Luxury boom: Qld’s prestige property market outperforms

A jawdropping mansion in one of Brisbane’s most affluent suburbs has hit the market as exclusive new data reveals the cost of a luxury home in the River City has more than doubled.

Brisbane’s prestige property market is booming.

A jawdropping mansion in one of Brisbane’s most affluent suburbs has hit the market as exclusive new data reveals the cost of a luxury home in the River City has more than doubled in the past decade.

Research from Ray White shows the top five per cent of Brisbane’s housing market — homes priced at $1.8 million or more — have grown by 213 per cent in the past 10 years, outperforming the growth of an average priced house in that time.

CASA ESPRI by Graya

CASA ESPRI by Graya

Ray White chief economist Nerida Conisbee said it was a case of the rich getting richer, renovation and rebuild activity, and the scarcity of land.

“It shows clearly that the most expensive homes have achieved a much higher rate of growth (than average priced homes),” Ms Conisbee said.

“Most of it is around land. The most expensive suburbs only have so much land left to build on. We’ve seen a lot of renovation activity and homes have gotten better in these areas, and then it’s just a rise in the concentration of wealth — the rich have become a lot more wealthy.”

CASA ESPRI by Graya

Ms Conisbee said industries like mining, agriculture, and technology in Queensland had been high income earners over the past decade.

And she said the growth in luxury homes was likely to continue to outperform.

“If you look somewhere like New Farm, the homes are getting better and better, but also there’s not as many homes to renovate, so the cheaper homes have gone and been replaced by more expensive ones, which is pushing up values.”

It comes as commercial property deal-maker and Brisbane bachelor, Mike Walsh, sees the time as right to list his extravagant, newly-built mansion on Hamilton Hill, which is likely to fetch more than $10 million.

CASA ESPRI by Graya

The five-bedroom, five-bathroom trophy home known as ‘Casa Espri’ is being marketed by Matt Lancashire of Ray White The Collective via an expressions of interest campaign closing on February 23.

Mr Walsh bought the site three years ago and worked with local developer/builder, Graya, to create his dream home, which he moved into last July.

Given the difficulties associated with trying to build new homes in the current construction climate, Mr Walsh said it also made sense to try and capitalise on the demand for newbuilds.

“It was always my intention to live in the home long term and not sell, but I just couldn’t ignore the amount of unsolicited off-market interest I have received since completion,” Mr Walsh said.

CASA ESPRI: Mike Walsh

Another luxury home still under construction by Graya, in collaboration with Purdy Developments, has also just hit the market with Patrick McKinnon and Drew Davies of Place Estate Agents.

The Spanish-inspired masterpiece called ‘Palma’ at 29 Towers Street in Ascot will have five bedrooms, five bathrooms, a six-car garage, a 1000-bottle wine cellar, a resort pool, and views that stretch to the breathtaking Moreton Bay.

Artist render of the street view of the Palma at 29 Towers Street, Ascot Photo: Graya

Originally published as Luxury boom: Qld’s prestige property market outperforms