Brisbane continues its stellar run in mainstream real estate with reports confirming that 90+ properties have sold for prices in excess of $3 million over the last 12 months till June, 2017. The Place Advisory Report, concentrating on the luxury real estate segment, has stated that 25 apartments and 66 homes in Brisbane have sold for prices exceeding $3 million in this period. New Farm has contributed hugely to sales with 8 such transactions over the last year while the highest average price has been witnessed in Hawthorne and this is $5,472,500.
In spite of the positive tidings for the luxury housing market, the report states that unit average prices did not go up majorly over the last 10 years in spite of sales volumes steadily growing every year. The average house prices went down by 4.5% in this period to stand at $3,984,507 while apartments witnessed an increase of 9% in prices in the same period and prices stand at $4,123,126. Most of the luxury properties sold were located near the Central Business District (CBD) in Brisbane or along the Brisbane River.
Recent transactions include $3.2 million shelled out for a riverfront home located at McConnell Street in Bulimba and this 5-bedroom home is located on a 751 sq. meter block along with offering river frontage of a whopping 18 metres. There is a private jetty available as well. Newstead also witnessed 6 sales of apartments in this period and these sold in excess of $3 million each with the average sale price for this suburb standing at $4,160,333. According to the report, sales have steadily gone up from 2012 onwards in case of luxury apartments.
The report also talked of there being a temporary lack of supply of adequate high-end housing options and this may have driven up the prices majorly along with overall competition in the segment. The average prices for the suburb and sales prices remain pretty steady in spite of a lower number of sales of high-end properties. The luxury housing market in Brisbane has been further buoyed with the interest from several expats who are shifting back to Australia with a growing interest in the lifestyle prospects of southeast Queensland according to the report.