The prestige property market across Brisbane is currently robust, reflecting broad-based gains in line with the general market. Today, we will uncover the key submarkets that define Brisbane’s prestige property landscape.
Riverfront Market
The riverfront market has experienced some very strong sales over the past 18 months, particularly in New Farm. Notably, Amity House on Welsby Street set a new record for Brisbane with a sale price of $20.5 million. This large riverside site features a heritage-listed, but modest character home. Another nearby property, a prestige residence, recently sold for $18 million. Both sales were made to local business owners looking up upsize, setting new benchmarks for top-tier values in Brisbane.
In the next value band of $8-$15 million, the Bulimba/ Hawthorne market which has seen a recent $12 million sale of a prestige property and strong demand for current listings. The riverfront market is tightly held, with only a small number of listings at any one time and interest in these listings is strong.
Grand Old Character Homes
The prestige market for large land holdings with grand, character-filled homes has also been active, predominately in Ascot, Clayfield and Hamilton. These traditional suburbs are seeing long-term generational owners downsizing into large modern units on the Gold Coast, in the City, or in Noosa. As a result, all of these markets are seeing strong activity. We recently valued a magnificent character home on an acre of land in a prime street which set a record for non-riverfront properties, selling off-market for $15 million to a local business owner.
Rising Stars
The rising star award is the $5 - $10 million value band, the most notable growth area. This sector includes extended or renovated character, as well as newly built modern houses in suburbs that historically haven’t seen much activity in this price range. The inner 7 km radius of Brisbane is the primary beneficiary, with cash-rich buyers focused on properties offering views, high-quality design, and proximity to good schools.
This new value level has allowed rockstar designer builders, such as Graya, to create innovative, striking houses that will quickly become trophy homes. Some of these homes have sold for up to $11 million in several transactions around the city, adding to the sense that Brisbane’s prestige market is truly coming of age. Given that it can take 3-4 years for a buyer to source land or an older home, design, and build a large prestige house, high-quality, ready-to-move-in properties have been attracting a premium.
Prestige Units
Probably the strongest value growth has occurred in the prestige strata-titled unit market. The perfect storm of cashed up buyers through interstate migration, downsizers and new money are fighting over ever diminishing stock levels. The sharp rise in construction costs has impacted this sector the most, with many developments being shelved or delayed, leading to what has been coined as FOC (Fear of Completion).
It is becoming more common that developers are going to buyer’s mid build and asking for increases in sale prices and buyers accepting this as there is little else to choose from.
In summary, the Brisbane Prestige market is coming of age with buyers recognising the city’s huge potential. The local economy is solid and growing, and the city offers excellent lifestyle options, top-tier schooling, and infrastructure that is largely keeping pace with growth.
While the market remains capped at around $20 million, with only the most exceptional properties exceeding that value, Brisbane continues to offer relative value compared to Sydney and Melbourne.