Demand for prestige offerings on the rise
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.