Seen as the ultimate in luxury and lifestyle and a ‘status symbol’, waterfront apartments will remain among Brisbane’s most sought-after property investments for owner-occupiers, investors and renters in 2016, according to a leading property figure.
A new research report by Broad Property Research and Advisory shows the phenomenal growth of riverfront apartments over the past decade is expected to continue, with premium waterfront properties remaining in short supply and high demand.
Director of Broad Property Research and Advisory, Paul Broad, said the growth of apartments across inner Brisbane’s riverfront suburbs had significantly outperformed those in non-riverfront suburbs, increasing by almost five per cent compared to four per cent, in the last 10 years.
The rapidly expanding riverfront location of Hamilton, located just six kilometres from the Brisbane CBD, had been a stand-out performer, with its rate of growth almost seven per cent in the past decade.
“One of the largest influences on the value of property is its proximity to water,” said Mr Broad.
“Whether it is located near an ocean, lake or river, people pay a premium for waterfront property because waterfront land to build upon is scarce.
“The basic principles of supply and demand dictate that prices go up for any desirable item for which there is a limited supply.
“The old adage that the three secrets to real estate are ‘location, location, location’ holds true in that being on the water is typically the best location available.
“Hamilton provides a winning combination of location, amenity and infrastructure that investors cannot ignore, particularly in the absolute riverfront developments like Brookfield Residential Properties’ Pinnacle at Portside Wharf and the newly launched Gallery House.”
Launched in late July, Gallery House comprises 164 one, two and three bedroom apartments, premium penthouses and sub penthouses over 20 levels.
Jonathan and Brianna Parsons were among the first to purchase at Gallery House, which neighbours Portside Wharf on a prime riverfront site in Hamilton.
Mr Parsons said he and his wife weren’t looking to buy property, but when they saw what was on offer at Gallery House, they seized the opportunity.
“An apartment on the absolute riverfront by such a high calibre developer was too good to pass up,” he said.
“The backdrop of the Brisbane River and CBD were one of the biggest motivators for us, but we also feel that the luxury finishes and attention to detail in Brookfield’s vision for the development reflect the quality you’d expect in such an elite location.
“Our one bedroom apartment is spacious and we also love the break-out spaces like the rooftop pool and podium barbeque area, which will be great for entertaining.
“The thing that really struck us while walking on the site was the peace and quiet of being tucked away from the traffic.
“We decided the apartment was perfect for our self-managed super fund because we can’t see ourselves ever wanting to sell something as rare as this.
“It is simply a quality development at a quality address.”
Mr Parsons said he believed the two most important things when it came to property value were location and lifestyle.
“Gallery House has been designed with lifestyle in mind and living in the heart of a precinct, where you can enjoy your leisure time and access to so many amenities by foot, provides a certain freedom,” he said.
“We are buying for the long term and over the years we have observed that riverfront apartments are always in high demand and are much more resilient to market fluctuations than non-riverfront locations.
“An absolute waterfront address in a blue chip suburb like Hamilton is as good as it gets.”
Gallery House will boast three ‘Collections’ offering varying levels of luxury – City, River and Sky – all with above average sized apartments, large balconies and many with two secure car parks.
Sales in Gallery House have already reached $50 million.
For more information on Gallery House visit the new Sales & Display Centre at Portside Wharf or gallery-house.com.au.