Byron Bay

More buyers make the lifestyle switch to Queensland’s luxe apartment market

PHOTO: Queensland beaches are some of the best in the world. FILE

Enticed by panoramic sea views more mesmerising than a Monet and urban positioning that feels a world away from the concrete jungle, empty-nesters are cashing in their multimillion-dollar estates for luxury apartments along the south-east Queensland coastline and injecting life into a market that’s been idle for years.

From Noosa’s sparkling shores to the cliffs of Brisbane’s elevated inner-city pockets that take in views from the serpentine river to Main Beach and its golden dunes, prices for penthouses and whole-floor apartments have soared by up to 30 per cent in a year, with experts now describing the high-end unit market as a marathon that’s hit its stride.

The prestige market has reached soaring new heights as the demand continues to rise throughout the current wave of the pandemic. Photo: Supplied

It’s already seen the luxury unit sector match the record-setting pace of houses, with buyer demand for creative, spacious abodes so significant that many apartment hunters are splashing millions on homes in buildings that are yet to receive development approval, says Place Estate Agents Kangaroo Point director Simon Caulfield.

“The [prestige apartment] market is the best we’ve ever seen … days on market have dropped significantly, and prices are rising,” Caulfield says.

“We recently re-sold an apartment at 2 Scott Street, Kangaroo Point [in the Walan building] that bettered the two previous sales there from late last year.

“Both of those apartments had a third car park and were higher up … they sold for $4.4 million and $4.375 million. The one we just sold had two car spaces, and it transacted for $4.5 million.”

And it’s Brisbane-based downsizers and empty nesters that are leading the charge, he says.