Michael Matusik on the Milton
Michael Matusik on The Milton
Australia's leading independent property analyst Michael Matusik provides a detailed review of the Brisbane Inner West property market and the Milton development.
Michael Matusik on the Milton - Video Transcription
Hi, my name is Michael Matusik. I'm at Aveo's latest project, The Milton, just two railway stops from the Brisbane GPO. There are lots of things I really like about this project, not only its location, but its timing, the apartment designs, the product mix, the views that each apartment enjoys, and also the lift to apartment ratio and also the developer itself. Let's look at those things in more detail.
One of the things I've learned after two decades of being a property analyst is when you buy a property is the key to success. Now is a great time to buy property, especially in inner Brisbane, which is at the bottom of its property cycle. People usually buy way too late. Also, it pays to take a long-term view. If you look at apartment values around the Milton area, they've been growing by 12% per annum over the last decade.
The second key to success is where you buy property. The Milton, as the name suggests, is right next to the Milton railway station, which is just two stops from the Brisbane GPO. It's also adjacent to an established retail, office, and entertainment precinct, and the University of Queensland, with 33,000 full-time students, is just minutes away. Importantly, The Milton is located in the inner western suburbs of Brisbane, and this area holds a significant proportion of the more affluent residents within the city. Whilst apartment living started out in this precinct, there's been little new supply in this area of late. Now despite pent up demand, this area also only holds 10% of the overall new supply in the Brisbane inner city market, and as a result, vacancy rates are low and rents are starting to rise.
As well as being a TOD, which is a transport oriented development, The Milton is in the middle of a number of major new infrastructure projects, and these include: the redevelopment of the old Milton Tennis Centre into a regional park; the upgrading of the bikeway system along the Brisbane River, linking the inner western suburbs to the CBD and beyond; and access to the inner northern tunnel, greatly improving vehicle access to the Brisbane Airport and both the Gold and Sunshine Coasts.
The third ingredient to buying well is what you buy. In general, apartments in The Milton are ten square metres larger than other new apartments currently for sale in inner Brisbane. This generous size, plus high wall to glass ratio, and open plan living makes these apartments appealing not only to owner residents, but to investors as well. Larger space allows tenants to share, which gets an investor a greater rental return.
Too many people who buy off the plan get caught in the sales spin and don't focus on the nitty-gritty. One of the key things when buying an apartment is the number of lifts in the complex, and The Milton's very generous in that regard. It has four lifts per level, which equates to one lift for every three apartments. Each apartment also has a long range and impressive view, and 60% of the apartments in the complex are two bedrooms.
The Milton is being developed by publicly listed Australian developer, the Aveo Property Group. Aveo have a very strong record of building quality projects across Australia. In recent times they've also build several new apartment projects across inner Brisbane. Official government statistics show that across the inner west, those apartment projects have resold better than the other local developments.
The Milton offers the astute inner city apartment buyer many real points of difference, and it's worth a closer look.