Adam Williams, a director of Project Property Sales, said about 80 per cent of the apartments had been sold and that demand was strong, particularly from downsizers and first-time buyers.

Mr Williams said higher upfront commission payments are becoming more popular than guaranteed rental income offers, which have traditionally been used to attract new buyers.

Lower rates and an improving property market are also contributing to demand, he said.

Panorama Apartments

Some agents are rebating part of the commission to the buyers who might be struggling to save a minimum deposit needed to secure a bank loan.

“It has been very successful,” Mr Williams said.


The commission payments are available for one-bedroom apartments, which are selling from $345,000, and two beds from $499,000.

The complex will include pool, gym and shops, and is close to schools and the University of Queensland’s medical school.

The developer is Arden Group and it is being constructed by Tomkins.

“Investors and buyers had been waiting to see what happened with rates, the federal election and economic conditions,” Mr Williams said. “Demand is getting stronger.”

He also said a nearby urban renewal project is boosting the area's long-term prospects.

High-rise OTP apartments have been hit by concerns about shoddy construction, use of inflammable materials and excess supply, particularly around Sydney and Melbourne’s central business districts.

Nervous lenders have also been demanding a bigger deposit from OTP buyers, which means many have been asked to top up their original deposit to secure a loan at the project’s completion.

Recent analysis by BIS Oxford Economics found that half of Brisbane’s OTP apartments had been selling at a loss, or no profit, during the past eight years to the beginning of this year.


In Melbourne, it applied to about two in three apartments, while for Sydney it was about one in four.

Weaker demand has encouraged developers to offer higher commissions for agents and incentives for buyers ranging from luxury fixtures to flexible terms and partial rental guarantees for up to five years.

Mr Williams said his company was conducting weekend bus tours of suburban apartments on offer to investors and other potential buyers.

Real estate agents, who represent the seller, do not have to disclose commissions to their client. Financial advisers advising buyers are required to disclose any incentives.

Buyers should ask advisers and agents about commissions and ask for a partial, or full, rebate, according to financial advisers.