Suburban dwellings traded in for riverfront luxury living

Despite conservative developer activity, Savills has identified that luxury owner occupier apartment sales have remained buoyant due to a number of Brisbane’s solid growth drivers.

Savills Will Carman said that the steady take up of quality apartment stock suggests a shift in living preferences across the Brisbane market.

“We are seeing a sub 50-60 age bracket trading in their family homes in the suburbs which are becoming high maintenance for modern waterfront luxury apartments which enable a more flexible lifestyle,” Mr Carman said.

According to data provided in Urbis’ latest Apartment Essentials Report, 48% of apartment sale buyers for the last quarter of 2018 were owner occupiers, with these buyers driving an increase in the weighted average sale price, which ended the quarter at $831,884.00.

“This data suggests that the market has a preference in buying quality product that end uses will occupy themselves rather than acquiring cheaper apartment stock for investment purposes.

“With major transport upgrades underway and the revitalisation of inner city precincts, people are wanting to live closer to these destinations to capitalise on lifestyle and enjoy a better work life balance,” Mr Carman said.

Currently Savills is appointed on two separate waterfront development opportunities being 11-13 Byron Street and 29-31 Byron Street that further suggests a movement in the market.

This trend has been backed up by the level of enquiry received across both campaigns being in excess of 140 enquiries across two weeks.

With a total land area of 1,185sq m, 11-13 Byron Street has development approval for 7x three bedroom suites across four levels which includes a penthouse suite on level four, all with north facing river views over Hamilton and the Brisbane River.

Savills Gregory Woods and Daniel Pepper are the marketing agents appointed to sell 29-31 Byron Street which totals 2,052sq m with approval for 16 luxury waterfront apartments.

Mr Woods said that whilst inner city high density development sites have been receiving less enquiry from buyers, the premium grade waterfront lots have remained buoyant.

“We are seeing an increased level of interstate and international enquiry for the sites we are offering to market, which is further evidence of Brisbane’s attraction story,” Mr Woods said.

Expressions of Interest close on 29-31 Byron Street on Wednesday 3 April 2019 with 11-13 Byron Street closing the following day, Thursday 4 April 2019.

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