The number of prestige homes sold in Brisbane has more than tripled since 2019, with 38 homes sold in 2021 for between $5 million and $20 million.
In 2020, that number was 22, which was double 2019, which saw 11 prestige homes sold.
PS Property Advisory buyers’ agent Belinda Shields said the river city’s high-end prestige market had “come of age” in 2021, with cashed-up buyers making their mark.
But Ms Shields said it wasn’t just the sheer number of transactions that had made 2021 a watershed year for the sector.
“One of the most striking elements is that far more Brisbane locals are purchasing at this price level,” Ms Shields said.
“High-end prestige is no longer just within the realm of interstate, expat and foreign national buyers in Brisbane.”
According to Ms Shields, the rapid increase in high-end sales showed the city’s market, and its local buyers, had matured.
“They’re confident of spending significant money in the property market,” she said.
“One of my agent contacts said in the current market, it’s easier to sell a property between $10 million and $20 million than it is to sell a property between $3 million and $5 million because there are just so many cashed-up prestige property buyers around.
“I recently purchased a prestige property in Indooroopilly, breaking all previous records, for a Brisbane-based family. We were one of four competing bids, two of whom were local and two from out of town. That property sold within seven days of being listed.”
Ms Shields said the Brisbane high-end prestige market had traditionally been ruled by buyers from across the border, as well as returning expats or foreign nationals.
“But locals are now increasingly meeting the market. They’ve grown accustomed to this new upper-level price point and have become a competitive force in ultra-luxe real estate.”
Ms Shields said the market had breached a psychological barrier with plenty of sales exceeding $10 million this year.
“This is a market sector where buyers are often not price sensitive,” she said.
“If they find a property that meets their wants and needs, then they’ll do what it takes to secure it.”
Ms Shields said despite signs of cooling markets in Sydney and Melbourne, she saw nothing but upside for Brisbane’s prestige sector.
“We are the current go-to market for high-net worth buyers,” she said.
“As borders come down, we’ll see an influx of these ultraluxe buyers. Interstate and overseas migration is set to skyrocket, and our upper end will lift further.”
Ms Shields said in the past, the challenge for those with tens of millions to spend was finding stock.
“For a long time, it was considered Brisbane didn’t have the calibre of stock to justify these prices, however, a combination of factors has remedied this.
“Queensland’s status as a relatively COVID-free jurisdiction has improved our standing both nationally and internationally among buyers.
“In addition, low interest rates have bolstered business confidence – a source that feeds directly into the hip pockets of these high-net-worth buyers.
“There’s also no denying the 2032 Olympic announcement, and the inevitable international spotlight it will shine on our city, has boosted our cache with buyers.
“Our time has come with river frontages, large estates close to the city, elevated views, high-end architecture, comprehensive facilities and classic restorations all finding appeal.”
2021 Brisbane $10 million-plus sales
Indooroopilly for $12 million
A record sale for the suburb. A 6020 square metre, flood-free, riverfront site positioned 8km from the CBD.
The property offers six-bedroom, five-bathroom, six-car accommodation across a two-level architectural home that incorporates high-end fittings, fixtures and finished throughout.
Features include sunken lounge, 5-metre ceiling, open wood burning fireplace and terrace and pool with river views, billiards room, separate media room Balinese inspired gardens, tennis court and pavilion.
King Arthur Terrace, Tennyson for $12.5 million
A 3593 square metre riverfront site improved with a large three-level main home, separate guest’s residence, detached office/gymnasium building and a boat pavilion.
The home is of opulent design with marble flooring and benchtops, coffered ceilings, 12-seat cinema and wine bar. The property includes an inground pool with terrace, tennis court and jetty, and has views across the river to Indooroopilly Golf Course.
Markwell Street, Hamilton sold 04 March 2021 for $12 million
A 2456 square metre block high on Hamilton Hill, with a huge six-bedroom, five-bathroom, four-car home. The property includes a three-level main house, as well as a second detached residence.
This is a Shaun Lockyer designed renovation that includes a wraparound pool with city views. Total living area is 858 square metres internal and 269 square metres external.
Leopard Street, Kangaroo Point sold 28 May 2021 for $12.75 million
Historic home Lamb House provides for a 3146 square metre, eight-allotment site with picturesque city views from the top of Kangaroo Point cliffs.
The historic two-level Federation era red brick residence home was in poor repair, but has been bought by local identities, Jane Wilson and her husband, stockbroker and Racing Queensland chair, Steve Wilson who intend to spend several million dollars renovating the property.
Yabba Street, Ascot sold 21 May 2021 for $11.75 million
A circa 1920s Queenslander home with all the classic features all set on a 2475 square metre allotment.
The property features six-bedroom, five-bathroom accommodation, and was extensively renovated. Ancillaries include pool, tennis court and manicured grounds.
Leopard Street, Kangaroo Point sold for $15 million
This cliff-top home held the record as Brisbane’s most expensive sale when it sold for $18,488,888 in January 2017.
The property has arguably Brisbane’s best city view and provides six-bedroom, six-bathroom, five-car accommodation across three levels. The home includes a climate-controlled wine cellar and tasting room, fully equipped gym and steam room, as well as a cinema.
Sutherland Avenue, Ascot under contract for $10 million
A five-bed, four-bath colonial home on a 3035 square metre site. The vendors were the White family, founders of the Ray White real estate organisation.
The property incorporates a tennis court, pool and gardens. The home includes classic colonial features throughout.