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19 Sep 2014

Brisbane Surges with New Luxury Apartments

The plethora of new luxury apartment towers about to hit Brisbane for the first time since the global financial crisis are finding buyers — former Queensland treasurer Keith de Lacy the latest to be captivated at the thought of opulent tower living.
The former Labor power­broker and former chairman of Macarthur Coal has bought a $2.7 million three-bedroom apartment on level 31 of Sunland’s Abian tower, one of several of the new breed of prestige-style luxe apartment towers about to dot the river city’s skyline.
Mr de Lacy joins celebrity ­television chef Matt Moran, who paid $1m for a two-bedroom apartment in the Abian tower this year.
North Queensland property identity Pat O’Driscoll is also lining up for a $2.1m three-bedroom apartment in Abian.
Brisbane property developer Peter Kao of real estate group Juxgold has also spent about $1m buying into Abian, which has 147 units.
Selling agent Julius Krippner of Colliers International Residential said yesterday the average selling price to date was just over $1.6m. “Since the GFC, the Brisbane apartment market has been dominated by smaller investment-­oriented apartments at the expense of the luxury end,” Mr Krippner said. “That is why Abian has done so well.”
RP Data research analyst Cameron Kusher said there had been a pick-up in luxury apartment developments and buyers in Brisbane.
“There are quite a few off-the-plan developments targeting wealthy buyers,” Mr Kusher said.
“If you look at the market there has not been a lot of growth for seven to eight years. As we see a pick-up in Sydney and Melbourne, hopefully Brisbane is the next cab off the rank.
“There is ­definitely evidence there is a pick-up in the premium end. Realistically, there has not been much premium-end unit stock entering the market since the GFC.”
Construction has started on the 41-level Abian tower opposite the Royal Botanic Gardens, and ­Sunland is about to launch two 550sq m penthouses atop the complex. The penthouse facing Southbank has a $7.25m price tag while the one facing the Storey Bridge is priced at $7.95m.
Both feature ­private pools and external terraces.
Mr Krippner said many of the subpenthouse and sky villa buyers in the Abian complex were ­relocating from other Brisbane apartment towers. “They liked the higher concentration of premium product in the tower,” he said.
Abian is expected to be ­finished in 2017.
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