Brisbane high-end homes attract strong interest

The benchmark for prestige property in Brisbane has climbed by more than a third through the pandemic, underpinning a spate of $4m-plus sales over the past month.

Marketed as a knockdown rebuild, 11 Dickson Terrace at Hamilton sold under the hammer for $4.9m last month.

The benchmark for prestige property in Brisbane has climbed by more than a third through the pandemic, underpinning a spate of $4m-plus sales over the past month.

Homes in the River City had some of the strongest growth through the recent boom, with the top end of the market being underpinned by interest from sea-changing southern buyers, returning expatriates and local upgraders.

While the market has started to turn, high-end homes in Brisbane are still attracting strong interest. Data from PropTrack shows prices at the top quartile of the market have increased by 51.6 per cent over the past three years, from $703,589 to $1,066,299.

PropTrack senior economist Eleanor Creagh said Brisbane’s recent trajectory of growth was the city’s “catch-up” period to Sydney and Melbourne.

“Covid lifestyle and preference-shift toward larger homes have underpinned the Brisbane market,” Ms Creagh said.

Median prices in neighbouring northside suburbs, Hamilton and Ascot, each recorded increases of 36 per cent from December 2019 to May 2022 to surpass $2m.

Place Ascot principal Drew Davies said unlike some cities where the fear of missing out had calmed, buyers still did not have the luxury to sit on their hands.

“To me, it is real estate 101 – when the market is good, money flows to the best suburbs,” Mr Davies said. “They are considered safe havens.

‘There has been a massive shift in what is considered an entry-level home in these suburbs where people feel they don’t have to compromise and that is at $4m.”

He said it was a “no-brainer” that a newly-built Hamptons-style family home at Ascot quickly found a buyer, given the strength of Brisbane. Initially passed in by three bidders at auction, a local family snapped up the property at 142 Yabba St for $4.4m last month.

It is not just completed homes getting buyers across the line. A knockdown rebuild atop Hamilton Hill sold for $4.9m, with half of the bidders calling in from interstate or overseas.

The property, consisting of a block of three flats, was marketed as one of the great opportunities to add one’s own landmark home along the million-dollar street, Dickson Terrace.

The newly-constructed home 142 Yabba St, Ascot was set apart from the pre-war homes of the suburb.

Ray White New Farm principal Matt Lancashire said the lucky local buyer would now have to spend the same amount of money to build a fitting property. He expected the market would continue to see big sales such as these even if prices did come back because of the type of demand in the marketplace.

“If you are selling your place in the top end of town, you have a 50 per cent chance of selling to a local and 50 per cent to interstate,” Mr Lancashire said.

“That is a fact. The biggest trend right now is with the state of affairs in Hong Kong; those who have been there for 10-plus years are coming home and Brisbane is benefiting.”

The riverfront peninsula of New Farm also recorded spectacular growth over the 2.5-year period to May, with prices in the prestige suburb increasing by 43 per cent to sit at $2.2m.

Footy star Darius Boyd recently sold his home at 6A Agars St, Paddington, for $4.2m.

Outside of these exclusive suburbs, more big-ticket sales are being recorded. Rugby league star Darius Boyd recently sold his home at 6A Agars St, Paddington, with the help of Mr Davies, while Mr Lancashire transacted a Shaun Lockyer-designed home on the river at Fig Tree Pocket for $9m.

Prestige agent Jason Adcock said it was currently easier to sell a home valued at between $5m and $15m than one between $2m and $3m.

“It simply comes down to supply and demand,” the principal of Adcock Prestige said.

“There are just so many buyers and not enough stock.”