No financial trouble

"The Landmark guys aren't appointed by the project as our agent," Barwon partner Peter Conners told The Australian Financial Review on Wednesday. "They're going off on their own little adventure there. What they've said is pretty damaging stuff."

Mr Conners also said the $96 million project was in no financial trouble.

"The senior debt's been paid off," he said. "The project is complete. We're in the process of selling off the remaining stock."

Mr Conners said his consortium had previously talked to Landmark about the project but had not given it a mandate or agency agreement for outstanding stock in the 164-apartment project near Albion Train Station, which was completed in December.

The Hudson on Albion Mill: A marketer is offering 'the remaining 50 or so' apartments in the 164-unit Brisbane development at advertised discounts of up to 39 per cent. Supplied

"I've heard of agents being idiotic," he said. "They do idiotic things all the time. But not in this particular fashion."

He said they were considering taking legal action against the company.


Mr Carter hung up when contacted by the Financial Review on Wednesday.

Conflicting messages also apply in the wider apartment market. The Reserve Bank of Australia and other forecasters have long sounded warnings about an oversupply of apartments in the Queensland capital. Greater Brisbane this year faces an oversupply of 8000 new dwellings this year as scheduled completions outstrip population-driven growth in demand, research group SQM said earlier this month.

A copy of the flier advertising apartments in The Hudson development in Brisbane's Albion.

However, figures from planning consultancy Urbis on Wednesday showed that the number of units under construction in Brisbane was dropping sharply, suggesting the market was self-correcting and was unlikely to suffer any great supply-demand imbalance.

The Urbis report shows that only 1812 units are under construction in the CBD across four projects. In 2017, only 666 units will complete, with 810 units completing in 2018, and 336 in 2019. A drop-off in settlements next calendar year would also improve the balance, it said.

"The market will be crying out for new product in 2019. We certainly don't see any oversupply issues in the CBD," developer Consolidated Properties executive chairman Don O'Rorke said.

Twin Ocean director Tim Jones, said the consortium was planning to discount the remaining Hudson apartments in a campaign next week.

"We've got between 40 to 45 units to sell," he said. "We want to start specific campaigns over various stock to price point it to make sure we get sales."