Brisbane’s top end ‘motoring’ as riverfront home fetches $9m-plus

Floods, a federal election and an interest rate rise has not stopped a Brisbane riverfront estate from selling for more than $9m.

This property at 31 Needham St, Fig Tree Pocket, has just sold for more than $9m.

FLOODS, a federal election and an interest rate rise has not stopped a Brisbane riverfront estate from selling for more than $9m after fierce competition between three buyers.

A week after being passed in at auction, a local family stretched the budget that little bit further to fend off two overseas buyers to claim the keys to the riverfront estate in Fig Tree Pocket.

The level of detail in the timberwork throughout the home is amazing.

The property at 31 Needham Street is the first home ever designed in Brisbane by renowned architect Shaun Lockyer.

Spanning 1.24ha and with a huge 65m river frontage, the unique, Balinese-inspired home attracted more than 100 enquiries before going under the hammer last Monday night.

The property has a very Balinese-style feel.

Five registered bidders competed for the property, with bidding opening at $6m, but it was only through lengthy negotiations between three of them afterwards that a sale was secured.

Prestige agent Matt Lancashire of Ray White New Farm, who negotiated the sale, said the local buyer “was not going to let that property go”.

“A local family prevailed after fending off overseas interest, hence why it took a bit of time (to sell),” Mr Lancashire said.

The property has timber cathedral ceilings.

“I fielded enquiries from all around the world. The majority were from overseas expats, from Asia, the UK, America.

“There are a lot more expats coming home. I’d say when I list a property in the top end of town, more than 50 per cent of initial enquiries are coming from expats, particularly in Asia and Hong Kong.”

And despite the floods in February and uncertainty about the market due to rising interest rates and the federal election, Mr Lancashire said Brisbane’s market was “motoring”.

Among the luxury features is a sauna.

“Brisbane’s top end is motoring,” he said. “We’re seeing people gravitating back to Brisbane from interstate and overseas because it’s still undervalued compared to the southern states, there’s lots of infrastructure now, great schools, great restaurants.”

“There’s more $5m sales happening than ever. $7m, $8m, $9m and $10m-plus sales are becoming the norm now as well.”

Records show the Needham Street property had been owned by Dean and Julie Dobson, who bought the land for $1.25m in 2000 and spent several years with Mr Lockyer designing and building the current home.

There’s also a home cinema.

The house itself covers an area of 816 sqm on one level, blending recycled timber, stone, glass and ornate detail to create a rustic feel.

Multiple wings are interconnected by grand hallways and paths over a water feature.

There are plenty of options for relaxing indoors, with a cinema and a sauna, while outside, there is an alfresco room with a fireplace, a pool, a tennis court and a private pontoon.

“It’s magnificent,” Mr Lancashire said.

Three parties competed to buy the home before a local family triumphed.

“It took three years to build because of the level of detail in the home and the materials were all imported.

“You’ve got to actually see it to believe it.”

The last time a property in Needham Street sold was in 2018 when billionaire Clive Palmer snapped up 36 Needham Street.

The property is surrounded by lush landscaping.

A new report by virtual home tours provider, Little Hinges, reveals Brisbane is one of the most attractive Australian regions for international and interstate property buyers.

An analysis of 200,000 virtual inspections during April highlighted Queensland’s continued appeal to southern buyers, with nearly 30 per cent of properties being virtually inspected from interstate, primarily from potential buyers in New South Wales and Victoria.