Number of absolute riverfront sales in Brisbane down but prices go through roof
Short supply has seen only 17 absolute riverfronts sales this year but combined they are worth over $84m as desirable spots continue to fetch high prices.
The number of sales along Brisbane’s prized riverfront was tempered through the first half of the year but that did not stop the cost of desirable spots from hitting new price records.
Short supply was a leading factor in only 17 absolute riverfronts sales in the year to date, worth a total of $84.575m. However, when broken down to an average sale price, it was 21.6 per cent above last year, sitting at $4.975m.
The housing boom and interstate migration meant 78 absolute riverfront properties sold in 2021, totalling $319,116,500, or an average of $4,091,237.
Strength in the top-end apartment market also appears to be on track to have substantial turnover, with higher average prices this year compared to last.
So far this calendar year, 42 sales totalling $149.37m have been settled, compared to last year’s full-year 65 sales, which achieved $205.888m. Johnston Dixon expect more sales to occur before year’s end.
Johnston Dixon riverfront director Josephine Johnston-Rowell said with the arrival of spring, where traditionally most sales for the year were made, it would be interesting to see how the numbers fared for the rest of the year.
“Generally, as the settled sales data shows, the river market in the first half of the year performed well, and particularly well given the latest flood event and the multiple interest rate rises, the latter, which for the broader market, but seemingly less so on the river having somewhat tempered last year’s hyper-positivity,” she said.
The most significant sale of 2022 so far was the $10.505m deal struck on 80 Uhlmann St in the southside suburb of Hawthorne.
The property with an absolute waterfront, built by local developer Tom Dooley and wife Emily, featured 3m-plus high ceilings, Pietra grey marble slab floors and a Chambord limestone feature wall.
A historic home perched on the edge of Hamilton Hill was snapped up for a cool $7m, proving to be the most expensive sale this year for riverside properties – those without direct river access. It is listed for rent at $1500 a week.
The highest price paid for a riverfront apartment was $10m paid for a 738sq m pad in the Cutters Landing development at 1821/22 Refinery Parade, New Farm.
The peninsula suburb recorded 11 unit sales within the period.
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