15-year-old house clinches record sale for empty nesters

1 day ago 3

48 Waldo Street, Norman Park

A 15-year-old home has changed hands for $10m in an off-market deal, clinching the owners a 10-fold uplift on their original investment.

The owners bought the 590 sqm Norman Park parcel for $1.275m in 2004 and spent four years building a four-storey showstopper capturing spectacular views.

They had been preparing to list the property after relocating to acreage, but it sold before hitting the market to a family desperately trying to crack Brisbane’s tightly held prestige market.

The sale price was the highest recorded across Brisbane for a non-riverfront property since 2020. It was also the most expensive dry block ever sold in the suburb.

James Curtain and George Petavrakis, of Place Woolangabba, negotiated the deal.

Not riverfront, but views for days nonetheless

Mr Curtain said the owners, aged in their 60s, had planned to undertake some minor works at the property before listing, but were presented with an offer that was too good to refuse from buyer reeling from recently missing out on another luxury Paddington home.

“Our sellers weren’t quite ready to go to market, but the right buyer was within our network and it turned out to be the perfect alignment,” Mr Curtain said.

The commanding four-bedroom, four-bathroom home at 48 Waldo Street was designed by prominent Brisbane architects, Fraser Spencer.

Before it was developed, the land was part of a larger parcel that included Halcyon, a Mediterranean-style villa once owned by high-profile restaurateur Michael Platsis. The villa had historical significance, serving as a site for American officers during World War II, and was eventually subdivided by property developer David Sweetapple.

The four-storey home took four years to build

Mr Curtain described the Waldo St home’s construction as commercial grade, showcasing a “magnificent panorama” from every level.

“While built 15 years ago, this home feels like it will still be standing proud and tall in 200 years’ time,” Mr Curtain said.

“The home is a true reflection of modern architecture and a salute to monumental construction. The excavation took seven months and the build nearly four years.

“The view corridor is simply a sight to behold. The city and surrounds, river and New Farm park are up close and personal — you can almost reach out and touch them.”