Luxury family home smashes street record in blue chip Brisbane suburb

An expansive family home in the exclusive riverside suburb of Hawthorne just became the highest priced house in its street, selling for a whopping $700,000 more than the previous record.  

The four bedroom house on 48 McDonald Street sold for $2.63 million last week. 

Domain Group data shows 40 McDonald Street had held the record for just 99 days – it sold for $1.9 million at the end of November 2016.

Place Estate agent Darcy Lord said the house smashed the record because it catered for a slice of the property market under-represented for years.

“It is one of the highest sales in Hawthorne without being on the water and without views,” he said. “It was the first time that I’ve seen in the last two years where a brand new home on a large block of land of high quality had been built and never lived in.”

Large, prestige family homes were in high demand, Mr Lord said, and the market was crying out for more stock.

“There was a genuine demand for large lot family homes in the two million dollar price range,” he said. “If I had another eight of them I’d have another eight satisfied families.”

“It’s a strong case study of where a clear gap in the market is.”

The house went to auction on March 4, with eight registered bidders battling it out but failing to reach the reserve price. The auction was passed in a $2.55 million, but later sold under negotiations to a family of five from Western Australia.

“The vendors put so much time and effort into the build they expected that back from the market,” Mr Lord said.

“There’s always a danger in over-capitalising; what saved them from over-capitalising was there was a distinct lack of this type of house on the market.”