The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
ResidentialStaff WriterTue 20 Aug 13

Brisbane luxury market rebounds with $17m of deals in 160 Macquarie

i

The launch of Consolidated Properties’ new 160 Macquarie tower in St Lucia, Brisbane, saw more than $17 million in prestige waterfront apartment deals posted.


The development will ultimately boast 22 luxury apartments over 11 levels, with just two apartments per floor.


The launch of the project saw purchasers obtain nine properties, representing 40 per cent of available stock, with four purchasers opting to buy two apartments to privately secure a whole floor.


Lachlan Grantley, Consolidated Properties’ Managing Director of Residential, linked the success of 160 Macquarie to the resurgent demand for high end property in Brisbane.





“160 Macquarie was really a tester for the market in a sense, because it has really been a good few years since we have seen any new product like this aimed at the high-end owner-occupier market rather than investors,” he said.


“It’s clear that confidence is coming back. This latest spate of sales at the $2.75 - $4 million mark for riverfront apartments in Brisbane shows that there is a market there for purchasers at this price point.”


Mr Grantley said the development is the first new high rise in the exclusive Macquarie Street precinct in 20 years, with the riverfront location and prestigious reputation of St Lucia acting as a key selling point to purchasers.


160 Macquarie Street is being marketed by Place Projects, who recently completed a Riverfront Property Research report which found the value commanded by waterfront real estate in Brisbane.


The report suggested the median sale price of riverfront apartments in Brisbane last financial year was $650,000 - a figure more than 63 per cent higher than non-riverfront property across the region, which recorded a median of $400,000.


It also showed that 51 per cent of Brisbane’s riverfront sales in 2012 were apartments priced from $1 million to $2 million.


Place’s Inner Brisbane Apartment Market Report from the March quarter highlighed that the inner city apartment market was the best it had been in nine years.


A total of 625 unconditional off-the-plan apartment sales in the past three months translates to the best selling season since the September 2004 quarter.


Bruce Goddard, Director of Place, said the above factors combined meant that 160 Macquarie was in a very strong position to garner buyer demand for new riverfront apartment product.


“It’s the right type of project being delivered to the market at the right time - it really ticks all of the boxes in terms of current trends and future needs.





“The riverfront lifestyle still commands a premium in all areas of Brisbane - but our latest research shows that the south-west precinct - taking in St Lucia - is likely to become the next hotspot for apartment development,” said Mr Goddard.


He also noted that 160 Macquarie hits the mark in terms of pricing, with recent riverfront sales taken into consideration, as well as the availability of two and three bedroom apartments.


“This is significant because while around 47 per cent of approved future inner city apartments will be two bedroom stock, only eight per cent will offer three bedrooms - so there is really limited opportunity for those who want a more spacious abode right on the riverfront.


“With a premium and centrally positioned site, quality build and value in terms of pricing, 160 Macquarie has a solid platform for future growth,” said Mr Goddard.

ResidentialAustraliaBrisbaneSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/brisbane-luxury-apartment-market-on-the-rebound-with-17m-of-deals-in-160-macquarie
SHARE
print
Print
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >