Demand for sky high mansions drives Brisbane apartment market to a record high with $11 million penthouse sale

The inner-Brisbane market has been rocked by an eye-watering, record transaction of over $11 million for a sprawling New Farm penthouse.

Luxury developers Azure’s One Five Six Oxlade Drive penthouse set a new high for the Brisbane’s prestige property market.

The opulent skyhome was purchased by a local Brisbane family, in a deal facilitated by Simon Caulfield of Place Kangaroo Point who fielded numerous offers for the coveted sky high mansion.

“We received multiple competitive offers from local families wanting an unrivalled experience with no compromise, which inevitably pushed the price to its record high,” he said.

Nestled in one of Brisbane’s best riverside streets, One Five Six Oxlade Drive in the heart of New Farm is arguably one of the best and last riverfront-facing residential properties. With a sweeping 34m frontage and spectacular views of the majestic Brisbane River, One Five Six encapsulates a distinguished and exclusive lifestyle.

Spanning a total of 1,025m2 with 4-bedrooms, 5-bathrooms, a 7-car garage, terrace gardens, private rooftop and self-contained basement and wine cellar, the apartment spared no luxury inclusion in its design.

Trent Keirnan, Director of Azure Development attributes the record outcome to a growing sector of discerning buyers seeking space and quality.

“Enquiries have doubled in the last 18 months for supersized residences. The depth of buyers in this market is a by-product of an expanding demographic of clients willing to invest significant capital into these mansions in the sky,” he said. 

“The market is accommodating demand from an increased surge in the property prices above $5 million and Brisbane has benefitted significantly in the post Covid adjustment of mid-2020.

“We’re seeing more and more families leave the suburban streets behind for large inner-city sky homes, which provide the same spacious floor plans as the average Queensland home with added luxe amenities.

“Developers and architects are recognising the importance of increased floor plans, designing true homes in the sky that can accommodate for growing families, providing generous open-plan living spaces that present a contemporary and modern way of living.”

Construction on the development commenced in December 2021, with construction completion anticipated for mid-2023.