City Beat May 2024: Brisbane unit growth doubles houses in April
Brisbane's unit growth over April was so strong that it doubled the growth in its house market, which in itself was the third best performing capital city house market in the country.
CoreLogic's Home Value Index showed unit values in the Queensland capital jumped another 1.6 per cent, compared to the 0.8 per cent growth in houses.
It was a fourth straight month of one per cent plus gains in the unit market, which is now up 6.2 per cent over 2024, the second best performing capital city unit market only behind Perth (8.2 per cent).
The median value for units in Brisbane has now risen over $600,000 for the first time and is closing the gap on Melbourne's median unit value ($613,000).
What happened in Brisbane's off the plan apartment market in April?
The biggest news in the off the plan apartment market in Brisbane came from the riverfront where the two-level penthouse atop Sorano House in Kangaroo Point sold for $14 million, setting a price per square metre record
The sale, to a local, reflected an internal price per sqm of over $45,000, bettering the former record at Moray House by Spyre Group in New Farm, which set the record at $35,000 per sqm late last year.
The penthouse, with 311 sqm of internal living space, a 39 sqm balcony and a 333 sqm rooftop, is one of just seven apartments in the Hamilton Street development by Trezetto Development.
There was more news from the affluent riverside suburb in April with Pikos Group securing approval for their latest instalment of apartments in Kangaroo Point.
Having launched Skye Residences late last year, Pikos has been given the green light for Gaia, two 15-level buildings designed by DKO Architecture at 108 Lambert Street which will home 215 apartments and a full acre of inner-city parklands in the process.
Pikos Group founder and Executive Director Pedro Pikos said the vision for Gaia has been a decade in the making and follows the amalgamation of eight individual lots to create 5,284 sqm of pure river frontage.
Read more: Pikos Group secures approval for Gaia Kangaroo Point apartments
Prominent developer Aria is making further moves in Kangaroo Point, securing the site next to their approved Canopy House project which has allowed them to go back to the drawing board and make the project bigger.
They're trying to bulk up the development, now across 2,300 sqm at 50-62 Leopard Street, proposing to add a further four levels to the 29-level tower by Rothelowman. That will see it add a further 60 apartments, taking it from 136 units to 196.
Read more: First look: Aria bulk up Canopy House in Kangaroo Point by buying next door
Brisbane townhouse developer Tocu Properties is too looking central with their first apartment tower.
They've looked to West End where they've had Woods Bagot draw up plans for a seven-level apartment development on a six-lot amalgamation, one of the last remaining infill development sites.
The proposal is for 42 two and three-bedroom apartments, 30 of which will have an additional multi-purpose room.
Read more: First look: Tocu Properties file West End apartment plans
The Gold Coast-based architecture firm Contreras Earl Architecture is continuing to add its striking design eye to Brisbane.
Having submitted plans for Vista in St Lucia late last year for five striking apartments, Contreras Earl Architecture has put together a design for Victa's next project in the neighbouring Taringa.
The project, dubbed La Flor at 128-130 Swann Road will replace two single-level houses on 1,042 sqm.
La Flor draws inspiration from nature, with its design metaphorically likened to the unfolding petals of a flower and translates into an architectural interplay between openness and enclosure.
The six-level building will have eight three-bedroom apartments and a four-bedroom penthouse with a private rooftop. The rest of the rooftop is reserved for resident amenities, comprising a resort-style pool, a sauna, extensive seating, barbecue spaces and sun lounges.
Read more: First look: Contreras Earl pen new Taringa apartment project, La Flor
Another interesting development application came in from the Melbourbe-based diversified investment group and property developer Salter Brothers.
Salter Brothers, who own and operate a handful of retreats across the Gold Coast and outer Brisbane through their Spicers Retreats brand which they acquired in late 2022, is seeking to demolish the Mercure Brisbane Garden City Hotel in Upper Mount Gravatt and develop a new 17-level apartment building at 18 Macgregor Street.
They've had Bates Smart, who has worked more in Sydney and Melbourne since it was founded in the mid-1850s, create the plans for the mixed-use building that will have 101 apartments above a four-level podium. That will home a 90-space childcare centre and parking for 107 cars.
The debut project will rise on a 5,356 sqm site ideally located a five-minute walk from Garden City Westfield, one of Brisbane's largest shopping centres.
Read more: First look exclusive: Salter Brothers plot new Brisbane apartments