Any experience with Aria Property Group?

Hi everyone,

My sisters and I are finally ready to get the balls rolling with buying our first apartment, off the plan in South Brisbane. This will be our first property and I apologise if I am using the wrong terminology.

We are hoping to hear experiences with buying off the plan specifically with the property developer Aria. We have inspected a number of their apartments that were for sale in South Brisbane, Kangaroo Point and at the Gabba and are really impressed.

I was wondering if any of you own an apartment developed by Aria? Did you buy off the plan? What was the quality like? How different was the value that you signed up for vs the valuation at settlement? Would you buy from them again?

I am really looking forward to buying with them but obviously trying to do some research first. Hoping to hear from someone who has been through this process with them.

 

Is this for an investment? What's the goal with the purchase?

The thing is, the vast majority would generally advise against buying off the plan properties. You can do a search on here for "off the plan" to see all the various threads discussing this.

The main problem is that they generally underperform compared to buying a good established property.

 

They are all good area's,the only problem is all the other OTP apartments within that area for sale ,what impressed you the price- or location because future c-g could be zero for several years,where as I know a few that run b/b rent out rooms within the Buranda side and the land value over that past few years just keep going up like west end Dutton park for the last 25 years..imho..

 

Rethink your strategy. Why otp? Why highrise?

If your answers are because you think new has fewer problems and better tenants, lots of depreciation and a shiny place we can see ourselves living in, do some more reading.

Dont know anything about the developer by the way.

 

Can't say anything about Aria group..

However, I'll be very careful of buying apartment in Brisbane market (esp. OFP) irrespective of if it's investment or owner occupied..

Lot better places to park money in Brisbane market tbh..

 

Don't know enough about Aria as a developer, but I've just helped my client settled a brand new 2/2/1 OTP apartment in South Brisbane. Contract signed back in late December and valuation in November 2018 came back $60K short. Luckily we have her prepped for this and she has savings buffer to bridge the gap with valuation, but it illustrates the point that OTP apartment in Brissie is probably not the best investment to jump in at this point.

Cheers,
David

 

When are people going to learn, given the horror stories like the Opal Tower debacle. DON'T BUY OFF THE PLAN OR BRAND NEW APARTMENTS.

 

I have purchased an OTP from them.
They were unexpectedly very good. Progress of build was mailed regularly with photos. They property manager, called Aria Living, found tenants well in advanced before construction finished, never had vacant since (3 tenant changeovers). Valuation came in at price (end of 2017). To date, I do not have a complaint about them.

I am not endorsing OTP, I made a rookie mistake however my experience happened to be better than expected.

 

Here are all my reasons not to buy OTP as an investment:

- valuation unknown, highly likely to come in under purchase price
- quality of building unknown- 85% of new OTP apartments will have major defects
- lack of scarcity - masses of the same in the one block
- unknown BC fees
- could be a whole lot come on market for rent upon completion so could be tough to rent or forced to drop rent
- 1-2 people sell for below value in the block because they have to and you want to sell soon after- it brings the value of your apartment down.
- smaller market for resale - most people want something unique in a boutique block.

Seriously re-consider your strategy if it's for an investment

 

Hi thanks for the replies. We are purchasing it to live in as we like the lifestyle as we have been renting in the area for a while now and decided it's time to buy. We really liked the price of it comparing it to higher end apartments here in South Brisbane. We have more than 50% of the value saved now.

We are well aware of the bad experiences of OTP and extemely likely wouldn't go for it if it wasn't for Aria as it does look like they have a good reputation And trust that we would get a good apartment to live in seeing the quality of their other projects.

Thanks Peter P for sharing your experience. Yeah everytime it's time to renew our lease, I would check a couple of the Aria apartments in South Brisbane and they are always well above the market price which is encouraging (even if ours is not an investment property).

Thanks for all the warnings everyone and that it is not just about the developer. My sisters and I are going to be thinking hard about it.

 

Buying with family is another oil drum of worms.

 

At least they are all walking distance to the afternoon happy hour at the German Club..
Brisbane German Club

 

Have you considered the body corp costs? Look at comparable places that are 5 years old and see what they pay.

Developers usually start with a discounted price for BC for the first few years then things ratchet up quickly.

Seriously, some of the highrise up here are 16kpa! Not saying yours will be but it won't hurt to seriously research it.

 

Hi,

I have not bought from them, but I have met Tim Forrester in a work capacity a few years ago and he was very generous with his time and advice and was extremely knowledgable about the industry and developments in general.

My understanding is that they are a very well respected developer up here, and have a dedicated following. In the past (probably before the current unit glut) many of their developments sold out well in advance, with many purchasers repeat buyers. They tend to concertrate in that South Brisbane area.

I thought they were more at the premium end, so I am surprised you are saying their prices are good.

No advice! As others have said, there is definitely a glut of units up here at the moment.

Maybe Darryl knows a bit about them with all of his conveyancy work? @RPI

 

Thanks, yes compared to other Premium Apartments here (basically mostly just other Aria apartments), the price was great. Still a fair amount higher than the general South Brisbane apartments but we're happy.

 

I’ve been into a few of their buildings and we have done dozens and dozens of Dep Schedules in those buildings. They are very good buildings - a big step above those built by many developers.
Scott