Luxury not out of reach for first home buyers

In the heart of Kangaroo Point, Banyan Tree Residence is providing the kind of luxury and resort-style living you’d expect from a world-class hotel, at first home buyer price points.

The international hotel and property development group, Banyan Tree are no newcomer to luxury. With hotels and spas located all around the world including China, the Maldives and Thailand, they know a thing or two about creating an experience. The Kangaroo Point Cliff project, Banyan Tree Residence, is no different. As the first development by the group in Australia, local buyers are jumping at the chance to be a part of the luxurious lifestyle on offer.  A quarter of the apartments in the complex had already sold by the time they officially launched a few months ago, with 70% of the upper-level apartments already sold as of July 2018.

This kind of luxury living in Australia is usually reserved for high-end investors who’ve already taken several steps into the property market. But now, Banyan Tree are extending the proverbial olive branch to first home buyers too, with one-bedroom apartments priced within first-time buyer reduced stamp duty budget of $550,000.

The lower levels of the building have recently been reconfigured, adding a range of one-bedroom options to their offering and upping the total number of apartments available to 100. 25% of these lower level apartments have already been sold, with the remaining apartments selling exceedingly fast.

First-home buyer Banyan Tree Residence

Interior of a one-bedroom apartment at Banyan Tree Residence. Image supplied by developers.

To buy a new apartment in Brisbane will set owners back an average of $515,000 (median price). Banyan Tree Residence has apartments starting at $550,000 and offer a whole host of dreamy freebies to go alongside the purchase.

Owners gain access to the Banyan Tree Sanctuary Club, offering discounts and special rewards at every Banyan Tree resort worldwide. On top of this, they’re offering one-week free accommodation every year in Banyan Tree resorts for the first five years. Now that’s a boost to your holiday slush fund if ever we’ve seen one.

The Head of Development for Banyan Tree group, Mr Stuart Reading is confident this new layout plan comes at the perfect time for young Queenslanders looking to purchase their own little slice of luxury.

“This represents excellent value for buyers looking for a luxury apartment. This year, Queensland’s property market is tipped to continue its solid performance of stable capital growth and a great time to get into the market,” said Mr Reading.

All the units are larger than average, with access to the private rooftop pool, 24/7 concierge, 2.8m ceilings, stone benchtops and European appliances. There are three different one-bedroom floor-plans available, each with 55 – 66m² of internal space and between 12 and 26m² of balcony space. Each luxury one bedder also comes with a single secure car space included. These apartments will be fitted with the exact same fixtures and fittings as the penthouse suites, providing the finest luxury, without the multi-million dollar price point.

Banyan Tree Residence Floor Plan
Banyan Tree Residence Floor Plan 1
Banyan Tree Residence Floor Plan
Banyan Tree Residence Floor Plan 2
Banyan Tree Residence Floor Plan 3
Banyan Tree Residence Floor Plan
Banyan Tree Residence Floor Plan

In the complex itself, there’s a function room, gym, restaurant and full spa. Each resident of the property is gifted one free spa treatment per month, for two years from their move-in date. When Banyan Tree says luxury, they really mean luxury. It’s no surprise that at the International Property Awards, they won “Best Apartment/Condominium in Queensland” as well as “Best Development Marketing”.

The one-bedroom apartments are located on the first, second, third and fourth floor of the eleven storey high building. Even on the lower levels, the view looking out from the view facing North-West out onto River Terrace is great.

View from the third floor of Banyan Tree Residence

View from the third floor of Banyan Tree Residence. Provided by the developer.

Although the Banyan Tree Brisbane isn’t likely to be complete until 2020, the development website offers a 360-degree virtual tour to examine the view from every floor (and every angle).

In a suburb like Kangaroo Point that’s experiencing an annual growth rate of 1.4%, it’s unusual to find luxury like this available for a price point of less than $700,000. There’s just over thirty one-bedroom apartments available in the Banyan Tree Residence, with a large portion of those already sold.

Banyan Tree Residence is incredibly palatable to affluent first-home buyers, who are searching for the type of luxury they might have had in their parents home but without blowing their budget completely out of the water.

Written: 20 July 2018, Updated: 19 February 2019

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