Riverfront home, unit prices, Newstead, New Farm, penthouse, city views

Riverfront home, unit prices, Newstead, New Farm, penthouse, city views

AN OUTDATED apartment built two decades ago has sold for $4.3 million in a sign owner-occupier demand for unit living has hit new heights in Brisbane.

The penthouse in Mirvac’s Mariner’s Reach building in Newstead was the top sale publicly recorded in the city in the past week, followed by another apartment in original condition which fetched $3.2 million.

Brisbane’s shrinking unit development pipeline and rising interstate migration means owner-occupier apartment stock is failing to keep up with demand.

The latest CoreLogic research reveals approvals to build units in Queensland are down 20 per cent on a year ago and the number of new apartments under construction in the state is at its lowest since the March quarter of 2015.

Ray White prestige agent Christine Rudolph said the recent big apartment sales showed the strength of the high-end unit market in Brisbane, with properties of a good size and position commanding premium prices — no matter how old they were.

The three-bedroom penthouse in Mariner’s Reach at 57 Newstead Terrace spans 438 sqm with stunning river views, but had not been renovated since it was built 20 years ago.

An 18-year-old apartment in Cutter’s Landing at 30 Hollins Crescent, New Farm, also sold this week in its original condition for about $10,000 a square metre.

Interstate migrants from Sydney and Melbourne, along with expats, are driving the demand for high-end apartments in Brisbane.

Ms Rudolph recently sold a three-bedroom apartment at 331/1 Newstead Terrace for $2.475 million to an expat with a long-term plan to relocate.

It is currently being rented out for $1750 a week.

The unit is about eight years old and has views of the Brisbane River and Hamilton Hill.

Another original riverfront apartment in the historic CSR Refinery Building recently sold for $1.6m.

“These results reflect buyer confidence in purchasing in primarily owner-occupied riverfront buildings, where position, quality and price stability have proven to be consistent over the long term,” Ms Rudolph said.


1. 57 Newstead Tce, Newstead – $4.3m

2. 30 Hollins Ct, New Farm – $3.22m

3. 19 Upper Lancaster Rd, Ascot – $3.075m

4. 71 Molonga Tce, Graceville – $2.7m

5. 331/1 Newstead Tce, Newstead – $2.475m

6. 158 Barton Rd, Hawthorne – $2.158m

7. 100 Henderson St, Bulimba – $1.6m

8. 32 Refinery Pde, New Farm – $1.6m

9. 21 Emma St, Wooloowin – $1.55m

10. 8 Waverley St, New Farm – $1.475m

(Source: Results based on publicly reported sales and data provided by agents)

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