BRISBANE’S luxury sky homes are fetching big bucks despite concerns inner-city apartments are languishing because of an oversupply.
Some $15 million worth of prestige apartments have changed hands in the past month in the CBD and surrounding suburbs of Kangaroo Point, Toowong and New Farm.
An industrial chic penthouse in Newstead designed by award-winning architect Justin O’Neill has just been snapped up after more than 100 inspections.
The apartment at 5a/5 Kyabra Street spans a huge 478 sqm, with four bedrooms and three-and-a-half bathrooms.
It is one of just two residential properties in the building, which was only completed in 2015.
Brandon Wortley of Ray White New Farm negotiated the sale, but the price has not been disclosed.
Mr Wortley and Brett Greensill of LJ Hooker New Farm also just kicked off April with the sale of a three-level penthouse at 10/461 Adelaide Street, which attracted more than 80 inspections.
The apartment in ‘The Hudson’ “required a long, patient campaign” according to Mr Greensill, which was indicative of the prestige, inner Brisbane apartment market in general at the moment.
The sale price has not been disclosed, but Mr Greensill said it sold for north of $2 million to a local buyer.
Across the river in Kangaroo Point, a three-bedroom, two-bathroom apartment on the ninth floor of the sought-after Castlebar Cove complex has sold for $1.9 million.
Selling agent Simon Caulfield of Place – Kangaroo Point said it was the highest resale in the building for some time.
Considered to be a sub-penthouse, the property at 17E/39 Castlebar Street features polished marble throughout and has been freshly painted.
It offers 180 degree river views to the Story Bridge and Mowbray Reach that cannot be built out.
There is also a media room with balcony access, a home office, a powder room and a three-vehicle garage.
Also in Kangaroo Point, a three-bedroom, three-bathroom sub-penthouse spanning 261 sqm of living space has sold for $1.85 million.
The property in the Vantage complex at 118/98 Holman Street boasts near 270 degree views through floor to ceiling glass of the city, river and Story Bridge.
Mr Caulfield has also sold two apartments off-the-plan in a new riverfront complex in Toowong.
One of the apartments in the Banc development at 527 Coronation Drive sold for $2.3 million, while the other fetched $2.6 million.
In fact, Mr Caulfield said his office had sold about $13 million worth of apartments in the development in just the past four weeks.
And in New Farm, Mr Caulfield has just finalised the sale of a three-bedroom apartment at D4/55 Oxlade Drive for $2.594 million.
The property in the ‘Zahra’ development sold to a local buyer attracted to the “boutique living” aspect.
Mr Caulfield said he was waiting to finalise three more contracts on inner-city apartments in the coming days.
“It could be a very big fortnight in apartment sales,” he said.
Mr Caulfield said most of the apartments his office had sold recently were to locals looking to downsize.
“Buyers are really looking for something special and every single one of those apartments is in a boutique building,” he said.
“We’re finding that in the $2 million and 3 million bracket, there are plenty of people more than happy to invest that sort of money.”
Across the country, there were some big apartment sales over the past week as auction activity begins to ramp up again following the Easter lull.
Of the 514 apartments taken to market nationwide last week, 70 per cent sold, according to property data firm CoreLogic.
But Brisbane is still getting back into the swing of things, recording a preliminary auction success rate of only 40.8 per cent last week.
Source: www.news.com.au