ApartmentsLindsay SaundersThu 15 Oct 26
Aria Banks $519m in South Brisbane Unit Sales Despite Cooling Market
Aria Property Group has sold more than $500 million of apartments at its South Brisbane development before public launch despite the River City’s home values falling and housing sales losing momentum.
Brisbane home values fell 1.5 per cent in September, while estimated sales across Australia’s capital cities were down 19.1 per cent year-on-year, according to Cotality.
Aria secured the Sanctuary Residences sales across September with its customer database and without public advertising or a formal launch.
The remaining apartments are due to be launched on October 19.
The 231-apartment tower’s strongest performers in the $519-million sales result were its larger residences—165 three- and four-bedroom apartments were sold.
Despite a cooling market, the developer reported strong demand for homes that allowed buyers to retain space when moving from houses to apartments.
“People are not trading down in size when they move out of a house, they are trading sideways and asking for more,” Aria Property Group residential manager Brent Liddell said.
Sanctuary Residences is the first of three towers planned for Aria’s Sanctuary precinct at 164–190 Melbourne Street on one of South Brisbane’s few remaining major undeveloped sites.
The 231 apartments sold comprised 100 three-bedroom residences, 65 four-bedroom residences and 66 two-bedroom residences.
Prices start at $1.99 million for two-bedroom apartments, $2.72 million for three-bedroom apartments and $4.01 million for four-bedroom apartments. Prices are due to increase when the remaining stock is released.
Aria spent eight years amalgamating the site across multiple titles. Civil works began in April of 2024 ahead of the sales campaign, with the developer attributing savings to the early start.
Designed by Bates Smart, Sanctuary Residences will include seven levels of resident amenity spanning more than 4600sq m, including a wellness and bathhouse club, rooftop club and sky bar.
The broader precinct will include a public park, five laneways, 12 retail and dining tenancies and two restored heritage buildings: the former Bonds sweet factory and the old Malouf’s fruit shop.
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Richards + Spence designed the public realm, which incorporates about 240,000 red bricks referencing South Brisbane’s brickmaking history. The landscape design is by Subtropic Design.
Sanctuary is being delivered in partnership with Metrics Credit Partners as equity investor. The tower is scheduled for completion in mid-to-late 2029, ahead of the Brisbane 2032 Olympic and Paralympic Games.
Aria has delivered more than 3000 residences across 33 projects over 23 years in Brisbane. The developer said resales across three buildings completed in 2023 had averaged 91.5 per cent above their original launch prices.
