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Blue-chip bargains

Brisbane’s overall auction market is humming. If we didn’t have the boom period of 2020/21, right now would be considered the greatest market in the past 15 years. At Ray White Collective we are looking at clearance rates of around 80 – 85 per cent, slightly down from 90 per cent last year, but up from 40-50 per cent every other year before that.

People will say to me, “now isn’t as good as 2020/21”, but that’s like saying the crowd this weekend wasn’t as good as the grand final turnout at the MCG. It’s still exceptional. Specifically prestige properties, our big market leader, are selling faster and for a greater dollar value than ever before.

We know blue-chip Brisbane housing stock is in massive demand, but what about prestige apartments? Once upon a time, Brisbane units were the slowest burners of real estate, however momentum has finally swung in favour of loyal investors holding out for the day when their riverfront apartment would earn them the money their faith so richly deserved. These units are finally pots of gold, their soaring value largely influenced by the influx of interstate and overseas buyers breezing in to swiftly snap up the blue-chip bargains on offer.

Our big news this week has been the sale of a four-bedroom, two-bedroom exceptional riverside apartment in New Farm’s exclusive Cutters Landing development. Ray White Clayfield principal Nick Given and I secured the unconditional contract of 1434/22 Refinery Parade for $3.6M prior to auction. Some 12 months ago, the very same property (minus minor cosmetic works) sold for $3M. A $600,000 uplift in a year is nothing short of phenomenal. During this most recent campaign, Nick and I conducted more than 80 buyer inspections, fielding enquiries from expats in Hong Kong, Singapore, the United States and United Kingdom. Closer to home we received interest from parties in Melbourne, Sydney, Perth and across southeast Queensland.

It’s clear to see why interstate and overseas buyers remain excited about luxury Brisbane real estate. Yes, prices have gone up but they are still comparatively inexpensive. Is there more unit price growth to come? Let’s look at the facts; there is no unit supply for who’s currently here, rental prices are going up, construction has faltered, and migration numbers are soaring. So my short answer is, yes.

I hope you enjoy the read.

Matt Lancashire