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Yeronga home sells at auction to Victoria buyers for a record sum

Yeronga home sells at auction

Hungry interstate buyers have splashed serious cash at one of Brisbane’s hottest luxury auctions at the weekend, and was among the almost $30 million in prestige property sold from just seven high-end listings alone.

After the state borders opened a week ago, real estate agents reported a flood of southern home hunters, inspiring the string of multimillion-dollar sales that ranged from vacant land to acreage hideaways.

While an unoccupied slice of riverfront in New Farm scored the highest result of the day – after being snapped up by a local developer for $9.91 million – it was a Melbourne couple who cemented one of the top residential transactions at Ray White’s inaugural prestige auction event at the Calile Hotel.

Yeronga home sells at auction

Prospective buyers at Ray White’s boardroom auction in the Calile Hotel in Fortitude Valley. Photo: Tammy Law

The couple splashed $2.8 million on a sprawling Yeronga home at 39 Ormuz Road, smashing the suburb’s non-riverfront price record, despite seeing the home for the first time on Thursday.

Tessa McGuigan and Mike Tarant – who left the Victorian capital just a couple of days after the borders re-opened – said they not only saw the striking five-bedroom, five-bathroom abode for the first time just two days shy of the auction, but also the entire suburb.

“It was just meant to be, it was like poetry. When we saw it for the first time online I thought it was just lovely, but in person it was even better,” Ms McGuigan said.

“We were in lockdown in Melbourne for two months in a hotel (from March) because we sold our house and we couldn’t leave.

“Our plan when we sold was to move on quite quickly, but then the borders closed.

“I started hunting and hunting and I’d looked at another house in Yeronga and that’s when this one came up. This home just suited us perfectly. I grew up in New Zealand and the house has this beautiful south Island stone at the front and the back. It’s stone that I know from my childhood.”

Yeronga home sells at auction

Open-plan living looking out to the pool and gym at 39 Ormuz Road, Yeronga. Photo: Ray White New Farm

Although they had planned to downsize after selling their Melbourne townhouse, Mrs McGuigan said they simply fell in love with the sheer quality and luxury finishes of Ormuz Road, which features a wine cellar, a media room and a gymnasium.

Of their migration north, she said it was a plan they’d had in the works for a while, fuelled by cold Melbourne winters, an inability to travel due to the pandemic and the quest for an idyllic lifestyle.

“We’ll stay here now – everything we want is here,” Mrs McGuigan said.

Selling agent Christine Rudolph, of Ray White New Farm, described the Saturday event as a “rock-star” auction, fuelled by the soaring interstate migration and locals keen to snap up a home before Christmas.

“The beautiful thing about the property I sold at Ormuz Road is that it’s proof interstate buyers are 100 per cent coming to Queensland,” Ms Rudolph said.

“It has been a flood since December 1 and at the moment we are seeing a critical shortage of stock and I think the borders opening has come at a time when traditionally real estate tends to slow, so what we are finding is that buyers are saying to us ‘we are definitely cashed up and ready to buy’.

“Just in the last months I would personally say I have seen a 50 per cent increase in interstate and overseas buyers since this time last year.”

Ray White New Farm principal Matt Lancashire said he hadn’t seen a prestige market this hot in a decade.

“There is a huge influx of buyers from Sydney and Melbourne, and they have all been eagerly awaiting for the borders to open,” Mr Lancashire said.

“Our team has run 35 auctions in December alone, which is testament to the value proposition of prestige property in Brisbane. We don’t see any sign of slowing down throughout the early months of 2021 either.”

Across the prestige auction event, the second-highest sale clocked was for a striking freehold riverfront home at 85 Macquarie Street, Teneriffe, which fetched $4.28 million.

Yeronga home sells at auction

Glittering views from 85 Macquarie Street, Teneriffe; a rare riverfront terrace. Photo: Ray White New Farm

A smattering of luxury homes outside the Ray White event were also sold under the hammer on Saturday, with Shane Hicks, of Place Bulimba, selling 11 Hartley Street, Camp Hill, for $1.291 million in what he said was a fiercely contested auction with 10 registered bidders.

“It sold for $41,000 over reserve, and we had interest in this property right from the start,” Mr Hicks said.

“The buyer that bought it will knock it down and redevelop it into one big luxury home.

Yeronga home sells at auction

Place Estate Agents experienced a 100 per cent clearance rate for their Camp Hill properties, and 11 Hartley Street was among them. Photo: Place Estate Agents – Bulimba

“Across our office we also had 100 per cent clearance rate this weekend – it’s been running at 90 odd per cent for us for about the last four to five weeks.

“The auction mark is strong and Camp Hill is the highest-volume auction suburb in Brisbane – they love an auction here and for me personally the last 10 out of 10 have gone under the hammer.

“We’re also getting a lot of interstate traffic – a lot.

“As an office we’ve got a super auction on December 19 and 20. We don’t normally have it but the demand is there.”


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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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