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Brisbane’s hot property market ignites auction weekend

Brisbane’s red hot property market has overflowed into the city’s generally sleepy auction scene with more than $10 million in homes and land sold under the hammer on Saturday, including an empty block in Kedron that fetched almost $1 million and the chic Camp Hill Queenslander of an AFL player that cleared almost $1.5 million.

Although hordes of home-hunters pounded the property pavement to a reported 29 auctions, it was the character home of former Brisbane Lion Alex Witherden, at 57 Burn Street, that clocked one of the top results.

His home achieved a reserve-topping $1.43 million – $230,000 more than he paid for the property 18 months ago.
Brisbane’s hot property

The stellar result comes amid a raft of multimillion-dollar sales in the past few weeks alone as Brisbane house prices continue to climb to record heights and home-hunters battle it out for a piece of the dwindling property pie.

Ray White Metro North principal David Treloar, who sold the four-bedroom house for the 22-year-old AFL player, said 84 groups flocked to the home’s manicured lawns in the first week alone, with the auction moved forward by a week because of the sheer level of buyer interest.

“Alex loved that house and, while he tended it to be a long-term home, he got transferred over to Perth (to the West Coast Eagles), and so he had to sell,” Mr Treloar said.

“But the auction result is an indication of just how desirable these larger blocks of land are at the moment. I think people just want more space,” he said.

“The market is extremely strong.”

Perched on a 885-square-metre lot, the home features two bathrooms and a lavish backyard and was in a patch of Brisbane that Mr Treloar said was becoming nothing short of hot for local buyers.

On the other side of the city a 607-square-metre block at 52 Seventh Avenue, Kedron, sold for an incredible $992,000 to a young couple, after 31 registered bidders battled it out for the prime slice of dirt.

Brisbane’s hot property

Selling agent David Lazzarini, of Ray White Lutwyche, said the severe lack of stock coupled with the record low interest rates had fuelled a buying frenzy – with home-hunters feeling more confident than ever to buy amid reports interest rates would remain at record lows for another three years.

“While I wasn’t expecting this (top) result, it’s the same story everywhere in Brisbane (right now), there’s just a severe lack of stock and there’s a lot of buyers that are ready to rock and roll. We are typically getting 50 to 80 groups through in the first week (of a home or block hitting the market),” Mr Lazzarini said.

Back in Camp Hill, Shane Hicks, of Place Estate Agents Bulimba, sold a quaint four-bedroom cottage at 2 Lewis Street for $972,000 under the hammer in front of a more than 120 people.

Brisbane’s hot property

“We had seven registered bidders and just a massive crowd. It was a young couple from New Farm (who secured the winning bid) and it sold for well over the reserve,” Mr Hicks said.

“It was a very busy weekend and our office ran five auctions and four of those sold under the hammer while the fifth sold within two hours.

“I think the competitive market has helped the auction trend to grow and while it has always been strong in those inner suburbs for the first time I’m hearing buyers say they’d prefer to buy at auction.”

Within the Place Bulimba office, Carla Haddan also clocked a top result for 73 Lancaster Street, Coorparoo, that fetched $1.32 million after six registered bidders battled it out before a local downsizing couple secured the winning bid.

Brisbane’s hot property

Wrapping up the top results was a stunning four-bedroom abode at 54 Linton Street, Kangaroo Point, which Simon Caulfield, of Place Estate Agents Kangaroo Point, sold under the hammer for $1.85 million following strong bids from four buyers.

The home sits on a 577-square-metre block and features a fresh-water pool and an expansive deck with soaring city views.

Brisbane’s hot property

Across Brisbane 59 per cent of the homes slated for auction were sold, compared with 45 per cent this time last year.


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Two green bridges underway, Brisbane City Council seeks feedback on two more

Construction on two green bridges linking Brisbane’s inner-city suburbs is slated to begin this year, but the location of three other planned bridges remains unclear.

In 2019, Lord Mayor Adrian Schrinner made a $550 million pledge to build five new green bridges, catering for pedestrians and cyclists, to reduce vehicle traffic and improve the city’s connectivity.

At Tuesday’s public and active transport committee meeting, Brisbane City councillors were given an update on the progress of the green bridges program.

Public and active transport committee chairman Ryan Murphy told the committee the council wanted state or federal funding support alongside the $550 million already committed.

The $190 million Kangaroo Point green bridge will be 470 metres long and 6.8 metres wide, with separated cycling and pedestrian lanes, linking the inner-city suburb with the City Botanic Gardens.

Construction on the Kangaroo Point and Breakfast Creek bridges will begin this year, with the council now out to tender for both.

Consultation for two West End bridges

Community consultation on the bridges from West End to St Lucia and West End to Toowong was extended following concerns the December-January consultation was too short.

For the West End bridges, suggested locations put forward by Brisbane City Council would either place the landing pads on public parks, such as Orleigh Park in West End and Guyatt Park in St Lucia, or on private property.

Two green bridges

A concept image for the St Lucia to West End green bridge(Supplied: Brisbane City Council)

Greens councillor Jonathan Sri, in whose ward both West End bridges would sit, said it appeared the third option for the St Lucia bridge — between Keith Street in St Lucia and Boundary Street in West End — was most supported.

“I’ve heard from several residents who’ve said they think the Option C location for the St Lucia bridge is preferable from a transport perspective, but they have concerns about the scale and design of the exact alignment proposed by council, and the associated home resumptions,” Cr Sri said.

“The vast majority of residents seem to prefer alignment Option A for the Toowong Bridge, and it seems like the Toowong bridge in general has a lot more support.”

Two green bridges

A concept image for the Toowong to West End landing pad for a green bridge(Supplied: Brisbane City Council)

Option A for the Toowong bridge would see the bridge land at 600 Coronation Drive — the former ABC Towoong site now owned by developers Sunland, but put up for sale late last year.

Last year, Cr Schrinner ruled out purchasing the 600 Coronation Drive site saying the cost would be prohibitive, but said the council would consider resuming a portion of the land for a green bridge if needed.

LNP councillor James Mackay, in whose ward of Walter-Taylor the two bridges would land, recently spoke at a rally for a group opposed to a possible Guyatt Park alignment for the St Lucia to West End Bridge.

Cr Mackay referred queries about his community’s opinions to the lord mayor’s office.

Fifth green bridge site unknown

In mid-2020 a fifth proposed bridge, from Belbowrie to Wacol, was scrapped after several rounds of community consultation found little support.

The council is preparing options for a fifth bridge location, the committee heard.

Two green bridges

A concept image of the Breakfast Creek green bridge linking Kingsford Smith Drive and Newstead House(Supplied: Brisbane City Council)

Deputy Labor leader Kara Cook in a statement said she had lodged a petition with more than a thousand signatures calling for a bridge on the eastern side of the river.

Cr Cook said a bridge in her area — around Bulimba and Hawthorne connecting across to New Farm or Teneriffe — had been mooted since at least 1925.

Technical challenges are greater for the eastern section of the river as any new bridge must be of a height to allow ships through and would span a wider section of water.


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Commercial Market Update – Brisbane Fringe Cityscope February 2021

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.

In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.

The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:

Commercial Market

Brisbane Fringe Sales Grid

Significant sales recorded this quarter total nearly $80 million, these sales include:

After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.

A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.

Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.

Commercial Market

Brisbane Fringe Sales Chart

Properties for sale include:

  • Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
  • 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
  • 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).

Properties under contract (conditional or unconditional) include:

  • 38 Warry Street and adjoining car parking at 41 Kennigo Street – 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
  • 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.


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Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets

prestige property markets

The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.

The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.

Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.

Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.

A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.

Luxury home prices in the Western Australian capital had remained almost stagnant the year before, rising by just 0.9 per cent.

The Gold Coast achieved a global ranking of 36 after prices grew by 3.2 per cent – compared to 1.8 per cent growth the year before.


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