Brisbane one-bedroom apartment prices surge past $700,000 in fierce auctions.

1 week ago 11

SOLD: $775,000, 10402/231 Montague Rd, West End

An auction event has set a new benchmark for one-bedroom units, with multiple apartments selling for more than $700,000 as first-home buyers vie with investors to get into the Brisbane market.

Four city one-bedders went under the hammer with Ray White West End, with all sold for more than $700,000 — the threshold for first-home buyer stamp duty exemption — and two for more than $750,000.

Of those, the top result was $775,000 for a 2016-built apartment at 10402/321 Montague Rd, West End. At Dutton Park, an investor couple collected $758,000 for their Lochaber St unit —$350,000 more than they paid in 2022.

Ray White West End principal Luke O’Kelly said it had become increasingly difficult for buyers to secure a one-bedroom apartment below the stamp duty exemption threshold.

SOLD: $758,000, 2205/8 Lochaber St, Dutton Park

“Obviously there’s variance depending on the building, but demand in that market is pushing prices up,” Mr O’Kelly said.

“At the tail end of last year, the first person to offer $700,000 would usually buy it. Now it’s higher — a reasonable one-bedroom is more like $730,000 to $750,000.”

He said the competition was being driven by a combination of first-home buyers and investors.

“A lot of first-home buyers are trying to get into the market, and the stamp duty threshold is sub-$700,000, but they’re having to push above that to actually secure something,” he said.

“You’ve also got investors looking for a decent return. For a one-bedroom near the city, you’re looking at around a five per cent rental return.”

Mr O’Kelly said rising house prices had also pushed more buyers toward apartments as the most realistic option for those with budgets under $1m.

SOLD: $730,000, 112/57 Vulture St, West End

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“If you’ve got a budget under $1 million in Brisbane, people are now looking at apartments rather than buying a house further out,” he said.

“You used to be able to buy a house within cooee of the CBD for under $1 million, but that has pushed further and further out, and people are preferring to stay inner city.”

Other results from the auction included $920,000 for 4301/43 Herschel St, Brisbane City, $730,000 for 112/57 Vulture St, West End, $707,000 for 704/70-74 Carl St, Woolloongabba, $1.23m for 2/8 Carlton St, Highgate Hill, and $2.775m for 120 Brisbane Corso, Fairfield.

Ray White said the seven sales delivered a combined result of $7,895,000, with auctioneer Matt Sale fielding a total of 56 bids from 22 registered buyers.