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Take Me to the River, Brisbane Sales Surge

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  • Post published:August 11, 2021
  • Post category:News

Article originally published on Australian Financial Review

Buyers have rushed a new Brisbane riverfront apartment development, snapping up more than $100 million in apartments over the past six weeks.

Both the cheapest and most expensive apartments at Rivello Hamilton have already sold with a top price of more than $5.5 million paid for each of the two penthouses.

Upper floors at Rivello Hamilton, Brisbane.
Upper floors at Rivello Hamilton, Brisbane.

There has also been strong interest in three-bedroom apartments, with $39 million of those being sold.

Rivello Hamilton is a 21-storey development in the Portside mixed-use precinct, six kilometres from the CBD.

Lee Butterworth, managing director of developer Brookfield Residential Properties, said 75 per cent of the 150 apartments have found off-the-plan buyers.

He said the strong sales reflect the strength of Brisbane’s apartment market, especially those at the upper end with views and access to parks, bars, restaurants and entertainment.

“We started receiving inquiries from the moment we secured development approval, and formally began taking registrations of interest late June,” Mr Butterworth said.

“Buyers were knocking on our door to know when they could officially secure their place in the project.”

He said they “have predominantly been local owner-occupiers from within a 10-kilometre radius of Portside, who are familiar with this precinct”.

Some are upgrading to a new apartment and many have purchased with us at Portside previously, Mr Butterworth said.

“We have also experienced strong inquiries from interstate buyers, including owner-occupiers wanting to relocate to the Sunshine State,” he said.

“Almost 10 per cent of sales to date have been to interstate purchasers.”

Apartments average 120 square metres. The complex includes an infinity-edge pool, a private dining room with kitchen and bar, residents’ lounge, wine cellar, business centre, outdoor gardens and barbecue areas.

Mr Butterworth said there was still a mix of apartments available, ranging from one bedroom to the final two sub-penthouses.

Two-bedroom apartments cost from $605,000 while the asking price for the remaining sub-penthouses is more than $2 million.