The calibre of luxury stock that we showcase in our annual prestige auction event is currently in high demand. That’s not just what I think, it’s the state of play according to Ray White’s chief economist Nerida Conisbee. While she confirmed a key driver is low interest rates and the banks willingness to loan money – transactions are up 33% – she’s also recorded evidence of more cashed up buyers in the luxury market, ready to head north to the river city’s finest suburbs and absorb stock at an unprecedented speed.
With Brisbane’s most exclusive prestige property auction event on again in 2021, we’re currently assessing the properties that would match the criteria for our event and benefit from inclusion.. The event will be held on Saturday the 9th of October, at our favourite venue – The Calile Hotel. This will be the most exclusive auction event ever to be held in Brisbane. That sounds bold, but we’re not holding back on this one. The market is prime for prestige properties at premium prices.
The event attracts national and international interest, builds a lucrative competitive environment between bidders, and delivers premium price outcomes for sellers. The timing for sellers couldn’t be better, according to Ray White’s chief economist Nerida Conisbee.
“The luxury market is one of the better performers when we have a look nationally, we have seen the number of “$3 million suburbs” double over the past 12 months and we expect it to double again over the next 12 months,” Nerida told me this week.
“When we look at some parts of the economy over the past 12 to 18 months there are some industries that have done incredibly well and those industries employ buyers of top end property, so we’re seeing a strong demand for luxury homes from these sectors,” Nerida told me.
Nerida said the luxury market is very active but stock levels are lower than ever – making it the ideal time to sell in Brisbane’s prestige property scene.
“Right now we’re seeing particularly good conditions in Brisbane, a lot of that has to do with very high levels of migration up north with money coming out of Sydney and Melbourne,” she said.
“At all price points, buyers are getting more for their money in very good suburbs than would be possible in Sydney. So despite the high price point of these luxury homes, it still represents very good value for buyers.”
We look forward to welcoming you to The Calile Hotel on Saturday 9 October from 9.30am as we showcase Brisbane’s finest homes in our lucrative luxury auction event.