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.
“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.
“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.”