Omega Apartments is setting the benchmark for liveability in Brisbane’s inner-city, appealing to local and interstate investors looking at southeast Queensland’s property market for solid investment opportunities.
The apartment building in Brisbane City’s property hotspot of Bowen Hills meets key investment criteria, including strong gross rental yields of around 6% attributed to its prime location, spacious apartments and proximity to jobs and public transport networks.
As the Brisbane property market continues to strengthen following a stronger-than-predicted 2020, investors are becoming increasingly active across all price points at Omega Apartments, with added confidence gained by the building’s healthy balance of owner-occupiers and permanent tenants.
Luxury apartment marketing agency TOTAL Property Group is managing the sales of the remaining apartments at Omega Apartments and has reported multiple sales to single investors who have identified the value of Omega as a solid investment opportunity.
TOTAL Property Group Managing Director and Omega Apartments Marketing Manager Adrian Parsons said recent sales to owner-occupiers and investors indicated that confidence had been building towards a promising 2021, with Bowen Hills well-positioned as one of Brisbane’s most attractive suburbs for investment property.
“Queensland’s property market has been experiencing a swelling in confidence, driven by home buyers and investors from southern states looking north for lifestyle and affordability, infrastructure spending and the way we handle the Covid crisis,” Mr Parsons said.
“There are a number of contributing factors lining up at Omega Apartments to stand out to investors, with some purchasing more than one apartment.
“Omega Apartments appeals to owner-occupiers and rental tenants who are attracted to the building because it offers greater lifestyle opportunities with larger-than-average apartments, resort-style facilities and a location in one of Brisbane’s most sought-after inner-city suburbs.
“The affordability of Omega’s stylish apartments and their capacity to achieve high rental returns, plus the growing demand for rental accommodation in the area gives investors the confidence to take advantage of the low interest rates and property market growth expected for Brisbane in 2021.
“Brisbane has some of the highest rental yields in the country, averaging four to five percent and Bowen Hills is currently topping this average with a gross rental yield of 5.84% according to CoreLogic data. Another significant benefit of buying a new apartment at Omega Apartments is that the purchaser can immediately rent it out and not have to wait for the property to be developed.
“There is high demand for property in Bowen Hills, with rental supply falling over the past year and limited new residential developments across Brisbane’s inner-city. Such strong demand for rental accommodation is not surprising given that around two-thirds of all households in Bowen Hills are renting.
“Appealing to such a wide range of potential renters is important, as it insulates investors from a slow-down in any one particular market segment.”
According to Broad Property Research this large pool of potential tenants includes employees at the Royal Brisbane Women’s Hospital just six minutes up the road, people working in Brisbane’s CBD and many other businesses in the immediate locality or studying and working at major education facilities nearby.
The research states that the median weekly household income in Bowen Hills is around 50% higher than the Queensland average, providing a pool of quality tenants willing to pay high rents for well-positioned property.
Omega Apartments’ tenant Tenika Davies leases a two-bedroom, two-bathroom apartment offering the type of living environment she had ultimately hoped to find.
“I was looking for an apartment in Brisbane’s inner-city with a spacious design that would allow me to share comfortably with my cousin and we were excited to discover Omega Apartments,” she said.
“The apartments are beautifully appointed, and the residential facilities are such a huge bonus, especially the amazing rooftop skygarden with the pool overlooking Brisbane City and the entertaining area. I really couldn’t believe my luck when we moved in.
“Bowen Hills is such a good location, so close to the city and all the popular places to dine out and do some shopping, grab a movie or meet up with friends at a bar. I absolutely love living at Omega.”
All apartments at Omega have generous open plan living spaces and quality high-end features including stainless steel Miele appliances, stone benchtops, marble look splashbacks, ducted air conditioning and timber floors.
Omega residents have exclusive use of expansive recreational areas, including a solar-powered subtropical roof-top sky garden with a horizon-edge pool with city skyline views, a gas fire pit, three separate barbecue areas, plus a two-level gymnasium and music room.
Featuring 130 spacious apartments across 17 levels, Omega Apartments consists of 42 one-bedroom apartments, 10 one-bedrooms plus multi-purpose rooms, 52 two-bedroom – two-bathroom apartments and 26 two-bedrooms – two-baths plus a study.
Ideally positioned at 61 Brookes Street just 1km from Brisbane’s CBD in the high-demand RNA Showgrounds precinct of Bowen Hills, Omega is also within walking distance of the burgeoning King Street hub, Gasworks precinct and neighbouring James Street’s café and restaurant scene.
Omega Apartments is a 12-minute drive from Brisbane Airport and is well serviced by significant transport infrastructure, including the existing Bowen Hills train station and the new Exhibition train station being built as part of the State Government’s $5.4 billion Cross River Rail project.
Originally published in QLD Property Investor HERE.