An $11 million off-the-plan apartment sale in Brisbane would once have been unbelievable, but today it provides an interesting marker of how far the city’s prestige residential market has evolved in recent years.

At our Heirloom project in Kangaroo Point, we’ve secured three sales above $10 million ahead of the project’s expected completion in mid-2027, including the project’s first sale on day one at a record $11.05 million.

While these are significant results for Heirloom, they reflect a much broader shift underway across Brisbane, which is increasingly establishing itself as a prestige residential market in its own right.

Brisbane dwelling values increased 19.1 per cent in the year to May 2026 (Cotality), substantially outperforming Sydney and Melbourne. By June, the median house price had reached a record $1.21 million, up 16.4 per cent over the year, while the median unit price had risen 15.4 per cent to $790,087 (Domain).

This change over a relatively short period is significant. In mid-2020, Brisbane’s median unit price was around $380,000 following a prolonged period of apartment oversupply. By early 2026, Brisbane’s median unit price had moved to within striking distance of Sydney’s, increasing 23 per cent in the year to March compared with 3.5 per cent in Sydney (Domain).

More telling for the prestige market is the growing depth of transactions at the top end.

The number of Brisbane homes selling for more than $5 million has increased 688 per cent in five years. More than 70 properties traded above that level within one recent six-month period, including at least 10 transactions above $10 million (REA Group).

This depth gives developers greater confidence to deliver a different calibre of residential product. And it demonstrates the buyer competition to secure premium product.

This local premium buyer has also evolved. Rising local wealth, interstate migration and significant investment in the city are supporting a more sophisticated residential market, with purchasers increasingly focused on securing the best product available rather than viewing Brisbane primarily through the lens of relative value.

We considered this carefully when designing Heirloom. The project comprises just five residences, reflecting our view that the market was ready for greater scale, privacy, quality and scarcity.

Rather than determining how many apartments could be accommodated on the site, our focus was on the quality of residence the location warranted and the expectations of a buyer with genuine choice.

The sales to date provide an important validation of that approach, while also pointing to the continued evolution of Brisbane’s prestige market.

Brisbane’s climate, riverfront lifestyle and growing dining, cultural and design offering have long underpinned its appeal. Significant investment in the city and the lead-up to the 2032 Olympic and Paralympic Games will continue to strengthen its profile nationally and internationally.

The increasing frequency of $5 million and $10 million-plus transactions suggests Brisbane’s prestige market has reached a new level of maturity, with the depth of buyers and confidence to support a new generation of premium residential development.

We look forward to watching how it continues to evolve.