A full-floor residence in a development under construction in Kangaroo Point has sold for $10m.
Cashed-up downsizers have splashed $10m on an off-the-plan apartment in an inner Brisbane suburb, highlighting the surging price of housing driven by soaring construction costs and a critical labour shortage.
The full-floor residence on level two of ‘Heirloom’ — still under construction in Kangaroo Point — was secured by a couple in Paddington and comes as new research predicts construction costs to rise 7 per cent next year — more than any other capital city.
The sale follows hot on the heels of another in the same boutique project, where Rob Graya — the boss of leading construction firm, Graya — paid $11.05m for the fourth floor residence, while the third floor apartment sold for $10.65m.
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An artist’s impression of one of the apartments in Heirloom, developed by Molti in collaboration with Bureau Proberts and Carr.
All three properties were sold by Phillip Rand of WHITEFOX Real Estate within three months of the project’s launch.
Mr Rand said buyers were selling their larger homes in the suburbs and “jumping sideways” into luxury apartments that did not compromise on size or prestige.
“(Heirloom’s apartments are) being appreciated by buyers with a very sophisticated and refined design palette,” he said.
“People are also seeing confidence in a name brand architect and an established builder like Graya.”
Kangaroo Point development ‘Heirloom’, developed by Molti in collaboration with Bureau Proberts and Carr.
Developed by Molti in collaboration with Bureau Proberts and Carr, and being built by Graya, ‘Heirloom’ will comprise just five luxury residences, each occupying an entire floor and spanning about 340 sqm, with expansive terraces overlooking the city skyline and river.
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Prices start from around $9.85m, with completion expected in mid-2027.
The high price point underscores the growing strength of Brisbane’s prestige apartment market, but highlights the fact most of the supply in the pipeline is aimed at wealthy buyers because cheaper projects do not stack up financially for many developers.
An artist’s impression of the kitchen in one of the luxury apartments in Heirloom, Kangaroo Point.
Property and construction advisory firm Slattery predicted in its latest national market update that construction costs would rise by 6.5 per cent in Brisbane this year and 7 per cent in 2027 — higher than any other capital city.
Slattery director Stamatia Priskas said Brisbane was facing a critical shortage of labour as it switched into Olympics mode, and that while approvals were rising, capacity was constrained.
“Approvals are rising, but starts are lagging and delivery still depends on labour,” Ms Priskas said. “Paper projects are all chasing the same trades.”
A local buyer has paid $10m million off-the-plan for a full floor apartment in Heirloom, Kangaroo Point’s newest apartment project by developer Molti.
The broader Brisbane apartment market has also been experiencing strong momentum. In Kangaroo Point alone, the median unit price has climbed to around $840,000, rising about 16 per cent over the past year, according to PropTrack.
At the top end, prestige apartment sales have accelerated as developers focus on boutique projects targeting affluent owner-occupiers rather than investors.
Mr Rand said Triple-A grade sites in irreplaceable locations were commanding high prices.
The double-storey Heirloom penthouse, to be released later this year, will boast a private rooftop with a pool and a four-car garage, and come with a price tag in the “high teens”.
