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Brisbane Prestige Property Market clocks multimillion-dollar sales to kick off spring

Brisbane Prestige Prope

Spring has sprung across Brisbane’s soaring prestige property market with multimillion-dollar homes clocking suburb records amid fierce buyer competition from across the nation.

A spectacular New Farm mini-mansion at 36A Oxlade Drive kicked off the city’s hottest selling season last week, after a cashed-up home hunter forked out an eye-watering $8 million for the four-bedroom abode at auction.

Rounding out the stellar start to September was 97 Petersen Street in Wynnum, which also sold for a suburb record-setting $2.85 million off-market to a local purchaser.

Spring has sprung across Brisbane’s soaring prestige property market with multimillion-dollar homes clocking suburb records amid fierce buyer competition from across the nation.

A spectacular New Farm mini-mansion at 36A Oxlade Drive kicked off the city’s hottest selling season last week, after a cashed-up home hunter forked out an eye-watering $8 million for the four-bedroom abode at auction.

The sales come amid dozens of other recent multimillion-dollar transactions throughout the city with property experts citing Brisbane’s affordable luxury homes coupled with growing interstate migration as key drivers.

Ray White New Farm principal Matt Lancashire, who clocked the auction of 36A Oxlade Drive, said 11 registered bidders battled it out for the property, with opening bids starting at $5 million.

Brisbane Prestige Prope

“The Brisbane market, especially for fabulous properties like this right on the river, is really hot right now with exceptional results after exceptional results,” Mr Lancashire said.

“The buyers are coming from everywhere too. I have a lot of clients who are upgrading and significantly upgrading, in many cases triple the value of their current home.”

Mr Lancashire said he had sold more property over $5 million in the past three months than he had in the past two years, with his New Farm office transacting $60 million in unconditional sales during August alone.

Place New Farm agent Heath Williams secured the sale of 59 Molonga Terrace and said the sheer architectural authenticity of the five-bedroom abode sparked the record-setting sale.

brisbane property

“It wasn’t trying to be all things to all people. It was a very specific avante garde home … and you either loved it or you hated it – but in the end people loved it,” Mr Williams said.

“There was a lot of black.”

But black was the new black for dozens of vying home hunters, who lapped up the industrial-style property sprawled on a 1369-square-metre block overlooking the Brisbane River.

Mr Williams said the agency also sold a striking apartment at 63 Chester Street, New Farm, for a whopping $4.7 million off-market this week, cementing his best sales quarter ever.

“Prices are holding … and high-level architectural homes are getting really good interest because sometimes people aren’t willing to go that extra mile to create them themselves, but when they see them they fall in love with them,” Mr Williams said.

“To a degree Brisbane is also catching up to Melbourne and Sydney.”

Caiti Shaw, from Place Bulimba, sold the record-setting 97 Petersen Street at Wynnum, and said the sprawling property not only sold off-market but sight-unseen.

“It set the record because it’s a magnificent property and it’s on an acre [0.4 hectares] of land and right at the top of the hill in a quiet pocket … so it really was a once-in-a-lifetime opportunity,” Ms Shaw said.

“I think we’ve done three or four off-market sales in the past three months … things in the Bayside are moving and a lot of interest is coming from interstate buyers.”

Ms Shaw said sales activity had remained strong throughout the pandemic with family home hunters in search of a better lifestyle leading the charge.

“There’s more and more people working from their computer these days and people want to be north of the border.”

This article is republished from https://www.domain.com.au/ under a Creative Commons license. Read the original article.

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Brisbane

Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village

Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.

The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.

The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.

“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.

“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”

He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.

Brekky Ck

The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.

Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.

The council insists the remaining bridges need federal and state government funding to go ahead.

 

Article Source: inqld.com.au

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Brisbane

Green ‘Grand Central’: Cross River Rail unveils changes to parklands vision

Cross River

Developers of Queensland’s biggest infrastructure project, the $5.4 billion Cross River Rail, appear to have bowed to public pressure and moved to preserve more public space in its redesign of the city’s Roma Street parklands precinct.

The Cross River Rail Delivery Authority has confirmed it will allow more public open space in a revised development plan for the area.

A new development scheme for the Roma St precinct, which will contain the state’s most most important transport interchange (dubbed Grand Central) as well as the proposed Brisbane Live arena, identifies new green areas and more affordable housing than was originally planned.

The Palaszczuk government has insisted that the development of an underground Roma St station as part of Cross River Rail is a chance to revitalise an under-used part of Brisbane into a major opportunity for private investment.

The government expects that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.

However, the delivery authority came under fire for giving over part of the Roma St parklands which houses a public car park and Brisbane City Council maintenance depot to residential and commercial development.

The authority now says under the finalised development scheme the precinct would have more “publicly accessible open space”.

“The existing 11 hectares of publicly accessible open space within the Roma St Parklands will not only be protected forever, but will be expanded even further by more than two hectares,” the authority said in a statement.

“The development scheme also provides for new social and affordable housing as part of new residential buildings parallel to the rail corridor, adding to the existing apartment complexes along Parkland Boulevard.”

“This scheme is all about renewing one of Brisbane’s most underutilised inner-city locations while protecting and enhancing the beautiful natural features that already exist. ‘

About 46,000 people each weekday are expected to use the new high-capacity underground station at Roma Street by 2036.

 

Article Source: inqld.com.au

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Brisbane

Brisbane Olympics to Push Property Market’s Limits

Brisbane

Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

PRD chief economist Diaswati Mardiasmo said it was clear that hosting major events had served the property market well.

“The year after the 2000 Sydney Olympics, Newington (site of the athletes’ villages) and surrounding suburbs’ median house prices grew by 13.4 per cent,” Mardiasmo said.

“Median house price growth was not limited to the year after the Olympics. It grew by 38.5 per cent two years after, and 66.4 per cent three years after.

“The year after World Expo 88, South Bank and its surrounding suburbs grew by an average of 19.1 per cent and by 10.3 per cent after G20 Summit 2014.”

Brisbane property price predictions: Olympics 2032

Suburb 2011 2021 Projected Growth G20 Average
Hamilton house $824,000 $1,650,000 $3,990,670
Tennyson house $515,000 $970,000 $2,052,520
Chandler house $1,040,000 $1,600,000 $3,385,600
Woolloongabba house $623,000 $951,000 $2,012,316
South Brisbane house $805,000 $1,210,000 $2,560,360
Redland Bay house $450,000 $638,000 $1,350,008
Ipswich house $325,000 $435,000 $1,052,086
Herston house $697,000 $908,000 $1,921,328
Spring Hill house $950,000 $1,150,000 $2,433,400
Coomera house $353,000 $550,000 $1,163,800
Broadbeach units $463,000 $625,000 $1,322,500
Alexandra Headland house $570,000 $1,110,000 $3,348,760
Twin Waters house $651,000 $1,077,000 $2,278,932

^Source: PRD Research, AMP Pricefinder

“Bearing in mind the 2032 Olympics are still 11 years away, and based on how the Brisbane market is travelling, the potential to eclipse this price point is high,” Mardiasmo said.

“Regardless of the calculation method, the conclusion points us to Brisbane becoming a $1-million median house price city sooner rather than later. ”

Domain’s latest house price report showed median house price in Brisbane was $678,236, up 13 per cent annually.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

Domain chief of research Nicola Powell said at the moment, low listing numbers and interstate migration were driving the price hike.

“It suggests that upgrading homeowners are fuelling house prices, as well as interstate and expat buyers moving from more expensive cities,” Powell said.

Melbourne and Canberra officially joined Sydney in the $1-million home club in the July results.

 

Article Source: www.theurbandeveloper.com

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