Tens of millions of dollars worth of prime real estate is up for grabs as sellers who have held on to their ritzy riverside pads take advantage of an increase in demand and record sale prices.
House prices in Brisbane’s flood prone suburbs are outperforming the rest of the city, with the 2011 disaster now a distant memory for many home hunters.
Data from property researcher, CoreLogic, reveals many of the suburbs affected by the Brisbane floods have achieved double digit house price growth in the past five years.
New Farm achieved the biggest jump in house price growth in that period — climbing nearly 74 per cent compared to the Brisbane average of 20.9 per cent.
House prices in Corinda have increased by nearly 52 per cent in the past five years, followed by Norman Park, with 46% growth, and Hawthorne, which is up 36 per cent.
A riverfront mansion at 110 Virginia Ave, Hawthorne, fetched $11.128 million in July in the biggest home sale of 2018 so far in Brisbane.
Adcock Prestige principal Jason Adcock, who is marketing more than 10 riverfront properties in Brisbane at the moment, said demand for riverfront homes was “incredibly high” and they held strong potential for further capital growth.
“The prices we’re achieving for these properties at the moment are better now than what they were pre-floods and some of the prices being achieved are breaking records,” Mr Adcock said.
“There are only 850 absolute riverfront properties in
Brisbane and they’re not making anymore.
“In fact, it’s a diminishing supply because they’re getting rid of some and building units and high rises, so I see some incredible capital growth in riverfront property over the next three to five years.”
Mr Adcock said a quarter of his riverfront sales were to interstate buyers or expats.
“They’re coming home to get that beautiful trophy home and put their kids through their remaining years of high school,” he said.
“Some of these properties they’re buying sight unseen based purely on the video and engaging buyers agents to do it for them.”
Mr Adcock said many riverfront property owners, who had been putting off selling over the past five to seven years, were now looking to list because of recent sales.
“They’re confident they can get a great price and sell in a timely manner,” he said.
Jane and Brian Riggall are selling their riverfront property at 27 Sutton St, Chelmer, after seven years.
The four-bedroom, four-bathroom house is on two lots spanning 1750 sqm of absolute riverfront land.
It comes with a championship tennis court, a cabana-style studio overlooking a pool and a 12m pontoon with private jetty.
“It’s open, light and breezy with gorgeous views,” Mrs Riggall said.
“We have no neighbours — just a serene, low-stress outlook of the Brisbane River.
“And, it’s only 20 minutes from the CBD, so what’s not to like?”
Universal Buyers Agents director Darren Piper said there was a significant shift downwards in prices for homes in flood-prone suburbs in the aftermath of the 2011 floods, but that had turned around.
“You would think that the perception among buyers would be to continue to see these areas as risky or negative, but anecdotally we’ve seen the complete opposite,” Mr Piper said.
“Some of these areas, particularly around the western suburbs, are skyrocketing, seeing some of the best price growth in years.
“Before the floods these areas were seeing record high prices, now is a great time to buy while prices are still on the rise.”
Mr Piper said those areas would continue to be sought-after because of the benefits of riverside living.
But he did warn buyers to weigh up the risks and do their homework to find out how insurance costs, potential maintenance costs and ongoing concerns could affect their investment long term.
10 OF THE BEST WATERFRONT HOUSES ON THE MARKET
1. 27 Sutton St, Chelmer
4 bedrooms, 4 bathrooms, 2 cars
Price guide: Auction
2. 63 Longman Tce, Chelmer
5 bedrooms, 3 bathrooms, 3 cars
Price guide: For sale
3. 165 Laurel Ave, Chelmer
5 bedroom, 6 bathrooms, 4 cars
Price guide: For sale
4. 11 Timaru Cl, Westlake
4 bedrooms, 4 bathrooms, 3 cars
Price guide: Contact agent
5. 9 Joseph St, Sherwood
4 bedrooms, 3 bathrooms, 2 cars
Price guide: Auction
6. 11 Morley St, Chelmer
4 bedrooms, 4 bathrooms, 2 cars
Price guide: Auction
7. 31 Ivy St, Indooroopilly
4 bedrooms, 3 bathrooms, 2 cars
Price guide: Auction
8. 51 Orleigh St, West End
4 bedrooms, 3 bathrooms, 4 cars
Price guide: Auction
9. 22 Wynnum Rd, Norman Park
3 bedrooms, 2 bathrooms
Price guide: Auction
10. 29 Neulans Rd, Indooroopilly
5 bedrooms, 3 bathrooms, 4 cars
Price guide: Auction
Related articles:
10 OF THE BIGGEST WATERFRONT RESIDENTIAL SALES OF 2018 IN QLD
1. 23 Webb Rd, Sunshine Beach $18m
2. 46 Seaview Tce, Sunshine Beach $15.2m
3. 9 Hedges Ave, Mermaid Beach $12m
4. 110 Virginia Ave, Hawthorne $11.128m
5. 33 Moray St, New Farm $11.3m
6. 33 Maxwell St, New Farm $8.5m
7. 17 Ningana St, Fig Tree Pocket $5.1m
8. 127 Laurel Ave, Chelmer $5m
9. 46 Knightsbridge Pde East, Paradise Point $5.4m
10. 36 Seaview Tce, Sunshine Beach $5.2m
(Source: realestate.com.au and CoreLogic)
HOUSE PRICES IN 10 OF BRISBANE’S FLOOD PRONE SUBURBS
Suburb Median house price %age growth in 5 years
1. New Farm $1.695m 73.8%
2. Corinda $795,000 51.7%
3. Norman Park $975,000 46.1%
4. Bulimba $1.29m 39.7%
5. Fig Tree Pocket $1.2m 38.7%
6. Hawthorne $1.18m 36.4%
7. Yeronga $822,000 30.5%
8. Indooroopilly $870,000 28.9%
9. Auchenflower $1.07m 28.6%
10. Fairfield $700,000 28.5%
source: news.com.au