- Brisbane's Kangaroo Point will soon have a new suite of premium apartments
- The Sky Residences are designed to attract the 'luxury downsizer'
- Pikos argues that Brisbane has an undervalued premium property market
Reaching from the clifftops of Brisbane’s Kangaroo Point, a luxury new apartment offering is set to hit the market in the coming weeks.
The $200 million Sky Residences developed by Pikos Group are designed to attract the luxury downsizer.
Tenants of the 70 boutique dwellings will enjoy access to a floating 1,000 sqm Sky Deck with views overlooking the city skyline.
The Skye Residences will feature a two-storey penthouse and apartments tailored to take advantage of the striking scenes of the Brisbane river and city profile.
The building will also boast an iconic new restaurant for the city.
Pikos Group claims a development portfolio of $1.2 billion – this includes various residential projects and a hospital and medical precinct. Property developers at Pikos Group are anticipating exponential growth for Brisbane.
The company is headed by businessman Pedro Pikos who believes Brisbane is the hidden gem of Australia’s major cities as its premium property is grossly undervalued.
Recent research conducted by Urbis across Sydney, Melbourne and Brisbane reviewed high-end properties – both recently completed and projects that currently have marketing underway.
The research revealed a price disparity of up to 35% in premium projects between Brisbane and Melbourne. A significant 258% price difference as compared to Sydney was unveiled.
Brisbane’s average square metre rate for ‘high end’ property ranged between $9,113 – $15,421 per square metre, or an average of $11,586 per square metre.
By comparison, Melbourne’s valuation ranged between $10,056 – $20,771 per sqm, averaging $14,730 per square metre. Sydney on the other hand valued luxury property in a range between $21,468 per square metre and $55,206 per square metre with an average of $37,269 per square metre.
“When you take into account that the market hasn’t moved dramatically in Brisbane in the latest boom cycle, the strong migration to Southeast Queensland since the pandemic lockdowns, and the likelihood we are going to get the Olympics in 2032, we certainly see plenty of opportunity.”
Pedro Pikos of Pikos Group
Mr Pikos sees a particular opportunity in the luxury accommodation and medically focused property.
“Queensland Government projections estimate Brisbane will need to increase the amount of floor space needed for medical services by 50 per cent over the next 20 years to meet demand,” says Mr Pikos.
“This is based on a forecast population growth of 2.3 million people in Queensland over this period.
“We definitely see plenty of upside for Brisbane’s prestige market given the price disparity we are seeing, particularly for high-end, ultra-luxury residences on premium locations like where we are developing Skye.”