Massive modern mansion at The Gap sells for $2.25 million - Queensland Property Investor
Connect with us

Brisbane

Massive modern mansion at The Gap sells for $2.25 million

Massive modern mansion at The Gap sells for $2.25 million 3

While Brisbane’s temperatures stay low, its auction market has gradually started to warm up.

Two properties sold at about $2 million over the weekend with 68 auctions and a reported clearance rate of 37 per cent.

One of those auctions saw the sale of a stunning four-bedroom, four-bathroom house with city views on 3239 square metres at 26 Moyry Street, The Gap. About 30 people piled into the property’s spacious garden to watch seven registered bidders battle it out for nearly an hour.

Massive modern mansion at The Gap sells for $2.25 million 1

Bidding opened at $1.5 million, and slowly crept up in $50,000 increments until it hit $1.95 million. At that point, the highest bidder was pulled away for negotiations, and their bid was increased to $2.05 million.

After a $2.1 million bid and more negotiations, the house was sold under the hammer for $2.25 million. Selling agent Angela Mastrapostolos, of Ray White Paddington, said there had been about 50 groups through the property over its five-week campaign, and that most of the interest was from families.

“[The vendors] bought the land off me eight years ago,” Mastrapostolos said. “[They] built the home to live in forever, but his work moved him to Melbourne so they decided to sell.”

The buyers were a family from Ashgrove, who were relocating to find a bigger yard for their children.

On the other side of the city,  a Gatsby inspired mansion at 70 Woodlark Crescent, Parkinson, sold at auction for $1.98 million. Three registered bidders took to the floor to stake their claim on the gorgeous four-bedroom, three-bathroom house on a sprawling 4064-square-metre block.

The opening bid was $1.9 million, which slowly worked its way up to the sale price in an auction that lasted more than an hour. Selling agent Emily Xiong, of LJ Hooker Sunnybank Hills, said the price was a record high for the area.

Massive modern mansion at The Gap sells for $2.25 million 2

About 20 groups saw the house in its four-week campaign. The eventual buyer was a local middle-aged family, while the vendor was from overseas.

“They moved back overseas, so it’s too big for them to keep it,” Xiong said. “It’s definitely not an investment property, it’s for an owner-occupier.”

Elsewhere, a three-bedroom, one-bathroom house on 464 square metres at 63 Sackville Street, Greenslopes, sold in an incredibly well-attended auction. A crowd of about 90 people gathered on the front lawn to watch for 20 minutes as six registered bidders attempted to claim the beautifully presented home.

Bidding opened at $800,000, and worked its way up to $850,000. At that point, the house was put on the market, and ultimately sold for $852,500.

Selling agent Jonathan Harper-Hill, of Belle Property Coorparoo, said there was immense interest in the property, with more than 100 groups inspecting over the course of the four-week campaign and another 50 inspecting at the auction itself.

“It’s a very attractive house and it got a lot of interest from the neighbourhood,” he said. “There’s a shortage of quality stock on the market at the moment, and it was a beautifully presented home in a top street in Greenslopes.”

Massive modern mansion at The Gap sells for $2.25 million 3

 

The thrilled buyers were a family looking to get into a beautiful home on a good street. They had sold their house and had been actively looking for a replacement for six months. The vendors had recently bought a house elsewhere and were also delighted with the result.

Harper-Hill said the result of this auction was further proof of the continued strengthening of the Brisbane market.

“We’ve seen a change in the market over the past month,” he said. “There’s a lot more motivation in buyers at the moment, and I think there’s a belief that the market will be going up so buyers have been spurred into action.”

 

 

Source: www.domain.com.au

 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Brisbane

The Brisbane suburbs where house prices are higher than last year

The Brisbane suburbs where house prices are higher than last year

The historic suburb of Windsor in Brisbane’s north has seen the biggest growth in median house prices in the last year, with a 17.2 per cent increase year-on-year.

New figures from Domain have revealed the top 10 suburbs whose median house price has risen the most year-on-year. Despite a largely flat market, there are still plenty of suburbs where prices are surging.

Windsor had the highest increase in median house price at 17.2 per cent year-on-year, followed in second place by the leafy inner-western suburb of Auchenflower which saw a 11.4 per cent increase.

Other suburbs in the top 10 include Queenslander paradise Newmarket (10.9 per cent increase), the massive blocks at Bridgeman Downs (9.8 per cent increase), and the outer-western suburb of Heathwood (8.3 per cent increase).

Ray White Wilston principal Allistair Macmillan said the massive increases in price at top performer Windsor were likely due to the suburb not always getting the recognition it deserved.

“For a long time Windsor has been slightly undervalued,” he said. “It’s so close to Wilston and Grange. [They’ve] always been supremely popular with families, I think Windsor was dragging the chain a little bit with those values.

“When you look at values in Windsor, they can vary quite a large degree depending on whereabouts in Windsor they are positioned. What we’ve found is that now the difference between the two sides of Gympie Road is nowhere near as prevalent as it once was.

“Of late, people have really come and been able to see the value Windsor does offer.”

Mr Macmillan said other contributing factors include the recent multimillion-dollar redevelopment of the Albion public transport exchange. Buyers on the eastern side of the suburb in particular have expressed interest in the plan.

The Brisbane suburbs where house prices are higher than last year 1

The vast majority of buyers in the area are younger families who are looking to be in the Windsor State School catchment area, and are attracted to the many local parks, bikeways, and public transport options.

“Stock is incredibly tight,” Mr Macmillan said. “Generally speaking if you look at the volume of properties, there’s not a lot that are for sale in Windsor. It’s still a very tightly held suburb.”

Elsewhere, the northern suburb of Northgate also fared very well, with a median house price increase of 8.9 per cent year-on-year. Local agent Dwight Colbert at Ray White Aspley said the location and amenities were the big drawcards.

“[We’ve seen] popularity due to the proximity to the Brisbane CBD, Brisbane Airport, and also an array of public transport,” he said. “You are on the Northgate train line, which is the main one on the north side, and the hub.

“You’re between Nundah Village, you’ve got Banyo Village, you’ve got good access to the Gateway [Motorway], Toombul Road, Sandgate Road, Gympie Road. It’s quite a desirable locality to get in and out of everywhere.”

Mr Colbert said the area was traditionally seen as a haven for older buyers, but in recent years many young couples and professionals had taken the plunge.

The Brisbane suburbs where house prices are higher than last year

“There is a lot of property development going on in Northgate as well,” he said. “So a lot of the older, bigger blocks are being subdivided. Which is also certainly going to help with the average house price.”

West Brisbane family-favourite Auchenflower pulled out a particularly impressive result, posting a 11.4 per cent increase in median house price year-on-year. This makes it the third-most expensive suburb in the city, up from 12th last year.

Place West principal Andrew Degn credits the suburb’s massive gains to the recent completion of major infrastructure in the area.

“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.

Auchenflower also features the Wesley Hospital, the recently upgraded Milton State School, and various inbound and outbound public transport options. Mr Degn was so passionate about the area he decided to buy and live there himself.

“Real estate people are supposed to know good real estate, and I live in Auchenflower,” he said with a laugh. “So there you go, I’m personally responsible for pushing the price up.”

Top 10 suburbs with the largest house price increase since last year

1. Windsor – 17.2%
2. Auchenflower – 11.4%
3. Newmarket – 10.9%
4. Yamanto – 9.9%
5. Northgate – 8.9%
6. Heathwood – 8.3%
7. Brassall – 8.1%
8. Toowong – 7.6%
9. St. Lucia – 7.4%
10. Hendra – 7.1%
11. Karana Downs – 7.1%
12. Indooroopilly – 6.9%

 

 

Source: www.domain.com.au

Continue Reading

Brisbane

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Australia’s ultra-luxury residential market, largely unaffected by the impact of recent lending restrictions, has continued to record positive growth in the prestige sector of the market.

Sydney, Melbourne, Brisbane, the Gold Coast and Perth make up the five Australian cities which rank in the world’s top 30 cities for luxury residential price growth.

The major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth for luxury property, according to Knight Frank’s Prime Global Cities Index for the third quarter 2019.

Defined as the most desirable and expensive property in a given location, prime property is generally the top 5 per cent of each market, by value.

Sydney ranks 17th in the global rankings, with 2.6 per cent annual growth, Melbourne at 21st spot recording 2 per cent growth.

Brisbane followed closely ranking 22nd with 2 per cent growth, the Gold Coast which was included in the Index for the first time earlier this year moved up the rankings to 26 with a 1.3 per cent increase, and Perth ranked at 30th recording a 0.7 per cent rise.

Knight Frank’s Prime Global Cities Index

City12-Month Change (Q3 2018 -Q3 2019)
1. Moscow11.1%
2. Frankfurt10.3%
3. Taipei8.9%
4. Manila7.4%
5. Berlin6.5%
6. Guangzhou6.2%
7. Geneva5.6%
8. Zurich4.5%
9. Delhi4.4%
10. Madrid4.2%
17. Sydney2.6%
21. Melbourne2%
22. Brisbane2%
26. Gold Coast1.3%
30. Perth0.7%

Knight Frank’s head of prestige Residential Deborah Cullen says the top end of the market is showing more consideration and time in transacting.

“There is still strong interest from local and expat buyers for blue ribbon areas and for “best in class” assets, in particular the waterfront areas of Sydney,” Cullen said.

“Growth in prime property prices closely follows the performance on the stock exchange,” Knight Frank head of residential research Michelle Ciesielski said.

“And there have been some significant gains made on the Australian sharemarket in 2019.

“Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return,” Ciesielski said.

Slowdown gathers pace in top-tier cities

The global cities index increased by just 1.1 per cent in the year to September 2019, down from 3.4 per cent last year, with slower prime price growth attributable to mounting economic headwinds.

Despite a longer-than-expected period of loose monetary policy and steady wealth creation, the report notes that luxury sales volumes are at their weakest for several years in many of the first tier global cities.

“Slower global economic growth– the IMF lowered its 2019 forecast from 3.3 per cent to 3 per cent in October – along with escalating headwinds: US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum are influencing buyer sentiment,” the index notes.

Moscow recorded the highest rate of growth with an 11 per cent increase over the year to September.

The report notes that Moscow leads the index largely due to strengthening demand and the completion of a number of high-end projects in prime areas like Ostozhenka and Tverskoy.

The prime global cities index is a valuation-based index that tracks the movement in prime residential prices in local currency, using data, across 40 cities.

 

 

Source: theurbandeveloper.com

Continue Reading

Brisbane

Brisbane Plans CBD Riverfront Renewal

Brisbane Plans CBD Riverfront Renewal

New plans to revitalise Brisbane’s CBD riverfront, a 1.2 kilometre stretch of river frontage from the City Botanic Gardens to Howard Smith Wharves, has been released.

New ferry and CityCat terminals are included in Brisbane City Council’s draft master-plan, which aims to improve river access and cement the CBD river frontage into “a world-class employment and lifestyle precinct”.

The draft plan includes an increase of the current pathway to an eight-metre-wide promenade which would span the riverfront, and includes an increase of green-space, trees, and public art.

“This is just one of the ways we are making the Brisbane of tomorrow even better than the Brisbane of today,” Brisbane City Council said of the draft plans released on Thursday.

Brisbane Plans CBD Riverfront Renewal 1

The riverfront precinct is currently home to more than 30 dining destinations and 1.6 hectares of parkland.

The draft plan also includes a proposed new green bridge connection at Kangaroo Point.

“It’s part of our bigger plan to connect people and places,” City Planning Chair Matthew Bourke said.

Bourke says the draft plan took cues from well-known waterfronts, including the likes of San Francisco’s Fisherman’s Wharf and Singapore’s Marina Bay.

Property giant Dexus is under way on its $1.4 billion Waterfront project transforming Brisbane’s Eagle Street Pier.

Council’s draft masterplan for Brisbane’s riverfront will be open to public consultation from Monday 11 November through to early December.

The final masterplan will be released in 2020.

 

 

Source: theurbandeveloper.com

Continue Reading

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

Trending