Demand is sky high for luxury Brisbane apartments. Image: AAP/Darren England.
CASHED-UP locals looking to live the high life in the wake of the COVID-19 crisis are paying big money for luxury apartments in Brisbane’s inner-city suburbs.
Tens of millions of dollars have changed hands in recent weeks for units in new residential developments in New Farm, Newstead, Teneriffe and Kangaroo Point, with investment in major infrastructure projects luring buyers.
New research provided exclusively to the Sunday Mail reveals there has been an 85 per cent month-on-month increase in searches for apartment projects in Brisbane via property portal realestate.com.au.
The Queen’s Wharf development is under construction in Brisbane’s CBD. Picture: Richard Walker.
The top five most visited projects in the past three months include Queen’s Wharf Residences in the CBD and Brisbane 1 in South Brisbane, where one of the two remaining penthouses is still up for grabs for just over $2 million.
While sales have slowed in most apartment projects amid the economic impact of the coronavirus pandemic, high-end units are selling like hotcakes.
Almost all of the 128 apartments in Cavcorp’s 17-level Le Bain development in Newstead were settled during the height of COVID-19 restrictions, with the project’s eight penthouses totalling more than $21 million.
The rooftop of Cavcorp’s Le Bain residential development in Newstead. Image supplied.
Cavcorp managing director Damien Cavallucci said the settlement of 95 per cent of apartments in the project in the midst of a global health pandemic was an achievement.
Mr Cavallucci said buyers were a mix of downsizers, first-home buyers, upsizers and local and international investors.
“Le Bain’s unique features captured strong interest from current residents of Cavcorp’s earlier buildings, which resulted in an incredible phenomenon of renters turning into buyers,” Mr Cavallucci said.
“Over 10 per cent of the presales at Le Bain originated from interest and inquiry from existing rental tenants in Cavcorp buildings.”
The lap pool and magnesium spas on the rooftop of Le Bain in Newstead. Image supplied.
In neighbouring Teneriffe, inner-city professionals have bought 60 per cent of the apartments in Visie Properties’ new submarine-inspired development, Obsidian.
The collection of 13, three and four-bedroom apartments and penthouses range in price from $1.3 million to $2.5 million.
The penthouses offer terraces, lofts, individual wine cellars, five-metre high ceilings and four car parks.
“Coincidently three of the eight units purchased have gone to dentists,” Gap Development Sales director Grant Plummer said.
“The development has struck a chord with city professionals due to its location just three kilometres down river from the CBD, artistic design and spacious living.”
Designed by award-winning architects Hayes Anderson Lynch, Obsidian is a submarine-inspired apartment development in Teneriffe. Photo supplied.
Inside one of the apartments in Obsidian in Teneriffe. Photo supplied.
In Kangaroo Point, Simon Caulfield of Place Kangaroo Point is in negotations to sell a full-floor apartment in the new ‘Thornton’ development for $6 million.
The project at 11 Thornton Street by JGL Properties will see thirteen full-floor, north-facing residences built on the peninsula.
During COVID-19 restrictions, Mr Caulfield said his agency had sold nearly $15 million worth of apartments, including the $4.3 million sale of 701/21 Pixley St, Kangaroo Point and the $3.2 million sale of 1E/39 Castlebar Street in the same suburb.
This apartmetn at 701/21 Pixley St, Kangaroo Point, has sold for $4.3m.
In New Farm, a penthouse-style whole floor apartment in Tom Dooley’s Aquila complex has sold for $4.8 million to a local buyer.
The 418 sqm residence in Moray Street attracted five written offers, including one from a Hong Kong expat.
Selling agent Sarah Hackett of Place Bulimba said the apartment sold for $300,000 above the asking price.
Mrs Hackett said buyers who could afford to upgrade were doing so, and wanted the assurance their investment would stand the test of time.
She said the downsizer market was taking advantage of the growing number of boutique developments being constructed through Brisbane’s inner city.
This unit in the Aquila development at 3/81 Moray St , New Farm, has sold.
Mrs Hackett has also sold three, four-bedroom apartments in the Seymour Group’s riverfront apartment project, The Oxlade.
The apartments all sold to local buyers, totalling more than $10 million.
Inside the unit in the Aquila development at 3/81 Moray St, New Farm.
Over the next six years, inner Brisbane residential projects are set to benefit from the $2.1 billion redevelopment of Eagle Street Pier, the completion of the Brisbane Live entertainment precinct and Cross-River Rail.
The state government has announced it will fast-track the planned Kangaroo Point pedestrian bridge to bring forward investment and drive employment.
The $190 million bridge, set to link Brisbane’s eastern suburbs with the CBD, is one of five announced last year.
At Breakfast Creek, a pedestrian and cycle bridge connecting Kingsford Smith Drive Riverwalk will also move ahead.
Two further pedestrian bridges in West End — one from Toowong to West End and the other from St Lucia to West End — are also being considered.
Work on the Kangaroo Point and Breakfast Creek green bridges is scheduled start next year and be finished in 2023 — two years ahead of the initial 2025 date.
BRISBANE’S MOST IN DEMAND APARTMENT PROJECTS
1. Brisbane 1 South Brisbane
2. Queen’s Wharf Residences
3. Halo
4. Montague Markets & Residences
5. Atlas South Brisbane
(Source: Realestate.com.au)
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