A lack of supply of high-end product for a long time and a shortage of quality development sites was driving demand for luxury apartments in Brisbane. The increasing appetite for penthouse living is clear, with the sky home in a new development under construction in Kangaroo Point called ‘Skye’ by Pikos Group selling for $12.5m in June last year.

The penthouse will include a 7000-bottle wine-tasting room with custom teak joinery, a tropical outdoor shower enclave, an infra-red sauna, a walk-in robe and dressing room, a built-in breakfast booth, a rooftop entertainment area with outdoor cinema, an outdoor kitchen, a fireplace and a private pool.

Another penthouse in the project has sold for $10.5m, while two sub-penthouses have fetched $8.5m and $8m, and a four-bedroom apartment has sold for $6.1m. 

Pikos Group managing director Pedro Pikos said expats relocating to Brisbane and southerners were the main buyers in the $300m project, which will comprise three towers and 70 apartments.

“Another $50m in sales has come from locals, many of them empty nesters, cross-sizing into something luxurious and house-sized yet low maintenance which they can lock up and leave if they wish to travel,” Mr Pikos said.

“A further $20m in sales is correlated to the 2032 Olympics, where Skye will offer one of the best vantage points to see the city in all its glory.”