The year isn’t over yet, but already Brisbane, and Queensland overall, has racked up some eye-watering sales.
The latest Herron Todd White Month in Review November report has taken a look back at some of the state’s biggest sales so far this year, and the sale of a Tennyson mansion, which was home to Brisbane Broncos chairman Karl Morris, looks poised to take the top sales gong for the year.
The Courier Mail exclusively revealed that the sprawling estate at 1 King Arthur Terrace sold off-market for more than $16 million last month, the city’s second highest recorded single residential sale.
At the time Morris, who would not be drawn on the exact sales price, said it had sold to a local family.
But it was not the only headline-making sale of the year in Brisbane.
The report also highlighted the sale of 95-99 McConnell St at Bulimba, which sold under the hammer for $8.4 million, equalling Brisbane’s highest ever residential auction record set a decade ago.
Again, the sale was exclusively revealed by the Courier Mail, with Place Bulimba agent Sarah Hackett saying the battle for the riverfront beauty came down to two eager local buyers.
But it wasn’t just detached houses that attracted some jawdropping prices this year, with a stunning, two-level penthouse at 10/170 Bowen Terrace in New Farm, selling for $6 million.
“If you’ve got deep pockets and are on the hunt for something special, then here are a few current listings worth checking out,” the report said.
Among those eyecandy listings is the Shaun Lockyer-designed 33B Harbour Road at Hamilton, which is for sale by negotiation.
Originally built for Brisbane property developer Don O’Rorke, of Consolidated Properties, it sold for $11.8 million back in 2015, setting a new price record at the time.
Another record-breaker at 1 Leopard St in Kangaroo Point is also back on the market, after setting the current price record when it sold for a wallet-draining $18.488 million in 2016.
But the high-end sales were not just confined to the inner-ring, with a house dubbed the “ultimate entertainer” at Stafford selling for $3 million in June.
On the Gold Coast, the report said beachside and waterfront suburbs attracted interest from “far and wide” this year.
“One of the highest penthouse sales in recent years occurred in February 2019 for $8.6 million, comprising the top two floors of an eight level absolute beach front building known as Sea and located at 3533 Main Beach Parade, Main Beach,” the report said.
A Sovereign Islands mansion with an eight car basement garage that sold for $6.3 million in March, a riverfront, Hamptons-style home at Southport that sold for $7 million and a Paradise Waters residence that sold for $7.975 million also got a top mention in the report.
But those sales could be eclipsed by what is currently listed for sale on the Gold Coast.
Alex Phillis of Alex Phillis Real Estate is marketing arguably the sale of the year – a seven bedroom, palatial mansion at Sovereign Islands that is listed for US$30 million. That’s north of $43 million in Aussie dollars.
Also for sale on the Gold Coast is 17 Hedges Avenue at Mermaid Beach, which is listed for $12.5 million, and Te Moana at 255 Monaco Street at Broadbeach, which is seeking an offer over $12.95 million.
On the Sunshine Coast, it will be hard to beat the record-breaking year that was 2018, when a Sunshine Beach mansion sold for $18 million.
But there have still been strong sales in the prestige market this year, the report said.
Among them was the $7.1 million sale of 54 Noosa Parade, the riverfront residence at 31 Carwoola Crescent in Mooloolaba (under contract for $4.725 million), and the record sale of a Noosa unit.
That three bedroom apartment sold for $8.25 million, or $33,119 per square metre, in August.
But even that sale could be squashed if a Noosa Heads apartment achieves its sought after price, which is north of $11 million, or a Mooloolaba penthouse flips for its $12 million asking price.
“For units, the larger permanent occupancy style product remains most popular,” the report said.
In the regions, the prestige market is also looking promising.
After 12 months in recovery mode after the mining downturn, high-end properties in Mackay are gaining traction.
“On the prestige front, we have seen a variety of properties sell, with the majority of sales around $1.2 million give or take $50,000,” the report said.
“The jewel in the crown however belongs to the sale of 30 Beach Road, Dolphin Heads for
$1.73 million. This property comprises a large architecturally designed dwelling on absolute
beach front … and represents the highest sale recorded in Mackay in the past 12 months.
“Local agents report good interest in prestige property, however a lack of high quality stock
is currently holding the market back.
“One way we have seen around this is the increase in new construction of prestige dwellings.”
In the beef capital of Rockhampton, the “longstanding price ceiling of $1.5 million” was smashed with the sale of 50 Agnes Street, The Range.
It sold prior to auction for just shy of $1.8 million, according to HTW.
In Gladstone, the report said there had been limited sales activity of homes on standard residential lots over the $600,000 price point and unit sale prices had topped out at just over $200,000.
But it said the residential market had stabilised after a “very volatile patch”.
In Bundaberg, the residential market had “remained typically flat” with the exception of the sale of a waterfront house at Bargara for $4.12 million.
It sold to “a local farming and banking identity”, setting a new record for the area.
In Emerald, where a big sale is considered one over $1 million, there have been two properties sold above that magic mark, according to the report.
The standout sale in Cairns, according to HTW, was a contemporary home on a huge beachfront site that sold for $4 million, and in Port Douglas, it was a trophy property that changed hands for $5.1 million.
“Townsville’s top end eye candy property is a relatively shallow market with the majority of
prestige stock falling within the $1 million to $2.5 million price range,” according to the report.
“These swoon-inducing properties typically offer elevated aspects and ocean views with well above average levels of accommodation and fit out.”
To date, the highest settled residential sale in the garrison city for 2019 is a Castle Hill property that sold for just over $1.5 million, but there are several on the market now seeking offers above that pricepoint.
A six bedroom, architecturally-designed house in Annandale is currently listed for $2.4 million negotiable.
And in Toowoomba, the prestige market for $1 million-plus properties continues to show signs of strong interest and sales results, but is limited in supply, the report revealed.
The report comes after a volatile period for the national property market, with Sydney and Melbourne, in particular, feeling the effects of the downturn.
Brisbane has largely weathered the storm, but has not been completely immune, with house values marginally down, but now showing signs of improvement, with several experts tipping that the river city will be the powerhouse for increasing values in coming years.
Auction clearance rates have also improved, and buyers are back in the market, albeit competing for less stock.
The latest CoreLogic-Moody’s Analytics Australia Home Value Index Forecast has Brisbane house prices rising two per cent nextyear, and 3.7 per cent in 2021.
Apartment prices are expected to grow even faster after a volatile few years.
The HTW National Property Clock (houses) also shows Brisbane, Cairns, Gladstone, Mackay, Townsville and the Whitsundays arenow in “start of recovery” mode.
Emerald and Hervey Bay are listed as “rising markets”, while the Sunshine Coast is “peak of market”.
The Gold Coast is “approaching bottom of market” while Ipswich, Rockhampton and Toowoomba are “bottom of market”.
For units, Brisbane is now at the “bottom of market”, according to the report.