Brisbane’s residential housing market is booming and experts tip the current sale price record could be broken by the end of the year. Picture: Richard Walker.
BRISBANE’S prestige property market is on the cusp of hitting new heights, with another eyewatering residential deal prompting industry insiders to bet the city’s record sale price will be broken by the end of the year.
The largest inner-city land holding in the Queensland capital has fetched $14.5 million in a cash unconditional sale to richlister Brian Flannery, who plans to use the property for not-for-profit purposes.
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This property at 371 Simpsons Rd, Bardon, has just sold for $14.5 million.
The 14.8ha site just 5km northwest of the CBD at 371 Simpsons Road, Bardon, has been owned by the Sisters of Mercy since the 1950s, and boasts 360 degree views towards the CBD, Mt Coot-tha and Moreton Bay.
The property was marketed by Mike Walsh and Peter Court of Cushman & Wakefield, who declined to comment on the sale.
Richlister Brian Flannery has emerged as the buyer of Brisbane’s largest inner-city residential land holding. Photo: Inga Williams.
It’s understood multiple offers were made, with interest coming from high net worth individuals, non-profit organisations, schools and residential developers.
Mr Flannery, a mining engineer and managing director of White Energy, declined to comment when contacted by The Courier-Mail.
The 14.8ha site, just 5km from the CBD, as seen from above.
It comes a day after it was revealed the Sunshine Coast hinterland home of Brisbane developer Brook Monahan of Mosaic Property Group had sold in just 10 days to an undisclosed buyer.
Industry sources say price expectations for the Maleny property were for between $15 million and $17 million, but Mr Monahan declined to disclose the sale price.
This property, ‘Two Roads’, in Maleny, owned by Mosaic Property Group founder Brook Monahan, has sold.
The two sales have added to the momentum building in the prestige property market, with the industry abuzz with confidence in the wake of Covid and Brisbane hosting the 2032 Olympic Games.
New research from Place Advisory reveals Brisbane’s $3 million-plus market has increased in price by 729 per cent in the past decade, and 21 per cent in a year.
The suburbs that have seen the biggest increase in $3 million-plus sales in 10 years include Bridgeman Downs and East Brisbane, where a riverfront mansion at 29 Laidlaw Parade is on the market with $15 million price hopes.
This property at 29 Laidlaw Parade, East Brisbane, is expected to fetch big dollars.
Jason Adcock of Adcock Prestige said it was likely Brisbane’s $20 million sale barrier could be breached in the coming months.
Mr Adcock said he was working with three buyers — from Singapore, local and interstate — who were prepared to spend more than $20 million on a Brisbane home.
“The most expensive property sold in Brisbane to date is 1 Leopard St, Kangaroo Point which changed hands in 2017 for $18,488,888,” Mr Adcock said.
This property at 1 Leopard St, Kangaroo Point, holds the Brisbane residential sale price record of $18.48 million.
“Just a few years ago it was unusual for a house to sell for more than $10 million, but that’s not unheard of now.”
Mr Adcock said there were “plenty of properties in Brisbane which are actually worth more than $20 million”, but they were not for sale.
“I think some of the owners of these properties may decide now is the time to sell and test the current strength of the market,” he said.
“Buyers are already paying well above the odds for some properties, as demand is so strong and supply is so tight.”
This property at 14 Zelita Street, Moggill, is on the market with $12 million price hopes.
Cohen Handler buyer’s agent Jordan Navybox, whose company purchased $41 million worth of property across Queensland for its clients in July, predicts Brisbane’s residential market will reach new price heights — especially in the wake of winning the 2032 Olympic bid.
“More and more people will want to live in Brisbane and enjoy the lifestyle it has to offer,” Mr Navybox said. “When you tie in this lifestyle, with the economic multipliers generated by our Olympic win, demand will only increase for Brisbane property — especially property within the inner-city ring.”
Mr Navybox said one of the reasons Brisbane’s residential sale price record had not yet been broken was because there were few options for sellers.
This property at 23 Killara Ave, Hamilton, is on the market with $15 million price hopes.
“I know there are houses that range between $20 and $40 million in Brisbane that are well worth that value, however, they will not trade because where does the owner go?” he said. “What do you buy when you sell that?”
Prestige agent Heath Williams of Place Estate Agents said he was about to list a property in Chandler that would test the Brisbane sale price record, but could not reveal details just yet.
Mr Williams said spending more than $10 million on a property in Brisbane was almost unheard of up until recently.
“I think the $10 million to $20 million price range is really coming into the foreground now,” Mr Williams said.
The post Exclusive: Richlister pays $14.5m for Sisters of Mercy Brisbane site appeared first on realestate.com.au.
A Brisbane richlister is behind the latest eyewatering residential deal as industry insiders tip the city’s record sale price will be broken by year end.
The post Exclusive: Richlister pays $14.5m for Sisters of Mercy Brisbane site appeared first on realestate.com.au.