What global downturn?

BRISBANE: Unit prices in an an exclusive city residential tower continue to soar in the face of economic crisis, and cashed-up investors are lining up for a piece of the action.

The Riparian Plaza in Eagle St houses three of the inner-city’s most expensive residential properties sold last year, and their values were up 27 per cent compared to similar properties sold at the same time in 2007.

In October last year, North South Real Estate principal Nik Seirlis settled a deal for a three-bedroom apartment in the complex with two bathrooms for $3.355 million and another with the same features sold for $3.225 million.

“The previous sale on an exact style apartment in February 2007 was more than $900,000 less,” Mr Seirlis said.

The most expensive inner-city property sold in 2008 was a $6.4 million unit in Castlebar Cove at Kangaroo Point, pictured, and only three of the top-10 residential sales in the area were houses.

Riparian Plaza is the final work of genius architect Harry Seidler and shrewd, cashed-up investors are taking advantage of the building’s unique Body Corporate initiatives.

“I am the Body Corporate secretary and we have put in place by-laws which allow people to buy two units and amalgamate them,” Mr Seirlis said

“The building now only has 47 apartments, originally when it was being sold off the plan there were 50.

“Riparian Plaza’s capital growth accelerated after it won four architectural awards in the past two years and also the trend of apartment amalgamations within the building. Less apartments means more exclusivity.”

Mr Seirlis said one of the apartments he sold in Riparian Plaza was purchased by a Brisbane businessman, and the other was bought by an investor from the United Kingdom.