Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 9 August 2015

Cranewatch: Newstead

Industrial zones

I've been quite reserved on here, but what a great Ashes series win for Alastair Cook's England team in the cricket, surprising everyone, including Alastair himself!

Haven't done a "Cranewatch" post for a while. so here goes.

The basic premise is that I take my camera out to areas of Australia which are undergoing a major transformation.

Previously I've looked at Darling Harbour Live, Barangaroo (several times...including a site tour), Mascot, Green Square, Rosebery and Zetland in Sydney.

I've also look at the Central Business District, West End and South Brisbane, Brisbane.

Today, a quick look around what's happening Newstead.

As I looked at here Fortitude Valley and Newstead are two other suburbs in Brisbane which are set to be transformed into apartment-dwelling hubs within close proximity to the city.

And over the short term, of course, this will lead to an oversupply of units, a spike in vacancy rates, and softening rents.

In pictures

Facts, figures and statistics are one thing.

But what does it all look like and feel like in practice?

Surprisingly neat is the answer.

I took the camera down yesterday for a look around the Newstead gasworks locality, which has been converted into a retail precinct with a pleasant picnic area.

The new dwellings will look like a mirror image of what is now in place in Sydney's Mascot.

i.e. high density living.

The new developments have yet to fill up, but the generally "feeling" of the area is actually pretty good - the coffee shops and food bars are busy, even in the evenings. 

Waterfront by Mirvac is now under construction (below).

Cranes are pretty much everywhere in Newstead and the Valley.

Max Brenner and the rest are set to benefit from the new infill.

The new apartments are expensive and will likely be largely sold offshore to Chinese investors.

Much better value elsewhere for domestic buyers.