Record-breaking $18.48m sale heralds a new era for Brisbane prestige property

It was tipped to become Brisbane’s most expensive house, but after the record-breaking $18.48 million sale of a Kangaroo Point mansion at the weekend, can this Ascot masterpiece possibly eclipse it?

The ultra-private, luxury residence built into the side of a hill at 10 Morgan Street, Ascot, made headlines last year as the property that would smash Brisbane’s price ceiling — but that was when the record was only $14 million, courtesy of Gina Rinehart’s riverfront purchase in Aaron Avenue, Hawthorne, in late 2014. 

Now the new record for Brisbane is a whopping $18.48 million, after it was revealed at the weekend that 1 Leopard Street, an exclusive clifftop residence billed as “Brisbane’s most exclusive home”, was snapped up by a mystery buyer after only five weeks.

Ray White New Farm principal Matt Lancashire brokered the landmark deal and says he’s now making a renewed push to sell 10 Morgan Street off the back of that.

“Number 10 Morgan Street is right now the best home on the market in Brisbane,” he says.

“Constructed as part of an extraordinary brief to build the finest family home in Brisbane, this exquisite residence comes with every conceivable luxury and consideration imaginable. This is the trophy home of the decade.”

And it could be the right time to strike, thanks to the momentum a sale like 1 Leopard Street creates. Domain Group chief economist Andrew Wilson says a sale like this raises Brisbane’s profile.

“It shifts perceptions of what the local property market is capable of. What this shows is that Brisbane can mix it with the big boys and girls,” Dr Wilson says.

“Brisbane is not the poor relation of Sydney and Melbourne anymore – and also the Gold Coast, where we’ve seen sales at this level before,” he says.

“This is a validation of the level of strength of the Brisbane market, a validation of what can hold at the top – and it goes to show – you don’t underestimate the Brisbane market.”

Real Estate Institute of Queensland CEO Antonia Mercorella describes Leopard Street as a “landmark sale” that puts Brisbane on the map.

“It sends a powerful message that demonstrates the strength of the Brisbane property market,” she says.

“This is not an everyday sale, certainly, but it shows that Brisbane’s prestige market is very much alive. It creates an excitement and makes people sit up and say, ‘wow, Brisbane really can command those prices’.

“It makes people recognise that Brisbane has some pretty spectacular properties on offer.”

It also shows Brisbane offers great value, despite the nearly $19 million price tag, she says.

“Obviously most of us don’t have that much money to spend on a property – and this home is one-of-a-kind – but when you compare what you get for $18.48 million in Sydney, this shows what value Brisbane offers,” she says.

10 Morgan Street is perched high on Bartley’s Hill at Ascot, a secret hideaway designed by acclaimed Brisbane architect James Forbes. 

With five bedrooms, six bathrooms and six-car garage, it sits along a stunning 55-metre stretch of land fronting unrivalled views of the river, CBD, mountains and beyond.

An impressive four-storey masterpiece, it offers over 1,470sqm of living space set on a 912 square metre allotment.