Younger buyers drive luxury prize homes

A young generation of Queenslanders are showing interest in luxury prize homes revealing a demographic shift in property expectations.

A photo clipping of one of Yourtown’s (the charity previously known as Boystown) first prize homes is in stark contrast to its latest $1.6 million home up for grabs.  

The 1982 Brisbane prize home shows a small, average home valued at $89,000.

Yourtown marketing and fund-raising manager Tracey Gillinder said there had been a shift in expectations.

“People are expecting more, which has moved from just your average home to these more luxury-style properties,” Ms Gillinder said.

She said ticket-buyers hadgotten younger, which could be a factor in the luxury demand.

“There is no doubt that our audience has gotten younger over the years, whereas prize homes used to appeal to an older demographic,” she said.

“But with all the renovation shows on TV, younger people are far more interested in getting their hands on one of these luxury houses – it is an expectation of luxury now.”

The latest four-bedroom luxury Buderim prize home is valued at 1.68 million.

Ms Gillinder said, with Buderim being the biggest supporters of the art union, the interest in the local property was incredible.

“It’s been an overwhelming response; people are just loving this home – the photos don’t do it justice, really.”

All of the funds raised by Yourtown goes into support services for young people at risk of unemployment, domestic violence, and other problems.

Yourtown chief executive officer Tracey Adams said the art unions were the primary source of income for many of Boystown’s programs and services that tackle issues such as unemployment, mental health, and family and domestic violence.

“When you purchase a ticket in a  Yourtown art union prize home, you not only have the chance to change your own life but you also help change the lives of others. You give young people choices, support and someone to listen,” Ms Adams said. 

The 43 Hazelton Street, Riverhill, prize home from 1982 sold in 2006 for $300,000.​