This penthouse at 802/17 Duncan St, West End, has sold for $3.15m.

CASHED-UP Baby Boomers are swapping their suburban lifestyles for Brisbane’s inner-city luxury apartment sector, keeping the embattled market afloat.

A designer penthouse in West End has just sold for $3.15 million to a local buyer downsizing from their family home.

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SOKO Waterfront Apartments at West End.

While concerns remain about an oversupply of inner-city apartments in Brisbane, real estate agents say the high-end of the unit market is still in strong demand.

The brand new apartment is one of two penthouses in the SOKO development, with the second one due to hit the market in the coming weeks.

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This penthouse at 802/17 Duncan St, West End, has sold for $3.15m.

Selling agent Peter Hutton of Hutton and Hutton Real Estate said Brisbane’s high-end apartment market was being fuelled by a “healthy house market”.

“There are a lot of Baby Boomers out there and they are confident buyers because they know they’ve got equity in their property,” Mr Hutton said.

“They’re buying even before they’re selling.”

This penthouse at 802/17 Duncan St, West End, has sold for $3.15m.

Mr Hutton said luxury apartments were attractive because they offered a similar lifestyle to a house but with less maintenance and usually slightly cheaper.

Designed by award-winning architects Cottee Parker, the top floor residence at 802/17 Duncan Street has four bedrooms and three bathrooms, with oversized living spaces.

The pool at SOLO Waterfront Apartments at West End.

Features include northwest views across the river, travertine floors, underfloor bathroom heating, porcelain walls and an outdoor zone complete with artificial lawn.

The property was last listed for $3.2 million.

This penthouse at 802/17 Duncan St, West End, has sold for $3.15m.

Simon Caulfield of Place — Kangaroo Point recently finalised the sale of a three-bedroom apartment at D4/55 Oxlade Drive for $2.594 million.

The property in the new ‘Zahra’ development sold to a local buyer attracted to the “boutique living” aspect.

An apartment in the Zahra development in New Farm has sold for $2.594m.

Mr Caulfield said most of the apartments his office had sold recently were to locals looking to downsize.

“We’re finding that in the $2 million and 3 million bracket, there are plenty of people more than happy to invest that sort of money,” he said.