Moray House - $9 Million on 'Cheapest' Unit

Courier Mail

6 June, 2023

Elizabeth Tilley

The cheapest apartment in a luxury Brisbane riverfront building has sold for $9m to a Sydney couple, confirming the city’s ultra-prestige market is white-hot.

The three-bedroom unit in Spyre Group’s Moray House development in New Farm sold off-the-plan to a couple from Sydney’s eastern suburbs, with the price equating to $34,749 per square metre – just shy of the all time square metre record for the city.

The apartment is in the same building as the two-level penthouse that fetched $15.75m earlier this year when it sold to local developer Louis Zenonos.

Simon Caulfield of Place Estate Agents, who negotiated the sale, said it would continue to boost confidence among buyers in Brisbane’s prestige market. “Demand for Brisbane’s ultra luxury market is at an all time high, where $10m is no longer the ceiling price,” Mr Caulfield said.

“We’ve obviously seen a significant shift in what buyers are prepared to invest in for their own principal place of residence and there’s no longer this fear or concern around overcapitalising.”

“I do also believe developers have personally taken a more dedicated approach in recent years to reading what the market is doing and the evolution of this ultra luxury market in Brisbane.”

“There’s really an understanding now (among buyers) that these buildings are so difficult to replicate, with the cost of construction and cost of land now rising. If you want to be in a great building in Brisbane these days, that is relatively new, even $5m doesn’t get you far.”

Residence 4 is the most attainable offering at the property, which has six residences.

Spyre Group has appointed Contrast Constructions to build the project, with demolition works starting over the weekend and completion expected in about 18 months. Spyre Group director Andrew Malouf said the latest sale was a major vote of confidence in South East Queensland’s high-end property market.