BRISBANE’S luxury property market continued to break records in 2016 with the top sale predicted to spur on the high end market.
The most expensive property sold this year was a $10.5 million riverfront house at Welsby St, New Farm.
The off market deal broke that suburb record which previously sat at $8.3 million.
Property records reveal the home was bought in April by Fzic Pty Ltd of which Vita Group chief executive Maxine Horne is a director.
With the big price tag comes a big home with four bedrooms and four bathrooms and right on the Brisbane River front. Since the sale it had been advertised for rent for $2900 a week.
Judy Goodger and Damian Hackett of Place connected the buyer and seller as the home had not been up for sale at the time.
Mr Hackett said the deal was a good sign for the high end of the market which was picking up.
He said with that $10 million barrier breached a couple of times in Brisbane now he thought it would become more common.
“There is a number of properties that exist in Brisbane that have cost a lot more, in that $10 million and $20 million bracket to get there. Where people have bought land and built properties but they have never transacted. I think that in the years to come there will be a lot more properties sold in that $10 million to $20 million bracket.
“I’d go as far to say that Brisbane really represents good value in the upper end and that is why I would expect the regularity of $10 million to $20 million dollar sales will only increase.’’
Mr Hackett said what made the Welsby St property particularly appealing was that there were very few houses on that stretch of the river.
“If you want to be in that part of town, it is very limited supply and we knew that potentially while the (house) wasn’t for sale they (the former owners) may potentially sell if the right person came along.’’
Just a few weeks before that sale, across the river at Sutherland Ave, Ascot, Dominos pizza head Don Meij paid $8.615 million for a six-bedroom home.
It was previously owned by FoneZone co-founder David McMahon and his wife Tracey.
The Hamptons-style home was in the heart of an area considered the dress-circle of Ascot.
It is on a 2024sq m level block of land and has a formal lounge and dining rooms, casual living, entertainment/billiard room with wet bar and cellar and a home office plus a swimming pool.
In October the sale of a Fernberg Rd, Paddington home, for $5.3 million broke the street record but not the suburb record.
The tri-level home has city views, an expansive entertainment wing opposite the children’s bedrooms and an ensuite attached to the master bedroom which was designed to feel like “a luxury day spa’’.
On the same weekend that property sold at auction, another of Brisbane’s top sales went under the hammer.
The home of one of Australia’s most respected developers, the late Sir John Pidgeon sold for $5.225 million, breaking the Holland Park sale price record.
The property, know as Lamb’s Estate was on a massive 5275sq m on the hill at Otway St, Holland Park.
It had five bedrooms, 11 ft ceilings, chandeliers, jarrah parquetry floors and a fireplace with an authentic George III white marble inlaid chimney piece. There was also a tennis court.
A home in the eastern suburbs rounded out the top five sales for 2016, with the Scott St, Hawthorne property changing hands for $5.18 million in April.
The contemporary riverfront home and had four bedrooms, formal and casual living spaces plus a waterside bar.
The Brisbane unit market fared well during the year as well with the top sale a unit in the Mirvac Pier building at Newstead.
The four-bedroom unit sold in September for $6.2 million. It was previously owned by Mackay developer John Cowley and his wife Rhonda.
While a substantial price for a unit, it was by no means the record for the area.That record of $14.25 million for an off-the-plan purchase in the same development at the height of the property market in 2008 is expected to remain for some time.
2016 TOP BRISBANE SALES HOUSES
Welsby St, New Farm $10.5 million (April 2016)
Sutherland Ave, Ascot $8.615 million (March 2016)
Fernberg Rd, Paddington $5.3 million (Oct. 2016)
Otway St, Holland Park $5.225 million (Oct. 2016)
Scott St, Hawthorne $5.18 million (April 2016)
2016 TOP BRISBANE SALES UNITS
Newstead Tce, Newstead $6.2 million (Sept 2016)
Moray St, New Farm $5.7 million (June 2016)
Tristania Drive, Bardon $3.485 million (Sept 2016)
Wynnum Rd, Norman Park $3.45 million (May 2016)
Newstead Tce, Newstead $3.19 million (Feb. 2016)
Originally Published: http://www.realestate.com.au/