New $13.6m unit sale: Brisbane in luxury apartment boom
Courier Mail
Elizabeth Tilley
19 March, 2023
BRISBANE is in the grip of a luxury apartment boom, with the sky mansion in a yet-to-be-built unit tower in the city’s west selling off-the-plan for a new internal record square metre price of $35,000.
A family from the western suburbs wanting to live closer to Brisbane Boy’s College has splashed $13.6m on the two-level penthouse in ‘Arc Residences’ by Spyre Group in Toowong, as the insatiable demand for prestige apartments continues unabated.
The sale price reflects an internal square metre rate of $34,870 and follows a string of unprecedented apartment sales between $12m and $16.5m — with agents predicting more to come.
They include the $15.75m sale of a New Farm apartment off-the-plan within Spyre Group’s boutique Moray House project, and the $16.5m sale of the penthouse in Tom Dooley’s ‘Argyle’ project in New Farm.
The deals are in contrast to parts of the broader Brisbane market, which are experiencing price declines after climbing 43 per cent through the pandemic.
But the blue-chip unit market is holding, thanks to overseas and interstate migration and equity built up during Covid.
The ‘Arc Residences’ penthouse spans 390 sqm of internal space, including a master suite plus four bedrooms, an open-plan kitchen, dining and living space, plus its own wellness spa. Outside, 180-degree views are captured from a large, outdoor living space.
The sub-penthouse in the $110m building recently sold for $7.25m.
Due to demand in the $7m-plus price range, the architect behind ‘Arc’, bureau^proberts, is now revisiting floor plans, and redesigning floor 8 to become an additional sub-penthouse.
“It showcases the strength in demand for luxury property in Brisbane, and demonstrates a desire that aligns with design excellence and quality locations outside of the traditional high-value suburbs such as Teneriffe and New Farm,” YPM Group director Bryce O’Connor said.
Spyre Group CEO and founder Daniel Laruccia said demand for luxury apartments in Brisbane continued to grow even outside the confines of the inner-city, with most interest in ‘Arc’ coming from local western suburbs residents.
“Buyers are looking for the size and feel of a house, but with the convenience and amenity of an apartment,” Mr Laruccia said.
“They are happy to forgo their acreage yards when it means they are gaining access to the biggest backyard in Brisbane — the river.”
Spyre Group director Andrew Malouf said ‘Arc’ would soon be sold out, and ‘Moray House’ had seen an unprecedented number of enquiries prior to launching.
“The demand for luxury property will continue to rise with the limited quality product on the horizon,” Mr Malouf said.
Simon Caulfield of Place Kangaroo Point said market had recorded a significant change in the past six months.
“Brisbane no longer has a ‘ceiling price’ on the ultra-luxury end of the market,” Mr Caulfield said.
“Ultimately, opportunities to secure properties of this calibre are few and far between, with more buyers in Brisbane for high-end product than we have units available.”
Patrick McKinnon of Place Estate Agents believes top-end apartment prices in Brisbane will only go up, with the data yet to take in these record deals and others like them.
“All these buildings that are 70 to 80 per cent sold out have not even settled yet,” Mr McKinnon said. “So, you’re about to see over the next 12 months to two years all the sales come through.”
