The spike in the luxury apartment niche was identified in a special Place Projects report released in September. Overseen by Place Advisory’s Lachlan Walker, the report monitored property trends in Brisbane over the past 10 years.
An influx of investment-grade apartment stock and a strong demand from downsizing owner occupiers seeking a luxury alternative has led to the increasing popularity of high end developments with impeccable finishes and elite postcodes.
Looking to luxury
“The high end of the market is enjoying peaks that have not been seen in the last decade, with quality riverside properties with unbelievable views driving demand”, Mr Walker said. Brisbane’s CBD recorded the highest number of luxury apartment transactions over the past eight months, with 22 sales. This is closely followed by Newstead and Teneriffe with 19. The Place Projects report valued Brisbane’s high end apartment sales since March at over $189 million. “We expect this trend to continue into 2017 and extend to other prestige riverside suburbs close the city”, Mr Walker predicted. “You just have to look at the calibre of elite quality developments that are in the pipeline or recently released onto the market”. These include developments such as Barca and The Boatyard in Bulimba, and the impressive Oxley and Bowen residences and One Oak apartments in New Farm. The $60 million One Oak development was launched two weeks ago. The 91 apartment complex includes eight lavishly appointed penthouses. Developer Damien Cavallucci from Cavcorp noted his clients were demanding luxury and convenience. “They want an inner city option to take them into the next stage of their lives without compromising on space or lifestyle,” Mr Cavallucci said. His sentiments were echoed by the developers of the anticipated Barca apartments at Bulimba. APH Property director John Wilson said he was confident his $62 million, 24-apartment Barca development - where prices start from $1.595 million – as they are attracting local owner occupiers rather than investors.
“We have sold to buyers in the immediate area as they love the Balmoral, Bulimba and Hawthorne pocket,” Mr Wilson said. “But we’ve also had interest from Coorparoo, Holland Park and as far away as Raby Bay. Barca has a very high level of finishes and purchasers in this market still want all the luxuries along with the spacious floor plans and river views. And after having two, three or four family homes, they’re very discerning.” The developer of Barca’s future Byron Street neighbour, The Boatyard, agreed with this assessment. The Boatyard will accommodate 27 two, three and four bedroom apartments, as well as six marina berths. HG Developments director, Simon Gundelach said The Boatyard’s extreme level of finish would appeal to the chic lifestyle expected by Bulimba residents. “Bulimba has been screaming for high end apartments and this is a very high spec project with a very high level of finishes, he said. “I believe the majority of purchasers will already live in Bulimba with the three to four-bedroom apartments catering for those downsizing and getting on. Yet, the trend for superior quality apartments is not reserved for the largerscale projects, with hotel and apartment developer Kenlynn Group preparing to launch its smallest ever development. Their Oxley and Bowen Residences in New Farm, comprises seven freehold townhouses aimed at a very select group of local businesspeople and retirees. Kenlynn’s group general manager Andrew Travers said his project’s location was the big attraction. “The New Farm location, has a high demand with a low supply of high end product,” he said. “And this project has no body corporate fees so buyers can own a prime piece of land in a fabulous location.” The $13 million development features three-level, three-bedroom townhouses with double garages - with three homes including a pool. Prices start at $1.7 million.
Place Advisory’s Lachlan Walker concluded “There’s never been a better time to be looking to luxury. The calibre of product available now is unprecedented, with high end buyers truly spoilt by choice”.