New Farm’s bumper harvest

The popularity of Brisbane’s cosmopolitan inner city New Farm has not diminished through the coronavirus crisis.

Three bespoke apartments sold in the first half of June within the Seymour Group’s riverfront apartment project, The Oxlade, launched in July 2019

The popularity of Brisbane’s cosmopolitan inner city New Farm has not diminished through the coronavirus crisis, with five big-ticket apartment sales taking place in the first two weeks of June.

One established apartment and four off-the-plan units were sold in the leafy inner-city suburb last week, totalling almost $20m in sales.

The penthouse-style whole floor apartment within New Farm’s Aquila complex sold for $4.8m to a local buyer. The panoramic views of the Story Bridge overlooking the river and large 418sq m footprint of the home attracted five written offers in the past few weeks, including one from a Hong Kong expat.

After an eight-month campaign it was eventually sold by Place Bulimba principal Sarah Hackett for $300,000 above the asking price. She said the improving yet volatile stockmarket was sparking sales, with three buyers shown through the Moray St property within a matter of hours in the final days of the campaign.

“The sharemarket has been going up and down but I don't think it is a coincidence all these sales occurred when the stockmarket was at a high,” Ms Hackett said.

“People who can afford to are wanting to upgrade post-COVID and just want assurance it won’t be worth a lot less later on.”

Brisbane’s prestige market did undoubtedly cool during the coronavirus crisis. Unit prices in the top 2 per cent drifted 1.1 per cent lower through the month of May, resulting in a 1.5 per cent fall over the quarter.

The Oxlade at New Farm features plush interiors

However, CoreLogic’s head of research Tim Lawless noted the change came off the back of a “reasonably strong” rebound in luxury apartments, with prices peaking at a new high in February, up 6.2 per cent over the past 12 months.

Off-the-plan units have also been moving, with three bespoke apartments sold in the first half of June within the Seymour Group’s riverfront apartment project, The Oxlade, launched in July 2019. Each of the most recent buyers altered the original floorplans to create four-bedroom configurations and added further customisation through the builds.

Ms Hackett and colleague Jason Chaffey brokered the deals in quick succession, all to local buyers, which totalled more than $10m. She noted that two of the sales were to families, a trend gaining pace now that ­developers are installing large units.

Agent Hamish Bowman, who often handles project sales for Ray White New Farm, said the downsizer market was taking advantage of the growing number of boutique developments being constructed through Brisbane’s inner city.

5/55 Oxlade Drive, New Farm

“Downsizers who have the money are wanting to move into the inner city to be close to both amenity and the river,” Mr Bowman said.

“Generally, they are also cashflow-conscious and don't want high body corporate fees. A smaller, boutique offering without gyms and meeting rooms and all the extra amenity means they don’t have those extra fees or neighbours.”

Last week, Mr Bowman sold a whole floor apartment off the plan within New Farm’s 160 Oxlade Drive development for $4.4m with colleague Tom Lyne.

Brisbane Buyers Agency founder Paul Palella said the lifestyle factor had long appealed to business people and downsizers who craved the prime location and proximity to the city’s recreation and eateries.

“New Farm is the epitome of blue-chip real estate. You can get places quickly, walk to restaurants and to work in the city. And, if your budget stretches, you can be on the river.

“It is one of Brisbane’s cosmopolitan-style suburbs alongside places like Paddington and Albion.”