Queensland’s Brisbane River market has sustained its fastest recovery in history
Queensland’s Brisbane River market has sustained its fastest recovery in history, with the total value of all riverfront houses selling last year the second-highest on record.
Queensland’s Brisbane River market has sustained its fastest recovery in history, with the total value of all riverfront houses selling last year the second-highest on record.
There were 47 absolute riverfront sales in 2023, well up on the 32 achieved in 2022, but significantly down on the 68 sales recorded in the bumper year of 2021, according to the 2024 River Report from agents Johnston Dixon.
The average absolute riverfront house price was also slightly down from 2022’s record of $4.8m, at just under $4.5m in 2023.
But in recent months Brisbane sustained its first $20m-plus river sale with the $20.5m paid for the historic circa 1892 “Amity House” on more than half an acre of land fronting 101A Welsby St, New Farm.
Releasing the 2024 River Report, Johnston Dixon said the Brisbane market was recording the fastest recovery since the 2022 flood.
“Despite the 2022 flood event and against the broader economic flow, the past year saw high sales volumes and multiple record or near-record-high individual property and average sale prices, including a record equalling three riverfront house sales over $10m,” said Johnston Dixon riverfront director Josephine Johnston-Rowell.
Sales volume increases were particularly pronounced for more expensive properties valued at more than $2m, and even more so for homes in the $3m-plus range.
Brisbane’s top-performing river suburb for the year was Chelmer, with 11 riverfront sales totalling $43m. The trendy inner suburb of West End had five absolute riverfront sales during the year, as did Moggill, which is further out. There were no riverfront sales recorded in Anstead, Dutton Park, Jindalee, St Lucia or Toowong in 2023.
However, the suburb with the highest sales average, at more than $9m, was Hawthorne, which achieved a record high average price.
Also setting a record high average price this year, of just over $3.5m, were the sales of riverside houses, described as houses by the river but without direct water frontage.
A further high for the year was the record 71 apartments that sold at prices of more than $2m in and around the popular suburb of New Farm, which reaped the lion’s share of sales.
New Farm recorded 32 riverfront apartment sales, valued in total at $125m, followed by 16 in Kangaroo Point valued at $51.2m, and five unit sales in Brisbane City valued at a total of $12.15m. The highest sale was the $12.1m for a 400sq m-plus apartment in Argyle fronting 49 Maxwell St, New Farm, followed by the $8.75m for a 607sq m apartment in L’Etage fronting Moray St, New Farm.
Ms Johnston-Rowell said central to the market performing so well had been the greatly increased net migration inflows into Brisbane, largely from interstate but also from overseas.
“Always a key factor for the river and particularly with absolute riverfront property is diminishing supply in the face of burgeoning demand, as each year Brisbane’s already very limited number of absolute riverfront holdings shrink as they are lost to riverfront parks and developments. At the same time, the city’s population continues to grow,” she said.
Despite the rising prices and volumes, there are still waterfront properties available.
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