APARTMENTS SMASH MARKET RECORDS
Words: Brooke Falvey

INNER-city apartment prices are going through the roof, with a penthouse predicted to break the $12 million barrier.
Investors have been spending up big on apartments since 2000 and Colliers International's national residential research manager Johnathan Rivera says 45 Brisbane units have topped $3 million since that time.
"The highest unit transaction ever recorded in Brisbane was in 2000, when a penthouse was purchased off-the-plan in Riparian Plaza for more than $7.37 million," Mr Rivera said.
But a new Kangaroo Point development could break all records – with prices starting at $5.75 million.
The $100 million Scott St project, by Waterford Properties, is located in the heart of 'millionaire's row'.
The project's penthouse is tipped to sell for more than $12 million. Developer Mike Kavali admitted, unashamedly, that the development had been pitched to buyers at the top-end of the market.
He said prices reflected the "iconic quality and location of the building".
"On an average price basis, we'd be streets ahead of any other premium apartment building in Brisbane.
"Traditionally Brisbane has lagged behind in the premium market, prices at the very top end are still too much below their counterparts in Melbourne and Sydney.
"This development will help lift Brisbane up to where it ought to be.
"We haven't even done any advertising yet, but already we have two confirmed $6 million sales."
Mr Rivera said growth in the luxury unit market could be attributed to lifestyle changes and the emergence of five star living among consumers.
Commonly known as 'ultra consumers', these buyers demand the latest in custom made residential apartments, techomenities, interior design and other features which signal great wealth.
The highest sale of 2007 was in March, when an apartment at the Ciel complex in Moray St, New Farm, sold for $5.7 million.