The top 10 off the plan apartment developers to look out for in Brisbane in 2024
The Brisbane off the plan apartment market has proven to be a challenging market in 2023, not through lack of demand, but through lack of supply and choice for buyers.
Projects that have been in market, even without confirmed builders, have been sought-after, while those that either do have build contracts signed and are coming out of they ground, they are a dime a dozen, and almost don't have to do any marketing.
Data from Urban.com.au shows demand in Brisbane has been consistent throughout the whole of 2023, with so little to choose from. Interestingly traffic from Melbourne hasn't declined at all over the last 12 months.
There are early signs that supply might start to come to the Queensland capital, which will give prospective buyers more choice as well as bridge the gap between the Queensland Government's ambitious target of delivering 34,500 new homes a year to South East Queensland and the current and continued boom in migration.
We've wrapped up the top 10 developers to look out for in Brisbane in 2024, those who are either completing projects, starting construction, or are preparing to launch a new one.
Sarazin
Sydney-based developer Sarazin might be one of the busiest developers in the country in 2024. They're no doubt the most prominent developer around the 2032 Olympics precinct, making a play for the Woolloongabba area well before the Olympics announcement.
They were there before the announcement, developing Silk One, literally looking into The Gabba. Their latest tower, Murcia, isn't much further away on Overend Street, 300 metres from the turnstiles. Murcia comprises 187 apartments designed by Rothelowman with a striking rooftop homing an infinity pool and full wellness centre with heated magnesium plunge pools, a steam room and a sauna.
Within a week in August and September, Sarazin showed their hand of what they're planning for 2024.
First they upsized their plans for their prime 4,057 sqm site across 6-18 Wellington Road and 25 Nile Street. The project, Nuage, was initially approved for two 20-level towers with 368 apartments.
However, now reacting to the desperate need for housing in Brisbane, they're seeking to bring 582 apartments across two 37 and 27-level towers.
A week later Sarazin filed plans for Hampton Yards which will bring another 787 apartments to their portfolio.
The proposed Hampton Yards project: Image supplied
The three-tower development 21 Wellington Road, on the opposite side of the street from Nuage, will also feature park upgrades to Watt Park, which will be renamed Whirling Water Park, podium levels with commercial and retail spaces, and a resident rooftop atop each building with an infinity pool, gym, private dining area, barbecue and outdoor dining space, and even a pickle ball court.
Both projects, pending council approval, are expected to launch in late 2024.
Kokoda Property
Kokoda Property will be gearing up to launch their game-changing $1.5 billion Tenerrife precinct having submitted approvals for the 17,612 sqm Skyring Terrace riverfront block in October.
They're planning a vibrant residential, retail, food and beverage precinct with towers ranging from 12 to 30 levels. The proposal is for 380 residences, a 9,149 sqm hotel, a large plaza, extended riverwalk and laneways throughout with lively public spaces, and 15 office tenancies totalling 2,400 sqm and 2,800 sqm of retail, cafes, and restaurants.
Kokoda Property Founder and Managing Director, Mark Stevens, said that the project aims to provide enhanced design and landscaping that speaks to Brisbane's subtropical biophilic surroundings and Woolstore design intent while providing large, open public spaces.
Pending approvals, they'll seek to launch the project next year, and start construction toward the back end of 2024.
Currently they're selling the penthouses across their completed Brisbane portfolio, Chesrter & Ella and The Ambrose, both in Newstead, as well as recently launching their new apartment development, Ruby Ruby in Milton.
“Brisbane is rapidly transforming into a new world city; its culture, business centre, technology, and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design," Kokoda Property founder Mark Stevens says.
Pikos Group
Pikos Group will be busy in 2024 with their second Kangaroo Point project, which they recently had redesigned to create a full acre of parklands in the inner-city.
The revised plans for 108 Lambert Street envisions two 15-level towers with 214 one, two, and three-bedroom apartments, stretching between the Brisbane River and Lambert and O’Connell Streets.
Construction is set to commence in 2024, with an estimated completion in mid-2027. Pikos Group is actively engaging with potential builders, with an announcement expected in the coming months.
Pikos will also continue construction work on their $300 million flagship project, Skye by Pikos, on the Kangaroo Cliffs.
The two 13-level buildings, connected by a sky bridge, will comprise 68 luxury apartments on River Terrace, offering never to be built out views over Kangaroo Point and the Brisbane River to the city.
Residents will get exclusive access to the 1,000 sqm sky deck which will home an infinity pool and a rooftop leisure and restaurant precinct.
Gardner Vaughan Group
The family-run Gardner Vaughan Group have four different developments on the go next year in Brisbane, two completing and two launching.
They'll be finishing Estilo on the Park in Chermside in Brisbane, 122 apartments above four retail spaces, and Stonebrook in Stones Corner, 90-apartments adjacent to Hanlon Park.
They'll keep the pipeline of new apartments flowing with Danby Lane in Nundah Village on the north side of Brisbane. They have approval for 84 apartments above six ground-level retail spaces and four commercial spaces.
The plans for Nundah Village. Image supplied
They also have an unnamed project in Kangaroo Point which will have 81 apartments, also above four retail spaces. They're currently working through a small modification to the development application.
Gardner Vaughan has two projects in Bokarina Beach on the Sunshine Coast. They'll be completing construction of Zinc Bokarina next year and launching the second tower in the popular Bask Bokarina.
Sekisui House Australia
Sekisui House Australia are looking to a big 2024 at their $1.1 billion masterplanned precinct, West Village.
They'll be completing their penultimate stage, The Allere Collection, comprising two towers UNO and DUO which are currently over 90 per cent sold.
The plan is to also launch the final stage of West Village, which they started developing way back in 2016 on the 2.6-hectare site of the 1920s Peters Ice Cream Factory, which saw the buildings restored and converted into commercial premises as part of the redevelopment.
The 15-storey building, which will be their most owner-occupier focused yet with around 70 three and four-bedroom apartments, will be the last chance to buy into the thriving community. FJMT studio designed the new tower, dubbed Callista on the Park.
West Village encompasses approximately 6,500 sqm of public spaces including The Common, a 1,400 sqm landscaped green space along West End's Boundary Street.
The nine-tower West Village has won more than 40 awards, the most recent being the internationally renowned 2022 ULI APAC Award for Excellence.
Sekisui House also has a number of masterplanned projects in Sydney.
Unison Projects
Super A-Mart billionaire John Van Lieshout's property development firm, Unison Projects, has quickly built itself a large development pipeline having been surprised at how quickly they sold down their last batch of residential development.
In 2021 they strategically acquired a number of sites across South East Queensland, from the Gold Coast to inner-ring Brisbane. Now they have development applications or approvals in place, they're looking to execute in 2024.
Their most striking project is definitely Bank & Mollison, their West End tower which has been designed to tier down from its 18-level high.
The Rothelowman-designed project on the corner of Bank and Mollison Streets will home 101 apartments above a podium and various resort-style amenities.
The tower submission came just a few days after they filed for a very different project in Herston where they're set for a more boutique 38-apartment development designed by Ellivo Architects.
Also in their pipeline is the Newstead Federal Boot Factory, which was bought for $5.7 million in 2020. Unison amended the Joe Adsett plans that came with the sale, calling on Ellivo Architects to amend the density from 52 apartments to 41.
Their Gold Coast projects are in Labrador and Hope Island.
Dibcorp
Dibcorp will be heading into 2024 on the back of a successful sellout of their Newstead apartment development, Bide by Newstead.
Recently completed, Bide Newstead at 29 Longland Street comprises 89 apartments which were designed with a focus on wellbeing and liveability.
The project features a 600 sqm lush garden, known as Bide Gardens, which will home private cabanas and barbecue facilities.
Dibcorp's focus in 2024 will be the redevelopment of the former Spring Hill Hotel, which they want to convert into an 18-level mixed-use tower with 126 apartments.
The development at 100 Leichhardt Street will see the Spring Hill Hotel undergo restoration. It will become part of the residential tower.
DKO said in their submission to the Brisbane City Council the main design focus is to strike an appropriate scale for the site, situated on the border of the CBD, effectively mediating between the height and density of the city and the Spring Hill neighborhood. The project also aims to ensure that the Spring Hill Hotel's historical significance is not only preserved but celebrated.
Dibcorp has been led by its founder Franco Di Bartolomeo since 1996.
Meriton
Harry Triguboff's Meriton has thousands of apartments in the pipeline across the eastern seaboard.
His latest play is in the heart of Brisbane where he's seeking to create a $1.3 billion twin-tower project at 204 Alice Street.
The development of the 5,485 sqm site, which is currently home to the Gardens Apartments building, will bring a much needed 799 apartments to the Brisbane market.
Meriton is expected to file plans for two 78 and 69-level towers early next year.
In September, Meriton was recognised as the busiest builder in Queensland for 2022-23, despite challenges in the construction sector.
The company has been named Australia's top apartment builder in the HIA COLORBOND® Steel Housing Top 100 Report, further solidifying its position as a market leader with a 4.5 Gold Star iCIRT rating.
Mosaic Property Group
No developer has a portfolio across South East Queensland like Brook Monahan's Mosaic Property Group. They have 14 apartment projects spread across the Gold Coast, Brisbane and Sunshine Coast, which they're focused on delivering in the next 12 to 18 months.
In 2024 they'll be completing four of those projects, three in the Gold Coast and one in Brisbane, each under their building arm, Mosaic Construction.
The Brisbane project, the sold out The Witton by Mosaic in Indooroopilly, will have 141 apartments across two buildings designed by Rothelowman.
The Gold Coast projects completing in 2024 are focused around the southern pocket, and are all sold out. In Kirra they have Luca by Mosaic on Douglas Street and in Burleigh Heads there's Florence by Mosaic and Augusta by Mosaic, both right next to the beach.
Mosaic have another three Brisbane buildings which they'll complete in 2025, The Mowbray by Mosaic in East Brisbane, The Prescott by Mosaic in Toowong, and The Manning by Mosaic in Milton. The three projects home nearly 300 apartments.
Mosaic Founder and Managing Director Brook Monahan is optimistic regarding the South East Queensland property market in 2024.
"South East Queensland has consistently demonstrated robust fundamentals that underpin its allure for property investment, notably characterised by a critical undersupply of housing paired with sustained high demand, Monahan says."
"The persistent imbalance between supply and demand has been a key driver behind the ongoing escalation in the region's property values, highlighting the market's remarkable resilience. Adding to the favourable outlook, the region is experiencing an unprecedented level of infrastructure investment, both underway and planned, contributing significantly to economic growth and serving as a catalyst for employment opportunities."
"The ensuing influx of new residents, attracted by promising employment prospects and improved lifestyle offerings and connectivity, is expected to further amplify the demand for housing, particularly in areas rich in or close to amenities."
Aria Property Group
Tim Forrester's sustainability-focused Aria Property Group is expecting another big year in the local off the plan apartment space.
Having completed Upper House and Trellis in South Brisbane in 2023, Aria is well placed heading into 2024 with a number of projects well in train.
They have the almost sold-out Canopy House in Kangaroo Point and their Casa Mia development in West End, both under construction and expected to complete construction in 2025 and 2026
They'll also be hoping to launch their Urban Forest project in South Brisbane, having recently sought to push the height back up to 30 levels. The project has been described as "one of the world's greenest buildings."
The plans by Koichi Takada are for 321 apartments, from one-bedroom to five-bedrooms.
Recreational space will be on the communal rooftop, where there will be a 50-metre infinity pool and a number of spas, cabanas and day beds, yoga spaces, meditation pods, and barbecue and alfresco areas.
