Sunland will launch its luxury penthouses atop Brisbane’s newest central business district high-rise for more than $7.25 million.
Abian’s two penthouses will span 592sq m atop the 40-storey Alice Street tower, each stretching over two levels.
The sales will be a test of Brisbane’s luxury CBD market, which hasn’t seen new stock since the financial crisis.
However, a raft of new city buildings is expected to hit the market soon, including the top end of the city’s equal-tallest Skytower, the Shayher Group’s 300 George Street and Consolidated Properties’ Spire apartment high-rises.
Sunland managing director Sahba Abedian said Abian’s “inspired interiors” matched the interior 3.5m ceilings, with views over the city and Botanic Gardens. “Abian’s penthouses are truly unrivalled in terms of their location, design and luxury finishes,” he said.
Brisbane is in the midst of an apartment-development boom, with 111 developments and 14,000 units on the drawing board across the inner-city.
But prices have yet to follow Sydney’s massive growth, with a Domain report to be released today showing a drop of 3.8 per cent in the median price of Brisbane units this year.
This followed a quarterly reduction of 2.3 per cent, reflecting the number and style of apartments being released.
The median house price also fell 0.7 per cent in the quarter, despite an annual increase of 2.8 per cent.
Senior economist Andrew Wilson said the recent market resurgence had stalled in the last quarter and unit prices had fallen for the third consecutive quarter.
Overall, he said, the market increased over the quarter, following the February rate cut. “Although the reduction in mortgage rates improved affordability only marginally, buyer and seller confidence has lifted based on the prospect of further rate cuts fuelling house price growth,” he said.
By Rosanne Barret