Brisbane’s Niche but Growing Luxury Apartment Market

To complement our recent luxury house report, Place Advisory has analysed Brisbane’s luxury apartment sales that have transacted for over $1 million in the past ten years. We have summarised the top suburbs and most active existing buildings in Brisbane’s niche but growing luxury apartment market.

Brisbane’s Luxury Apartment Market | Ten Year Sales CycleLuxury Apartment Market - Ten year sales cycle

Prepared by Place Advisory. Source RP Data.

Luxury Apartment Market Overview

Despite Brisbane’s high-end apartment market seeing lower transactional volumes over the past six months, demand continues to remain strong. Place Advisory has summarised the movements of Brisbane’s luxury apartment market over the past ten years in the following points.

  • Luxury apartment sales have fluctuated from period to period over the past ten years due to the availability within Brisbane’s tightly held market.
  • A total of 113 transactions with a sale price above $1 million were recorded during the six month period ending March 2016.
  • The six month period ending September 2007 recorded the highest number of transactions over the past ten years. This is a result of the completion of the Tennyson Reach apartments, which remains to be Brisbane’s most active luxury apartment building.
  • The median sale price for luxury apartments in Brisbane was recorded at $1,425,000 for the period.
  • The Brisbane CBD recorded the highest number of luxury apartment transactions over the past six months, with a total of 22 sales. This was closely followed by Newstead and Teneriffe, recording 19 luxury apartment transactions.
  • Over the past six months ending March 2016, the value of Brisbane’s high-end apartment sales totalled just over $189 million.

Most Active Suburbs | Past Ten Years

To maximise the use of this interactive map please open on a desktop computer or laptop.

Figure 1: Interactive map showing the number of luxury apartment sales in each suburb over the past ten years. Prepared by Place Advisory. Source RP Data

The interactive map above shows the number of luxury apartment transactions by suburb over the past ten years ending March 2016. This map is colour coded, with the darker green representing the highest number of sales. Click around the map to see where your suburb rates.

Top Ten Most Active Suburbs | Past Ten Years

Table 1 - Top Ten Active Suburbs - Past 10 Years.jpg

The above table summarises the top ten suburbs in Brisbane that have recorded the highest number of luxury apartment sales over the past ten years.

Similar to Brisbane’s luxury house market, the majority of luxury apartments are predominately situated along the Brisbane River. The largest market, Brisbane CBD, has seen the highest number of luxury apartment sales over the past ten years, recording 550 transactions with a median luxury apartment price of $1,416,250. The second highest number of transactions occurred in Newstead, recording 346 luxury apartment sales at a median price of $1,695,897. This was closely followed by Kangaroo Point and New Farm, each recording 340 transactions at a median price of $1,577,500 and $1,575,000 respectively.

Where are Brisbane’s Luxury Apartment Buildings | Past Ten Years

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Figure 2: Interactive map showing the number of luxury apartments sold in each building across Brisbane over the past ten years. Prepared by Place Advisory. Source RP Data

The interactive map above shows the locations of Brisbane’s luxury apartment buildings, with the larger circles representing a higher number of sales. As can be seen, there is a large number of luxury apartment buildings concentrated around Hamilton, Newstead, New Farm, Kangaroo Point, West End and the Brisbane CBD. Click around the map to see if your building rates as one of Brisbane’s most active luxury apartment buildings.

Brisbane’s Most Active Luxury Apartment Buildings | Past Ten Years

Table 2 - Top Ten Most Active Buildings - Past 10 Years.jpg

The Tennyson Reach apartments, located on the Brisbane River in Tennyson recorded 155 transactions, the highest number of luxury apartment sales over the past ten years ending March 2016.

Brisbane’s Most Active Luxury Apartment Buildings | Past 12 Months

Table 3 - Top 5 Most Active Buildings - Past 12 months.jpg

The above table summarises the top five apartment buildings in Brisbane that have recorded the highest number of luxury apartment transactions over the past 12 months ending March 2016. Located on the Brisbane River, Cutters Landing saw the highest number of transactions, recording 12 luxury apartment sales during this period. This building also recorded the second highest median sale price over the past 12 months at $2,274,000. This was followed by Pier at Waterfront in Newstead, recording 10 luxury apartment sales at a median price of $2,827,750.

So what can Brisbane’s niche but growing luxury apartment market expect to see over the coming months and years?

As Brisbane’s development industry has begun to embrace local buyers through design adaptions which appeal to the owner occupier, we can expect to see a larger number of high-end apartment transactions in the near future. Brisbane suburbs outside of the CBD are evolving and higher end product is being developed. Currently, there are a number of luxury apartment developments in the pipeline. These include developments such as The Boatyard Bulimba, Banyan Tree at Kangaroo Point and West End’s Virtuoso, which will all contribute to Brisbane’s level of high-end apartment transactions once complete.

The above maps are interactive, so click around to see where your suburb rates or if you can find your apartment building!

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