Few of us thought we’d see the day when a residential property in Brisbane would sell for more than $20m. So, it may take some time to wrap your head around the fact that there are now four sales to have surpassed the $20m mark across our city during the past 12 months. This includes a $23m sale, negotiated by Ray White, of 32 Sutherland Ave, Ascot, as well as contracts on two properties in Hawthorne and another in New Farm.
There’s a massive growing spotlight on prestige properties in Brisbane, as an increasing number of buyers compete to secure a home within the $10m to $20m price range. I’m seeing the enormous interest but there’s simply a lack of stock available on the market. Buyers’ agents are regularly approaching me on any given day, requesting a specific home in a blue-chip suburb. Even as I type, properties are being negotiated which may challenge the current Brisbane record.
To summarise, I’ve had more discussions regarding properties over the $10m mark this year, than I’ve had across my entire career. The current appetite for prestige listings is outstanding. Of those top four sales flagged earlier, all were purchased by Brisbane residents so the money is here in town and there’s obviously immense faith in the market.
It’s a market that will remain unaffected long-term by natural disasters, such as ex-Tropical Cyclone Alfred. Ray White chief economist Nerida Conisbee wrote a great piece on this recently, so please click here for more information. How did you fare in the wake of Alfred? If you need any help with your property clean-up, including questions related to insurance, please reach out. The Brisbane Economic Development Agency has a great list of resources also offering support.
Finally, before signing off for another week, my good friend Lachlan Stuart is on the home stretch of running 58 marathons in 58 days for the Mental Awareness Foundation. His final marathon is happening on Thursday, March 20 at Brisbane’s Howard Smith Wharves, and he’d love everyone to be there to celebrate the remarkable feat. For more details, click here.
I hope you’ve enjoyed the read.
Matt Lancashire
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