Brisbane Surges with New Luxury Apartments

The plethora of new luxury apartment towers about to hit Brisbane for the first time since the global financial crisis are finding buyers — former Queensland treasurer Keith de Lacy the latest to be captivated at the thought of opulent tower living.
The former Labor power­broker and former chairman of Macarthur Coal has bought a $2.7 million three-bedroom apartment on level 31 of Sunland’s Abian tower, one of several of the new breed of prestige-style luxe apartment towers about to dot the river city’s skyline.
Mr de Lacy joins celebrity ­television chef Matt Moran, who paid $1m for a two-bedroom apartment in the Abian tower this year.
North Queensland property identity Pat O’Driscoll is also lining up for a $2.1m three-bedroom apartment in Abian.
Brisbane property developer Peter Kao of real estate group Juxgold has also spent about $1m buying into Abian, which has 147 units.
Selling agent Julius Krippner of Colliers International Residential said yesterday the average selling price to date was just over $1.6m. “Since the GFC, the Brisbane apartment market has been dominated by smaller investment-­oriented apartments at the expense of the luxury end,” Mr Krippner said. “That is why Abian has done so well.”
RP Data research analyst Cameron Kusher said there had been a pick-up in luxury apartment developments and buyers in Brisbane.
“There are quite a few off-the-plan developments targeting wealthy buyers,” Mr Kusher said.
“If you look at the market there has not been a lot of growth for seven to eight years. As we see a pick-up in Sydney and Melbourne, hopefully Brisbane is the next cab off the rank.
“There is ­definitely evidence there is a pick-up in the premium end. Realistically, there has not been much premium-end unit stock entering the market since the GFC.”
Construction has started on the 41-level Abian tower opposite the Royal Botanic Gardens, and ­Sunland is about to launch two 550sq m penthouses atop the complex. The penthouse facing Southbank has a $7.25m price tag while the one facing the Storey Bridge is priced at $7.95m.
Both feature ­private pools and external terraces.
Mr Krippner said many of the subpenthouse and sky villa buyers in the Abian complex were ­relocating from other Brisbane apartment towers. “They liked the higher concentration of premium product in the tower,” he said.
Abian is expected to be ­finished in 2017.