The view of the Brisbane CBD from Kangaroo Point.
BRISBANE’S booming infrastructure pipeline is luring buyers to the city fringe, with a Kangaroo Point apartment being snapped up before auction for $150,000 above the reserve price.
It is the third sale in the tightly-held Watermark Residences building this year alone, with the four-bedroom unit at 505/21 Pixley Street selling in just five days for $2.5 million.
The view from one of the bedrooms in the apartment at 505/21 Pixley St, Kangaroo Point.
The property had been due to go to auction on November 29, but was pounced on by a local buyer.
Local real estate agents say projects such as the Howard Smith Wharves precinct and Queen’s Wharf are “game changers” for the inner city housing market.
This apartment at 505/21 Pixley St, Kangaroo Point, has sold for $2.5m.
Selling agent Michael Bacon of Place – Kangaroo Point said buyers had been flocking to buildings like 21 Pixley Street to capitalise on the level of convenience such developments would offer in the coming years.
This apartment at 505/21 Pixley St, Kangaroo Point, has sold.
“People purchasing in (Watermark) are spending a couple of hundred thousand to renovate it, but with the knowledge they’ll never be built out, they have a direct riverfront property and, arguably, Brisbane’s best river and city views,” Mr Bacon said.
The other two sales in the building this year were the penthouse at 701/21 Pixley St for $4.2 million and a sub-penthouse at 901/21 Pixley St for $4 million.
This penthouse apartment at 701/21 Pixley St, Kangaroo Point, sold for $4.2m.
“We saw three times the normal amount of buyers come through those properties than average because of the infrastructure being built in the area,” Mr Bacon said.
“The western side of Kangaroo Point is very sought-after — we call it the ‘millionaires’ row’.”