Sub-Penthouse Sets Record in Blue-Ribbon Brisbane Suburb

A sub-penthouse in St Lucia’s first riverfront development in a decade has sold for $6.29 million, setting a record for the blue-ribbon Brisbane suburb.

The sale of apartment 1201 at the Rothelowman-designed 160 Macquarie surpassed the high set in 2020 when 2/32 Austral Street—a three-bedroom apartment also overlooking the river—sold for $4.8 million.

The 246sq m, sub-penthouse on the 12th storey of 160 Macquarie has three large bedrooms that includes a master bedroom with a walk-in robe and ensuite, 3.5 bathrooms and an open-plan living area.

The property, built by McNab, comprises 33 premium three-bedroom homes in the $80-million, completed development by QM Properties.

There are four apartments remaining in the 14-level tower overlooking the Brisbane River. They are expected to fetch $2 million to $6 million.

Colliers Queensland residential director Andrew Roubicek said the record sale underscored the desirability of the location in one of Brisbane’s most sought-after suburbs.

“This development has been in high demand due to its design, size, and northern views across the river and towards the Brisbane city skyline,” Roubicek said.

“Record population growth since 2020 has seen Brisbane’s housing market witness exceptional levels of demand and consequent increases in prices, which has contributed to this record sale.”

Colliers Queensland residential director Rachel Hutson said the sale was further evidence of the strong demand for high-end residential property in Brisbane.

“We saw a lot of interest from owner-occupiers who had been looking around for a while to secure a new, ready-to-move-in apartment,” Hutson said.

Hutson said that with vacancy rates at record lows across Brisbane, inner Brisbane could well experience a shortfall of about 14,000 apartments over the next four years.

▲ Inside the sub-penthouse at 160 Macquarie, St Lucia.

Home to the University of Queensland, St Lucia is 7.3km south-west of the city centre.

The suburb takes its name from the island in the West Indes—in the 1880s a sugar plantation was set up in the locale by William Alexander Wilson, who was born in St Lucia. The plantation was subdivided for housing in 1883 and the name retained for the subdivision.

Online planning portal BCI shows there is around $20.6 billion in apartment projects in the works across Brisbane, with 254 apartment projects in design and documentation, and pre-construction phases, and 32 under construction.

​​Brisbane’s population has been tipped to increase by about 26.83 per cent from 2021 to 2046. 

According to ANZ, Brisbane house prices in 2025 are predicted to grow by 5 to 7 per cent, with moderate price growth also expected for units.

Over the next three years, Oxford Economics projects a 19 per cent increase in Brisbane house prices, which would mean a median of $1.21 million. Unit prices are tipped for 23 per cent growth, reaching a median of $710,000.

According to Domain’s House Price Report, Brisbane was on track to pass $1 million in average house prices in the third quarter of this year, with unit prices enjoying the longest growth cycle since 2005-2008.

The PropTrack Home Price Index September 2024 tells a similar story, with Brisbane capital city area homes so far enjoying annual growth of 13.3 per cent with a median value of $855,000.