Brisbane’s high-end property market continues to soar, with riverfront apartments standing out as the city’s prime performers. A recent sale has seen a custom-designed, three-bedroom apartment in the exclusive ‘Argyle’ building at 49 Maxwell Street, New Farm, fetch a staggering $12.8 million. This sale further underscores the growing demand for luxury homes, even as it wasn’t the building’s most expensive listing.
The Argyle penthouse, which set a Brisbane apartment sale record at $16.52 million in 2023, held the title of the city’s most expensive apartment until last month, when a new record was set by the $20 million penthouse at Pier in Newstead.
Local Buyers Driving Demand for High-End Apartments
Despite the jaw-dropping prices, local buyers have been the primary drivers of these transactions. Many are downsizers seeking luxury living with all the bells and whistles. In the case of the newly sold apartment at 8/49 Maxwell St, the buyers were familiar with the property as they were regular visitors to the building. Upon discovering it was on the market, they wasted no time in expressing their interest.
Simon Caulfield, the agent behind the sale, revealed that the buyers had been keeping a close watch on the New Farm market. They initially offered $12 million for the apartment, which was close to the previous sale price of $12.1 million for an adjacent unit in 2023.
A High-End Investment in Art and Design
The apartment, previously owned by Brisbane pathologist Andrew Clouston, is a spacious masterpiece, featuring multiple living and dining areas that offer ample space for an extensive art collection. With 100 meters of hanging space, the apartment’s design is tailor-made for art enthusiasts. In 2020, Clouston purchased the property for $8.65 million, making this sale a significant return on investment.
Other Notable Sales and Listings
Further north, in the prestigious Kangaroo Point neighborhood, another exclusive property is about to enter the market. A full-floor residence in the Thornton Residences building, which features opulent finishes like oak herringbone floors and Noceto Striato natural stone, is expected to hit the market with an asking price in the mid-$8 million range.
The penthouse in the same building was acquired by mining entrepreneur Matt Latimore for $9 million in May 2024. Its north-facing balcony, which offers sweeping views of Story Bridge, boasts premium features such as an automated dropdown bar, a champagne drawer, and a Vintec wine fridge—details that epitomize the luxurious lifestyle these properties offer.
Caulfield also recently brokered the sale of an apartment in the newly completed ‘Azure’ building in New Farm for $8.3 million. Another unit in the same development is currently under contract for $6.4 million, signaling continued interest in high-quality properties.
Demand Outstrips Supply
With luxury living increasingly sought after, Caulfield notes a lack of premium properties on the market, leading to swift sales. “Some buyers are downsizing from larger homes, but there is certainly a dearth of good-quality stock,” he said.
Brisbane’s prestige property market is expected to remain competitive in 2025, with demand for luxury apartments continuing to outpace supply as more buyers look to secure their slice of riverside living.
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