Brisbane is entering a new era of luxury residential living, with the sales within the million plus market in Brisbane soaring by 33 per cent over the twelve months to March 2010, despite predictions that the market would collapse.

Michael Gambaro, Colliers International Residential Sales Executive, said there has been a noticeable shift in the market over the past six months in particular, with an increasing number of $1 million plus opportunities available and enquiries for luxury apartment listings within the CBD and city fringe rising sharply.

"In early 2009 there was much speculation from market commentators that median prices would soften by up to 50 per cent, on the back of the financial crisis, however the million plus market has strengthened," he said.

"This trend is unexpected considering many markets are still quite volatile."

Lachlan Walker, Colliers International Research Analyst said the six month period to March 2010 saw 105 settled apartment transactions in the $1million plus range within the Inner Ring, up from 79 recorded for the same period 12 months earlier.

"Forty eight percent of sales above the $1million mark for the six month period to March 2010, were within the $1million to $1.5million price point, indicating this is where the strength of the high-end market is," he said.

"Brisbane's CBD and New Farm appear to be the $1million plus hot spots, recording 19 and 21 sales respectively for the six months to March 2010."

"Around 30 per cent of enquiries for $1 million plus apartments during this period came from overseas."

Mr Gambaro recently negotiated two sales within Queen Street's Aurora Tower comprising a three bedroom plus study sky-home on the 56^th level $1.1 million in January, and another 3 bedroom plus  study sky-home on the 62^nd level at for $1.29 million in July.

'Colliers International's world-wide reach is one of the key factors in attracting these foreign investors to our existing properties and our off-the-plan projects,' he said.

"The most recent unit to sell was snapped up by a Moroccan based, former UK movie star who was looking to relocate to Brisbane with her French Bulldog in October."

"One of the major drawcards was the fact that it is a pet friendly, expands over two levels, located right in the heart of Brisbane and offers panoramic views of the entire city and beyond."

Mr Gambaro said there is a growing demand for pet-friendly apartments within the CBD, with an increasing number of new developments accommodating this need.

Queen Street's Aurora Tower is one of the most sought after buildings in the Brisbane CBD, for its close proximity to all the city has to offer, amazing river views and generous living areas.

"I have just listed the mirror image of the latest Aurora Tower sky-home sold, for $1.45 million and a number of other exceptional properties are available within the CBD and city-fringe around this price range."

"A four bedroom two-Level Penthouse has just become available for $1.5 million within the River Reach Apartment complex at Kangaroo Point and a three bedroom apartment and three bedroom sub-penthouse within the prestigious Coronation Residences complex on Coronation Drive at Milton have also been listed, starting from $1.1million."

Other high-end apartments currently on the market include the pet-friendly Macrossan Residences on the corner of Adelaide and Macrossan Streets in the CBD, Scott Street Apartments in Kangaroo Point which are nearing completion and the recently completed Aquila Apartments in New Farm.

 
For further information please contact:

Susan Epp
Communications Manager | Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026
Email: susan.epp@colliers.com