Riverfront apartments are proving to be the star performers of Brisbane’s prestige property market, with another sky home deal sealed for a cool $12.8m.
A custom-configured, three-bedroom apartment in the ‘Argyle’ building fronting 49 Maxwell St, New Farm, has just sold for the eyewatering amount — and it wasn’t even the penthouse.
That sold for $16.52m in 2023, setting a Brisbane apartment sale record which stood until the penthouse at Pier in Newstead sold last month for $20m.
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An apartment in this building at 49 Maxwell St, New Farm, has sold for $12.8m. Image supplied by Place Kangaroo Point.
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The majority of the buyers for these properties are locals — many downsizers with an appetite for luxury living with all the trimmings.
The new owners of 8/49 Maxwell St were invited to a Christmas party at the unit when they found out it was for sale and messaged Place agent Simon Caulfield saying they wanted to buy it.
“Those buyers are local to New Farm, so they’ve been watching the market steadily,” Mr Caulfield said.
The kitchen in apartment 8/49 Maxwell St, New Farm, which has sold for $12.8m offmarket. Image supplied by Place Kangaroo Point.
An aerial view of the outlook from apartment 9/49 Maxwell St, New Farm. Image supplied by Place Kangaroo Point.
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“They offered early $12m because next door sold for $12.1m (in 2023). That gives you pretty good idea of the confidence in the market.”
Records show the previous owner of Residence 8 was Andrew Clouston, a Brisbane pathologist, who paid $8.65m for the apartment in 2020.
Mr Caulfield said the apartment had mulitple living and dining areas and room for “an amazing art collection” with 100m of hanging space for art work.
This apartment at 9/49 Maxwell St, New Farm, sold in 2023 for $12.1m. Image supplied by Place Kangaroo Point.
In Kangaroo Point, one of 13 full-floor residences in the luxurious apartment building is about to hit the market with Mr Caulfield with an asking price in the mid-$8m.
Mining entrepreneur and M Resources founder Matt Latimore paid $9m for the penthouse in the same building — Thornton Residences by Brisbane developer JGL Properties — in May last year.
Interior finishes include oak herringbone floors and Noceto Striato natural stone, while the north-facing balcony with Story Bridge views comes with an automated dropdown bar, a champagne drawer and a Vintec wine fridge.
The view from one of the apartments in Thornton Residences, Kangaroo Point. Photo: Supplied.
Mr Caulfield also recently sold an apartment in the recently completed ‘Azure’ building at 156 Oxlade Dr, New Farm, for $8.3m, and has just put another one in the same building under contract for $6.4m.
“There’s a lot of movement,” Mr Caulfield said. “Some are downsizing from a house.
“I think there’s a lack of good quality stock.”
