PHOTO: 1 Newstead Tce. Brisbane
Record-Breaking Sale: $20M Penthouse Sets New Benchmark in Brisbane’s Luxury Real Estate Market
A new record has been set for Brisbane‘s apartment market with the sale of an iconic penthouse listed for $20 million, as the city’s luxury property sector continues to defy expectations.
This 1060 sqm riverfront property, located in the exclusive Pier development in Newstead, was owned by retired company director Howard Stack and his wife Hilary, who originally purchased it for $14.25 million in 2008—a record at the time.
Hilary and Howard Stack in their Newstead Penthouse at 250/1 Newstead Tce, which has now sold. Picture: Liam Kdston.
The apartment first hit the market in 2023 with $20 million price hopes but was later taken off. Place New Farm’s Sarah Hackett has now confirmed that she has found a buyer for the property, though she declined to comment on the sale price.
The luxurious four-bedroom, five-bathroom penthouse at 250/1 Newstead Tce, Newstead, features a sauna, swimming pool, and wine cellar. The previous highest price paid for an apartment in Brisbane was set in March 2023, when the penthouse in ‘Argyle’ by Tom Dooley Developments sold for $16.52 million.
This penthouse at 250/1 Newstead Tce, Newstead, has sold.
This record-breaking sale highlights the increasing demand for high-end, riverfront living in Brisbane. Mrs. Hackett, who is also the managing director of Place, noted that the penthouse offered unparalleled luxury. “It’s been one of my most rewarding sales,” she said. “This property is truly one of a kind. The combination of one level of living, with a 52m water frontage, a seamless indoor-outdoor feel, and its breathtaking location made it an incredibly rare opportunity.”
Inside the penthouse at 250/1 Newstead Tce, Newstead.
Brisbane’s luxury apartment market has seen a string of high-priced sales in recent years. In 2023, a local couple paid $15.75 million for a penthouse off-the-plan in Spyre Group’s boutique Moray House project in New Farm. Spyre also sold the penthouse in its Arc Residences development in Toowong for $13.65 million, while Domino’s Pizza boss Don Meij paid $12.95 million for the penthouse in Cavcorp’s ‘Luminare’ project in Newstead.
This penthouse at 250/1 Newstead Tce, Newstead, was listed with $20m price hopes.
Top Apartment Sales in Brisbane:
- ‘Pier’ penthouse, 250/1 Newstead Tce, Newstead, $20 million
- ‘The Argyle’ penthouse, 49 Maxwell St, New Farm, $16.52 million
- ‘Moray House’ penthouse, 6/65 Moray St, New Farm, $15.75 million
- ‘Arc Residences’ penthouse, 570 Coronation Dr, Toowong, $13.65 million
- ‘Luminare’ penthouse, Festival Plc, Newstead, $12.95 million
- ‘One Five Six Oxlade’ penthouse, 156 Oxlade Dr, New Farm, $11.3 million
- 2802/140 Alice St, Brisbane City, $9 million
This trend of high-value transactions demonstrates the robust demand for luxury properties in Brisbane, indicating a promising future for the city’s high-end real estate market.
SOURCE: NEWS.COM.AU