A new record has been set for Brisbane’s apartment market with the sale of an iconic penthouse with an asking price of $20m, as the city’s luxury property sector continues to defy expectations.
The 1060 sqm, riverfront property in the exclusive Pier development in Newstead was owned by retired company director Howard Stack and his wife Hilary, who paid $14.25m for it in 2008 — a record at the time.
![QLD_CM_REALESTATE_FIRST$20MSALE_29APR23](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Hilary and Howard Stack in their Newstead Penthouse at 250/1 Newstead Tce, which has now sold. Picture: Liam Kdston.
RELATED: $20m penthouse set to smash Brisbane apartment record
The apartment first hit the market with $20m price hopes in 2023, but was later taken off.
Place New Farm’s Sarah Hackett has confirmed she has since found a buyer for the property, but declined to comment on the sale price.
The four-bedroom and five-bathroom penthouse at 250/1 Newstead Tce, Newstead, includes a sauna, swimming pool and wine cellar.
The previous highest price paid for an apartment in Brisbane was achieved in March 2023, when the penthouse in ‘Argyle’ by Tom Dooley Developments settled for $16.52m.
This penthouse at 250/1 Newstead Tce, Newstead, has sold.
The two storey, 700 sqm sky home at 49 Maxwell Street, New Farm, sold to a local businessman for the eye-watering price.
Mrs Hackett, who is also the managing director of Place, said the penthouse offered a level of luxury living that was unmatched.
“It’s been one of my most rewarding sales,” she said. “This property is truly one of a kind. “The combination of one level of living, with a 52m water frontage, a seamless indoor-outdoor feel, and its breathtaking location made it an incredibly rare opportunity.”
Inside the penthouse at 250/1 Newstead Tce, Newstead.
Mrs Hackett said Brisbane’s luxury apartment market continued to evolve, and the sale reflected the increasing demand for high-end, riverfront living in the city.
“It’s a fantastic indicator of the direction in which our high-end market is heading, and I’m thrilled to have played a role in such an iconic sale.”
It follows a string of high-priced apartment sales in Brisbane in the past couple of years.
This penthouse at 250/1 Newstead Tce, Newstead, was listed with $20m price hopes.
In 2023, a local couple paid $15.75m for the penthouse off-the-plan in Spyre Group’s boutique Moray House project in Moray St, New Farm. The sale equated to nearly $20,000 per sqm.
Spyre also sold the penthouse in its Arc Residences development in Toowong for $13.65m.
Domino’s Pizza boss Don Meij paid $12.95m for the penthouse in Cavcorp’s ‘Luminare’ project in Newstead in 2023.
TOP APARTMENT SALES IN BRISBANE
**’Pier’ penthouse, 250/1 Newstead Tce, Newstead, $20m
**‘The Argyle’ penthouse, 49 Maxwell St, New Farm, $16.52m
**‘Moray House’ penthouse, 6/65 Moray St, New Farm, $15.75m
**’Sorano House’ penthouse, 12 Hamilton St, Kangaroo Point
**‘Arc Residences’ penthouse, 570 Coronation Dr, Toowong, $13.65m
**‘Luminare’ penthouse, Festival Plc, Newstead, $12.95m
**‘One Five Six Oxlade’ penthouse, 156 Oxlade Dr, New Farm, $11.3m
**2802/140 Alice St, Brisbane City, $9m
