award went to Terrence Poole of the GDF, while Romona Agard was awarded the prize for the Best Referee/Judge.The runner-up gym award went to FYF.The GDF won five of the 10 finals they contested in the Elite category, while FYF won two of their three finals.Rose Hall Jammers (RHJ) won both of their male Elite bouts and followed up with a victory in the Female category.Akiemo Watts of the GDF gym started the title defence on a winning note by securing a points-decision win against FYF’s Richard Subrattee in a junior flyweight contest.He was followed by Colin Lewis who caused the referee to stop his junior welterweight contest against Guyana Police Force’s Dewani Lampkin.Desmond Amsterdam (GDF), fighting in the middleweight division, then gave the soldiers their third win as he stopped his team mate Joshua Fraser at two minutes 28 seconds of the first round.The Army’s two other victories were both all-GDF affairs and John Mars secured a first-round stoppage win against Aubrey Headley in a heavyweight contest, while Antonio Williams won by a unanimous points-decision over his team mate Emerson Farley.Winning for FYF were Best Boxer and South American Youth Games silver medallist, Allicock, who caused the referee to stop his bantamweight contest against GDF’s Clairmont in the third round and Marlon Darrell (FYF) secured a unanimous points-decision win against GDF’s Dwayne July.RHJ’s Julius Kesney and Joel Williamson both won their male Elite bouts. Kesney, the Caribbean junior flyweight gold medallist had the referee stop his flyweight contest against GDF’s Delroy Murphy at two minutes nine seconds of the second round.Williamson, on the other hand, won his lightweight fight against GDF’s Delroy Fordyce was disqualified for exiting the ring as he was being issued with a third standing eight-count by the referee.In the female bantamweight fight between Arokium and GDF’s Joann Williams, the latter was disqualified for not having her bandage checked by ring officials before entering the ring.The GPF’s lone victory from two bouts was secured by Dennis Thomas who scored a split decision win against GDF’s Markember Pierre in a light heavyweight contest.It should be noted that Antonio Williams’ victory against his GDF gym mate Farley, in the super heavyweight division is Williams’ triple win for the year.He won the gold medal at the Andrew `Six Head’ Lewis National Novices championship, then followed up by winning the gold medal at the Lennox Blackmoore National Intermediate championship and now the Terrence Ali National Championship.last_img
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