Brisbane sub-penthouse sale smashes into record territory

Courier Mail

Sophie Foster

18 October, 2023

A Brisbane family has paid one of the highest prices per square metre in Queensland for their new sub-penthouse, which is now under construction. 

The four-bedroom property, one of just six luxury apartments in Spyre Group's exclusive Moray House project, has sold for $10.95m.

The 309sq m New Farm apartment (more than $35,000/sq m) also has 37sq m of miscellaneous space available to it that would ease its price/sq m to $31,600 - one of the highest levels Brisbane has recorded.

The sub-penthouse will have its own gym, office, full-sized laundry, wine cellar, five bathrooms, chef-grade kitchen, private master suite, and covered outdoor terrace looking to the Story Bridge, Brisbane River and the city skyline.

Among the highest price per square metre sales Brisbane has notched are an $11.3m deal in New Farm's Oxlade Drive (more than $35,000/sq m), and Residence 4 in the Moray House development (about $34,000/sq m). 

Moray House hit Brisbane's apartment price record in January when its penthouse sold for $15.75m (close to $20,000/sq m), with the city then recording a fresh peak two months later when the penthouse at The Argyle in New Farm sold for $16.5m (about $23,500/sq m).

Spyre Group director Andrew Malouf said the latest "exceptional property" sale was a vote of confidence in Brisbane's high-end market.

“The sale of Residence 5 reflects the growing demand for the elevated quality of life we offer in one of Brisbane’s most sought-after areas.”

Place Kangaroo Point director Simon Caulfield – who sold the sub-penthouse with wife Courtney – said buyers at that level were focused on features and location rather than price, with demand continuing to escalate.

“Spyre’s Moray House is a testament to the extraordinary demand for luxury living in Brisbane,” he said. “The development has set a new standard for excellence, and buyers recognise it as a true masterpiece in our city’s property landscape.”

Mr Caulfield said the price per square metre in penthouses were generally lower because they tended to be larger than other apartments.

Among properties looking to smash through Brisbane’s record price level this year were the 1,000sq m-plus penthouse at 250/1 Newstead Tce, Newstead which has $20m price hopes, and The Emporium Penthouse in Southbank that is targeting circa $30m.