Spyre Newsletter June 2023
Welcome to our June Edition of Spyre Group’s monthly update, where we share our latest Market Insights, Construction Updates and Project Releases from the previous month.
Brisbane’s luxury property market continued to shine throughout the month of June with a lack of quality stock supply driving urgency for those looking to secure premium properties. Domain’s annual House Price Report tips Brisbane’s apartment prices to continue to rise steadily throughout the 2024 financial year and with very few projects set to launch, the glass ceiling of the River City’s high end apartment prices has been well and truly shattered.
The top 40 property sales in the 22-23 financial year for Brisbane averaged a price of well above $8 million and totalled a combined $562 million, historically unprecedented for the Brisbane market. A few key note sales in January sparked a ripple effect resulting in a string of apartment sales well above a $12 million price tag and record breaking square metre rates nearing $35,000/sqm by Spyre’s Arc Penthouse.
The value proposition of the Brisbane market against its capital city counterparts of Sydney and Melbourne paired with a growing appreciation for the benefits of a South East Queensland lifestyle means the appetite for our luxury properties is at an all-time high.
Spyre have a limited number of premium properties available in both New Farm’s ‘Moray House’ as well as Arc Residences in Toowong. To find out more about these ultra-luxury riverfront developments, register your interest HERE.
At Spyre we pride ourselves on creating spaces of enduring quality. Strong relationships with invested project partners result in far more than just a development; it creates a sense of shared ownership. We see each and every project as an opportunity for our collaborators to create something extraordinary.
The Spyre Experience shines a spotlight on our various project partners, giving credit to the collaborators who work tirelessly in taking Spyre’s projects to the next level.
Spyre is proud to partner with Franca Design as one of our key stone suppliers and masonry trades across a number of our flagship projects. The team at Franca are responsible for bringing the incredible stonework at Glasshouse to life, with a prototype of the signature island bench completed at Spyre Headquarters in 2022.
Director Scott Redhead has had a long love affair with stone, and none more than the magnificent Fior Di Bosco marble used at Glasshouse.
Fior Di Bosco, or Flowers of the Forest, is a precious pearl grey marble woven with fossils, silver white and warm amber veins. It is quarried near Suvereto on the small rocky height of Monte Peloso, 100km south of the Tuscan city of Carrara.
“We love working with a developer that’s committed to uncovering true uniqueness and artisan design qualities in marble and stone. Our work with Spyre is built around an attention to detail and design innovation with the perfect combination of form and function.”
MORAY HOUSE
June was an extremely busy time onsite at Moray House, with the internal soft strip completed and demolition well underway with 50% now complete. The perimeter scaffold has been installed in preparation for the remainder of the building to come down within the next week.
Over the next few weeks we will see the completion of demolition, commencement of the revetment wall and preparation of the piling platform.
Spyre also hosted an event for our media and industry partners at the Moray House display to celebrate the development. It was a great opportunity to showcase this incredible project, generate significant media attention and celebrate all those who have contributed to the success of the development.
GLASSHOUSE
This month, Groupline completed the detailed excavation and installation of the lift and stair concrete footing, as well as the shotcrete to the underside of the upper basement level.
In exciting news, the crane has now officially been installed to the front of the site and within the next month we expect to see the commencement of the lift core and some of the vertical elements.
CALA DEI
In the month of June, Hutchinson Builders completed both the Level 2 and 3 slab pours, with the jump form progressing well ahead of the floors below. During the next month we expect to see the core walls up to Level 8, as well as slabs poured for Levels 4, 5 and possibly 6.
ARC RESIDENCES
We are thrilled to announce that Arc Residences has reached an impressive milestone with 70% of this landmark riverfront building now sold.
Launched last year, Arc set out to redefine the benchmark for inner city luxury living as a statement for Brisbane’s inner west. The sales results achieved at Arc are a testament to all involved in the development which set record prices for Toowong and broke Brisbane’s internal sqm record at $34,870 with the $13.6 million sale of the penthouse.
Courier Mail
6 June 2023
The cheapest apartment in a luxury Brisbane riverfront building has sold for $9m to a Sydney couple, confirming the city’s ultra-prestige market is white-hot.
The three bedroom unit in Spyre Group’s Moray House development in New Farm sold off-the-plan to a couple from Sydney’s eastern suburbs, with the price equating to $34,749 per square metre – just shy of the all time square metre record for the city (also currently held by Spyre Group).
Simon Caulfield of Place Estate Agents, who negotiated the sale, said it would continue to boost confidence among buyers in Brisbane’s prestige market. “Demand for Brisbane’s ultra luxury market is at an all time high, where $10m is no longer the ceiling price,” Mr Caulfield said.
Read the full article HERE.
Courier Mail
16 June 2023
They are the sky homes with sky-high price tags. Take a look at 10 of the most luxurious penthouses on the Queensland market right now.
6. Moray House, New Farm
Moray House is under construction and was designed by bureau^proberts. Developed by Spyre Group, the two level penthouse sold for a record $15.75 million in January and spans an incredible 800 sqm.
Read the full article HERE.
