Other Australian capitals may be experiencing property woes but Brisbane seems largely immune at this time. Auctions, for example, have been holding strong, with realestatebusiness reporting Brisbane’s auction rate has been busy, with great clearance figures.
In Sydney, dwelling values for the top quarter of the market dropped 6.3% over the three months to July.
Brisbane is such a different story, with premium home prices remaining buoyant. This year, we have seen properties in the $3 million+ price bracket holding up well, for a number of different reasons.
Many expats and people relocating from other Australian states have Brisbane on their wish list.
They may be relocating for family reasons or to find better work-life balance. Many will continue to work remotely for offshore or interstate employers, so they need space for a separate study or office. Purchasing a generously-sized property in Brisbane makes sense to achieve the right work-life balance.
Luxury homes in Brisbane are relatively affordable in comparison to other parts of the world.
For example, if you have $3 million to spend in a Sydney suburb within only a few kilometres of the city, popular dining locales and best beaches, you will probably be limited to a three-bedroom home which is in need of upgrades and repairs. In Brisbane, this type of budget will get you into a new, near-new or at least a four-bedroom property with a great deal going for it in terms of space and features.
Unless you have a pressing reason to be elsewhere, buying property in Brisbane makes excellent sense in terms of what you get for your money. The other advantage is being able to move in and enjoy; no drawn-out repairs or upgrades required.
Take your pick… Brisbane is an increasingly cosmopolitan destination but also offers the benefits of a relaxed lifestyle.
For people who work hard and want to enjoy their downtime, having a stunning home in this city makes sense. There is the benefit of lovely weather almost year-round, close proximity to restaurants, cafes and bars, plus plenty of outdoor activities for nature and adventure lovers.
Some of our recent sales demonstrate exactly how healthy the prestige home market is in Brisbane.
For example, 35 Morgan Street in Ascot recently achieved an incredible price of $12 million. This six-bedroom home offers panoramic views, a self-contained apartment and a secret, private ‘bear cave’, complete with a fully equipped bar, 12-panel screen, room for a pool table and a sound-proofed recording studio for the owner’s inner rockstar (you have to see it to believe it).
This property smashed records and was sold unconditionally prior to auction after being on the market for just three weeks. We were even mentioned in news.com.au as a result of the sale. As the publisher wrote, the sale came “amid a growing waitlist of prestige buyers competing for a dwindling supply of move-in-ready dream homes in Brisbane, where prices surged 30 to 35 per cent in the past year.”
Enquiries for this one-of-a-kind property came in from countries including Singapore, Hong Kong, London, America and the Middle East, which is a good indicator of how strong Brisbane’s prestige sector is right now.
We were also pleased to help the owners exchange the stunning ‘Tanglin House’, a landmark estate occupying a sprawling 1,610sqm in Clayfield. The property features five bedrooms inside the home, a tennis court and a hidden wine cellar.
Our top 10 sales for 2022 include:
– 10 Morgan Street, Ascot| $12.27M
– 35 Morgan Street, Ascot | $12M+
– 16 Leura Terrace, Hawthorne | $10.21M
– 26a Quay Street, Bulimba | $8.45M
– 2 Florence Street, Clayfield | $6.95M
– 9/81 Moray Street, New Farm | $6.61M
– 48 Markwell Street, Hamilton | $6.2M
– 10 Aaron Avenue, Hawthorne | $5.225M
– 312 Bowen Terrace, New Farm | $5.2M
Buyers are currently seeking waterfront properties and spacious, move-in-ready homes with sweeping views. We take pride in delivering premium service when supporting this end of the market and would be happy to have a no-obligation discussion with you about your sale.
I hope you enjoy the read.