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Brisbane’s luxury and penthouse apartment market is on the cusp of taking off

first_imgThe newly reconfigured Macquarie St, St Lucia buildingWhile penthouse sales were on the up, Mr Caulfield said it might be some time before Brisbane’s record Newstead sale of $14.25 million was broken. “I don’t know if a developer will go and build something of that size again,” he said.There have been some substantial sales though, including the $8 million sale last year of a Brisbane inner-city penthouse to former prime minister Kevin Rudd and wife Therese Rein.Mr Caulfield has launched a penthouse development at 100 Macquarie St, St Lucia, in which an existing building has been reconfigured to one-per-floor penthouses. 450/1 Newstead Terrace, Newstead will be auctioned on March 15.“The momentum has started. The penthouse market, where it is a house alternative, where a penthouse is the size of a house but everything else is taken care of, is really starting to be more attractive to a lot of people.’’Mr Greensill said it now competed with the big house market. But not all penthouses were equal. Prices varied depending on amenity, while desirability was also determined by the building size.In the case of penthouses, bigger buildings were not necessarily better.“A penthouse on level 85 is not as desirable as one on level 5,’’ Mr Greensill said.Buyers wanted exclusivity and a smaller number of residents.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours ago One of the living areas in 450/1 Newstead Terrace, NewsteadHe is marketing a couple of significant Brisbane penthouses at the moment including 450/1 Newstead Terrace, Newstead, which he is marketing in conjunction with Matt Lancashire of Ray White, New Farm.The four-bedroom penthouse, which will be auctioned on March 15, is in the waterfront Pier building. It has views across the river spanning from Hamilton Hill across Bulimba and Hawthorne. There is an internal lift which goes direct to the apartment, a separate butler’s pantry with fully climate-controlled wine cellar and multiple living areas with a remote controlled fireplace.Simon Caulfield, of Place New Farm, said penthouse sales in Brisbane had lifted in the past couple of years. Inside the newly reconfigured penthouse at 13-100 Macquarie St, St Lucia“If you look at the physical number of penthouses last year that my team sold, we transacted 11. I think in the four years before that we would have been lucky to do 11 in those four years.“That tells me two things. One, there is more availability of penthouses in the market and, secondly as well, people are now realising that being within a housing environment in the CBD is great. A lot of people are valuing that prestigious location, closer to the river, better views and low maintenance that you don’t get typically in a house.’’ The penthouse at450/1 Newstead Terrace, Newstead goes to auction on March 15BRISBANE’S luxury and penthouse apartment market is on the cusp of taking off.With penthouses now achieving between $14,000/sq m and $16,000/sq m, LJ Hooker New Farm principal Brett Greensill said momentum had started to build at the high end. An “ordinary apartment’’ sold for between $10,000/sq m and $14,000/sq m.Mr Greensill said while the market often talked about an oversupply of units, that was usually investor stock, not the owner-occupier side of the market.“The next wave (of demand and development) is on more luxurious up-market apartments,’’ he said.last_img

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