Brisbane luxury property taking hits

Brisbane’s luxury real estate has taken a bit of a hit of late with a number of properties selling below previous sales prices.

1 Leopard Street, Kangaroo Point, sold for under $16m having been purchased by its Chinese vendor in 2017 for $18.5m.

Brisbane’s luxury real estate has taken a bit of a hit of late with developer Don O’Rorke’sHarbour Road, Hamilton, masterpiece by architect Shaun Lockyer selling for $2.8m less than it did six years ago. O’Rorke, chief executive and chairman of Consolidated Properties, which recently bought the $43.5m ABC riverfront site at Toowong, developed the riverfront mansion. He sold it in 2015 for $11.8m. It recently sold for $9m.

Similarly, Brisbane’s most expensive house at 1 Leopard Street, Kangaroo Point, sold for under $16m having been purchased by its Chinese vendor in 2017 for $18.5m. The new owner is Brisbane Broncos chairman and Ord Minnett chief executive Karl Morris.

On the Brisbane River, Keith Lloyd has sold a near 10,000sq m site for just $15m. Although the site features the heritage-listed Shafstone House at the rear, Brisbane agents said a similar waterfront site in Sydney would go for between $50m and $60m.

Historic gateway to Avalon

New York-based expats have purchased an Avalon Beach property on Sydney’s Northern Beaches for $3.11m ahead of its auction today. The historic property, fronting 26 Hilltop Road, Avalon Beach, was sold by retired schoolteacher Christine Tait after more than 50 years’ ownership. Positioned on more than 700sq m, the selling agent, McGrath Pittwater’s Jonathan Fletcher,had put a price guide of $2.9m on the
1936-built house known as Sandyhurst. It features four bedrooms and three bathrooms.

More to go at Mission Beach

Mission Beach, just south of Cairns, has hit the headlines once again with receivers McGrathNicol tipping a second lot of properties, once controlled by the collapsed Mayfair Group, up for sale. Six residential houses and eight vacant residential lots have hit the market, including a vacant beachfront block at 78 Reid Road, Wongaling Beach. Ray White Mission Beach and Tropical Property are handling the campaign. This release follows the sale of 13 of Mayfair’s 14 properties in the first tranche. Apparently lots of the buyers, particularly of the more expensive homes, hailed from NSW. Meantime, James Mawhinney, the Mayfair founder, has relocated from Melbourne and is living in Mission Beach — telling locals that he still proposes to pull the operation back together.