Spring property market kicks off: Mansion with secret bar sells for $12m

A Brisbane property with a hidden bar and recording studio has sold in a pre-auction deal believed to be $12m as the spring property market kicks off.

The six-storey property at 35 Morgan St, Ascot, with sweeping views over the Brisbane River and CBD.

A Brisbane property with a hidden bar and recording studio has sold in a pre-auction deal believed to be $12m as the spring market kicks off with a plethora of homes for buyers to choose from.

The six-storey property at 35 Morgan St, Ascot, with sweeping views over the river and CBD all the way out to Mt Coot-Tha was snapped up prior to the auction, which was slated for this weekend.

Ray White New Farm agent Matt Lancashire only listed the property three weeks ago and would not confirm the sale piece. While several sources have told The Australian a range of prices, it is understood the deal was struck at $12m.

The secret speak-easy is accessed via a bust of Shakespeare. Picture: Supplied

It comes as the market capped off the busiest winter for new listings in five years, setting up for an abundant early Spring.

PropTrack’s latest figures showed new listings nationally on realestate.com.au were up 9.9 per cent over the month of August. This brought new listings up 20 per cent year-on-year, although this is compared to a period when Sydney, Melbourne and Canberra were in lockdown.

PropTrack economist Angus Moore said there had been a “notable change” heading into this spring compared to last year is that buyers have more properties to choose from.

“The wave of new supply coming to market over the first half of the year, coupled with longer sales times, has lifted the stock available on market and helped make conditions a bit less competitive for buyers,” Mr Moore said.

“While market conditions have changed, the fundamental drivers of demand remain strong, with unemployment very low, wages growth expected to pick up over this year, and international migration increasing. With that in mind, we’d expected to see activity pick up over the next few months as we head into the typically seasonally busy spring season.”

All capital cities recorded more new listings in August than in July, with Sydney (up 16.1 per cent), Melbourne (up 13 per cent) and Hobart (up 17.2 per cent) experiencing the biggest month-on-month increases.

Regional markets also began to bloom ahead of spring, with new listings picking up 7.9 per cent in August compared to July.

The Ascot property is sprawling, with six bedrooms, six bathrooms and a bunker-like garage with a 45m driveway. The private bar and gaming room is hidden by a false wall, which slides across when a button is pressed within the head of a bust of Shakespeare.

Mr Lancashire said the number of buyers in the top end of the market far exceeds the number of homes available at a prestige price point.

“Negotiations were not a one-horse race,” said the leading luxury agent.

“As people talk about the heat coming out of the market, from what I’m seeing, that is totally not happening.”

The game’s room has its own bar with beers on tap and a recording studio. Picture: Supplied

Across the border market, buyers have more choices as new listings rise. Property prices have come back from the highs observed around the country at the start of year before interest rates rapidly rose.

Nationally, fewer buyers are looking for properties, which is reflected in auction clearance rates of between 50 per cent and 60 per cent in recent weeks. Many of Australia’s most desirable regions through the pandemic have recorded significant pullbacks.

The double-figure sale of the Brisbane address is still well off the highest price achieved this year – a near 1ha estate at 673 Musgrave Road, Robertson, which a developer paid $17.25m for in March.

The River City’s all-time record was set in 2016 when 1 Leopard St on the cliffs of Kangaroo Point was sold for $18,488,888. It was sold again to Broncos chairman Karl Morris last year for $18m.

Accessing the garage feels akin to a Bond film. Picture: Supplied