With buyers flooding back to the Brisbane market, its luxury high end is also starting to enjoy levels of interest not seen since before the GFC.
Brisbane’s premium apartment market has increased 4.5 per cent over the past 12 months, making it the strongest growth of any unit market segment in the city, according to recent statistics by RP Data.
Leading the premium-end charge is the new 41-storey Abian tower complex currently under construction next to the city’s Botanic Gardens on Alice Street and due for completion in 2017.
Some 110 of Abian’s 147 apartments reportedly sold out before launch this year at an average price of $1.6 million. However, the $16 million penthouse apartment is reportedly still for sale.
According to RP Data, the Abian is just one of many new high-end, off-the-plan developments green-lighted for the city.
Speaking in the News Limited press during the week, Abian’s selling agent Julius Krippner of Colliers International Residential said the high take-up of the residential tower was due to the city’s limited stock of premium apartments.
“Since the GFC, the Brisbane apartment market has been dominated by smaller investment-orientated apartments at the expense of the luxury end,” Mr Krippner said. “That is why Abian has done so well.”
The News Limited story reported that a number of high-profile residents had bought into Abian.
These included former Queensland state treasurer Keith de Lacy, celebrity chef Matt Moran, and two of the state’s best-known property developers Pat O’Driscoll and Peter Kao.