'Best start to a year in a decade': Millions of dollars spent in March as Brisbane property market stays hot for autumn

Record-breaking deals and a strong demand for high-end property is driving what has been a scintillating start to Brisbane’s autumn property season.

Multi-million dollar sales dominated the month of March, none more so than the $18.48 million sale of 1 Leopard Street, Kangaroo Point.

And although Leopard Street certainly set a new record for Brisbane, a steady stream of significant deals were struck throughout the entire month, many of them concentrated around Brisbane’s exclusive inner north.

Only days after the ink dried on the sale of the Leopard Street property, Ray White New Farm‘s Matt Lancashire also sold 24 Palm Avenue, Ascot, for $8.3 million. It was sold off-market and broke the record for what is considered one of Ascot’s most expensive streets.

In Newstead, 15 Proe St, an award-winnning cutting-edge five-bedroom house, sold for $2.7 million, while a lavish penthouse at 450/1 Newstead Tce sold for $5.662 million. It was marketed by LJ Hooker New Farm principal Brett Greensill, who said Brisbane’s prestige apartment market had reached “critical mass”.

“Twelve months ago, there weren’t any comparables at this end of the market,” he said. “Now, I can show you a list of 15 similar properties that have sold and that gives buyers in this market a lot of confidence.

“Nobody wants to be the only one buying these properties; once a buyer can see what others are paying, they can justify the price per metre and that’s what’s changed in Brisbane over the past 12 to 24 months – we’ve reached that critical mass which has given buyers a lot of confidence at this end of the market.

“Make no mistake, $5 million is a lot of money in Brisbane — and buyers here are very confident.”

Mr Greensill said Brisbane buyers felt secure buying in what he described as a “steady” market.

“People are aware of what’s happening in Sydney and Melbourne and it’s relevant, because they can see that what’s happening in Brisbane is real – prices aren’t skyrocketing,” he said.

“The prices are genuine, they’re solid; there’s no investor or foreign investor bubble here.”

In Teneriffe, a three-level bespoke-designed residence on the Brisbane River at 53 Macquarie Street is believed to have sold for more than $5 million in only a matter of weeks.

Selling agent Christine Rudolph, of Ray White New Farm, wouldn’t reveal the exact sale price but ​said the luxury riverfront property in the acclaimed Catalina development saw its tender close on March 10 and was under contract the next day for over $5 million.

Ms Rudolph said the speed at which the property was snapped up showcased the pace at which Brisbane’s high end market is moving.

“(This) is the quickest sale in the shortest time for the current highest price in the last three years of all the Catalina houses,” she says.

Only streets away at the top of Teneriffe Hill, a sprawling double lot featuring a modest brick home at 16 Walker Avenue was fought over before selling for $2.95 million. 24 Walker Avenue, set on the same hill but on a single 764-square-metre block, sold for $2.1 million.

In Hendra, six kilometres north of the CBD and home to Doomben Racecourse, a landmark Queenslander house at 84 Woodville St made a landmark price for the suburb, selling for $3.5 million.

One week later, 61 Goodwood St, Hendra sold for $3.15 million.

Prestige specialist Jason Adcock, who placed 24 Astolat Street in Yeronga on the market in February and sold it for $3.35 million by March, said it had been the best start to a year in a decade.

“It’s been incredible — and I can only see that continuing,” he said.

“It’s mainly driven by a lack of stock at the higher end. There’s plenty of buyers looking to upgrade, so when something on the river with city views comes on the market, they’re all over it.”

Mr Adcock said the house at Astolat Street was bought purely for land value and the new owners had plans to demolish it and build a “significant prestige home”.

“People are seeing value in our prestige market and they’re also seeing scope for growth over the next five to 10 years. They know it’s a good investment.”

And it’s not just the inner city where high prices were achieved in March. A four-bedroom home on 405 square metres of land at Lutzow Street, Tarragindi, sold for $1,275,000, while a four-bedroom house at Stubley Street, Wavell Heights, sold for $1.25 million.