Queensland’s luxury apartment buyers return to market with four penthouses sold at Pinnacle at Portside Wharf

Just one penthouse remains available at the fifth apartment development in Hamilton North’s Portside Wharf development.

The four buyers of the three bedroom Pinnacle penthouses are all Queenslanders. One already lives in an apartment at Portside Wharf and is upgrading to a new penthouse. Two purchasers are downsizers, set to move into the new development from larger homes. All the penthouse buyers are aged over 55.

Each penthouse also includes four bathrooms, two separate living areas, two balconies, with two side-by-side secure car parks.

Sizes range from 207 square metres to 241 square metres. The largest penthouse has not yet been purchased.

The four penthouse purchases have brought in more than $4 million for the building, which has made a total of about $60 million in off the plan sales.

With an absolute riverfront position,  Pinnacle at Portside Wharf development comprises 162 one, two and three bedroom apartments, penthouses and river terraces over 16 storeys. The development is expected to reach completion in early 2015.

According to Brookfield Residential Properties regional dictor Lee Butterworth, the sales figures indicate a renewed interest in the luxury apartment market.

"The penthouse sales suggest the market has turned a corner and high end purchasers are out to secure luxury property in a prime location," said Butterworth.

"There has already been strong interest in the one remaining penthouse and with limited, absolute waterfront stock available in Brisbane, we don't expect it will last long.”

The mixed use Portside Wharf development is located six kilometres from the Brisbane CBD. Butterworth said that the provision of local retailers and restaurants within the development was a major factor in demand for the residences.

"Opportunities to live atop a lively precinct such as Portside Wharf are extremely rare and buyers see the enormous value in being able to purchase an apartment where the lifestyle and amenity come complimentary,” he said.

Portside Wharf is part of the Northshore Hamilton urban renewal project that is set to house more than 10,000 residents.