Brisbane's luxury apartments rival Sydney's best – but buyers are still paying millions less

Place Advisory analysis identifies New Farm as the city's prestige apartment benchmark, with median prices still around a third below Sydney's Edgecliff.

The first residence at Élysées New Farm, 4/147 Terrace Street, sold to a local owner-occupier for $5.5 million a week after hitting the market.

Place New Farm's Heath Williams, who negotiated the deal, said the project was another example of Brisbane developers responding to buyers craving scale, quality and lifestyle. He added that the city remained in the early stages of its luxury evolution.