De­mand for pres­tige of­fer­ings on the rise

The Courier-Mail - Home - - DEVELOPMENTS -

MIR­VAC’S $1 bil­lion Wa­ter­front Newstead on the Bris­bane River, just 2km from the CBD, has posted more than $61 mil­lion in con­tracts dur­ing the past fi­nan­cial year.

This re­sult is up from $35m the pre­vi­ous year, with sales driven by lo­cal buy­ers down­siz­ing from a res­i­dence to up­grade their life­style.

In­quiry lev­els have also dou­bled for both the pre­mium park front apart­ments in Park and pres­tige river­front res­i­dences in Pier. The in­ter­est has been in the first two com­pleted stages.

More than $30m of apart­ments were con­tracted in Park and $30m in Pier.

Two-bed­room apart­ments in Park are avail­able from $650,000, while three-bed­room apart­ments start from $895,000.

At Pier, three-bed­room apart­ments start from $2.35m and four-bed­room apart­ments from $3.95m.

It has been the most suc­cess­ful fi­nan­cial year to date for Park, which com­prises 102 one, two and three­bed­room park front apart­ments, with con­tracts is­sued for 33 apart­ments.

Mir­vac chief ex­ec­u­tive of­fi­cer res­i­den­tial John Carfi said sales at Park in­cluded four pav­il­ion-style apart­ments on the top three lev­els of the 16-level build­ing, its pre­mium sub pent­house of­fer­ing, fetch­ing more than $1.35m each.

‘‘An apart­ment on level 12 also achieved our high­est price for a twobed­room apart­ment at $1.04m.

‘‘This high­lights the value propo­si­tion at Park and shows the re­newed mar­ket con­fi­dence we’ve been ex­pe­ri­enc­ing, not just at Wa­ter­front Newstead but across our Bris­bane projects,’’ he said.

‘‘We have had six buy­ers dur­ing this time that have been so pos­i­tive about their pur­chase they have ei­ther up­graded to a larger res­i­dence or pur­chased a sec­ond apart­ment as an in­vest­ment, to take ad­van­tage of the cur­rent mar­ket and rental de­mand for good-qual­ity apart­ments within in­ner Bris­bane.

‘‘While we still have a good mix of apart­ments avail­able in Park, our of­fer­ing is tight­en­ing, with only six three-bed­room apart­ments now re­main­ing.’’

Mr Carfi said at Pier, the pre­mium river­front ad­dress at Wa­ter­front Newstead, con­tracts had been is­sued for 10 apart­ments to­talling more than $30m, in­clud­ing two pent­houses. It has 99 three and four-bed­room res­i­dences.

‘‘Lo­cal buy­ers from sur­round­ing sub­urbs like Tener­iffe, Hamil­ton and As­cot ac­count for more than 60 per cent of buy­ers at Pier, with the bal­ance pre­dom­i­nantly from the Greater Bris­bane re­gion,’’ he said.

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