Brisbane Luxury Apartments – Ten Year Sales Cycle
- There was a total of 168 apartments sold for more than $1,000,000 in 2014. This is 49 fewer transactions than 2013.
- The median price of these apartments was also lower ($1,310,000 during 2014 compared to $1,365,000 during 2013).
- Brisbane City saw the highest number of apartments sold for more than $1,000,000 during the 2014 calendar year (24 sales) this was followed by Kangaroo Point (20 sales) and Hamilton 19 sales).
There are currently a record number of new apartment projects being marketed around Brisbane, as well as record numbers of off-the-plan sales occurring. However, the high-end of the apartment market is clearly not experiencing the same high levels of activity. There were just 168 luxury apartments being sold during 2014, this figure is below the ten year average of 181 sales per 12-month period. It is also less than half of the record sales volumes that were achieved during 2007. The current surge in apartment activity in Brisbane is currently driven by investor demand for affordable apartments, producing little demand for luxury apartments. This means that in coming years there will be a significant opportunity for growth in this segment of the market.
Most Active Buildings – Past 12 Months
Tennyson Reach has topped the 12-month list with a total of 14 transactions occurring at the top end of the market within this building. Pier at Waterfront recorded 10 luxury apartment sales during this period. This building also saw the highest median sales price over the past 12 months at $2,775,375. Pier at Waterfront is one of very few apartment buildings in Brisbane that offer new, truly luxury owner-occupier units.
Where are Brisbane’s Luxury Apartments?
The map above shows the locations of Brisbane’s most popular luxury apartment buildings, with larger circles representing a higher number of sales over the past ten years. It becomes clear that the distribution of luxury buildings is most concentrated around the New Farm/Kangaroo Point/CBD stretch of the Brisbane River. Tennyson Reach is a building that falls well outside this catchment area, however it has managed to record a massive 130 apartment sales for more than $1,000,000 over the past ten years, the highest number of any building. Cutters Landing, Riparian Plaza and Infinity at Portside have also been top performers over the past ten years.
Most Active Suburbs – Past Ten Years
The map above shows the number of sales by suburb over the past 10 years for the $1 million-plus housing market. This heat map is colour coded, with darker green representing more sales. Brisbane City has seen the largest number of sales by far, registering 488 over the past 10 years. This was followed by Kangaroo Point (328 sales) and New Farm (299 sales).