Is Brisbane Riverfront Property a Good Investment?

Brisbane is know as The River City – so we love our river. So just how expensive is it to live on the Brisbane River so you can capture those magic morning views, and is it a good investment?

The 2017 River Report by leading waterfront real estate group Johnston Dixon has highlighted that the total number of existing (eg not off-the plan) Riverfront Apartment sales recorded in Brisbane has increased 8% from 34 to 37 and in total value by almost 14% from $103,146,375 to $117,865,000.

Brisbane city and river

New Farm is the new leading neighbourhood this year, overtaking Newstead as the Brisbane apartment markets top suburb, recording 9 sales with the average price being $3, 250,000. 4 of the 9 sales were in the luxury apartment development, Cutters Landing, 2 were in The Refinery and 1 each in Aquila and Altura on Moray Street and Solitaire in Griffith Street.

Image from an apartment at “The Pier” in Newstead, Sold by Mirvac

Coming in a close second was last year’s leading neighbourhood, Newstead with an average selling price of $3,117,857 from 7 sales, all of these at the Pier Apartments at Waterford. Brisbane CBD took out 3rd spot with a total of 5 sales averaging $3,665,000, 2 in Riparian and 1 each in Skyline, Admiralty Quays and Admiralty Towers 2.

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Cutters Landing apartment in New Farm, Sold by LJ Hooker New Farm for $1,590,000

Brisbane CBD also boasted the most expensive sale for 2016 year with the luxury 5 bedrooms, 7 bathroom penthouse in Macrossan Street, which sold for $8,000,000, reportedly to former Prime Minister Kevin Rudd and Therese Rein. Another buyer purchased a 4 bedroom apartment at Pier One in Newstead for $6.2 Million, while $5.7 million was paid for a 392 sqm apartment in the luxury Aquila complex in New Farm.

So, Is Brisbane Riverfront apartments a good investment?

According to Johnston Dixon the Brisbane Riverfront property market is on the rise since the carnage of the 2011 Brisbane floods. Looking at the average price in 2016 compared to 2015, it shows a headline gabbing 13% + growth, which is outstanding considering the overall state of the Brisbane apartment market at the moment.

When looking at mean averages however you always need to be very careful. Waterfront and luxury apartments are prone to distinct variances due to high value but low turnover of the apartments quite easily skewing results. If you look at Hamilton for example, with only 3 sales one would have to be very conservative about making assumptions on the state of the market based on these limit transactions. Give

Having said that, overall the prestige apartment market in Brisbane is robust, and this analysis by Johnston Dixon definitely supports the existing perception that the Brisbane riverfront apartment market continues to strength.

Top Performing Suburbs by Average Premium Apartment Price 2016

SuburbNumber of SalesAverage Price
Brisbane City5$3,665,000
Hamilton3$2,516,667
Kangaroo Point5$3,026,000
New Farm9$3,250,000
Newstead7$3,117,857
South Brisbane1N/A
St Lucia1N/A
Teneriffe5$3,510,000
West End1N/A
Total37$3,185,540

Top Performing Suburbs by Average Premium Apartment Price 2015

SuburbNumber of SalesAverage Price
Brisbane City3$2,266,000
Kangaroo Point5$3,230,000
New Farm9$3,244,222
Newstead12$3,115,697
South Brisbane3$2,200,000
St Lucia1N/A
Tennyson1N/A
Total34$2,811,183

Check out the range of Riverfront apartments on Property Mash here.

Sources:

Johnston Dixon River Report 2017

Written: 20 March 2017, Updated: 6 April 2020

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