This property at 89 Oakridge Street, Burbank, recently sold for close to $10m. Picture – Supplied.
The number of $5m-plus homes in Brisbane has exploded by 30 per cent in just 12 months as the city’s concentration of ultra-wealthy buyers grows.
New research from McGrath also reveals nearly a quarter of the prestige homes being sold across the city are at a ‘super prestige’ price point — $5m or above — with more than 70 properties selling for more than that in just the past six months.
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This property at 26 Elystan Rd, New Farm, sold for $18m in November.
This property at 29 Laidlaw Pde, East Brisbane, sold for close to $15m.
In the past five years, the number of $5m-plus homes has risen by a jawdropping 688 per cent as Brisbane’s appeal as a luxury market has skyrocketed.
McGrath classifies prestige sales in Brisbane as those priced at $3m or above or the top 5 per cent of the market, but it’s the volume of ‘super prestige’ homes popping up across the city that is staggering.
In the past six months, at least 10 homes sold for more than $10m, predominantly in Brisbane’s inner suburbs, including New Farm, Teneriffe, and Hamilton.
McGrath Estate Agents national head of research Michelle Ciesielski said there had been a particularly strong surge in buying activity among the ultra-wealthy in the past quarter, with the number of prestige homes sold in those three months 43 per cent higher than the same period a year ago.
This apartment at 7/2 Scott St, Kangaroo Point, has sold for $4.4m in a cash deal.
This property at 51 Stevens St, Yeronga, has sold for circa $14m.
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Ms Ciesielski said there were fewer ‘super prestige’ homes hitting the market, but they were also taking longer to sell than a year ago, with the average days on market at 84 compared to just 54 days 12 months ago.
Prestige property prices are trending 2.1 per cent higher than a year ago, with McGrath predicting another modest 2 per cent rise in 2027.
Michelle Ciesielski, national head of research, McGrath Estate Agents. Photo: John Feder.
Separate Ray White analysis of the luxury property market reveals New Farm’s median house price has jumped 10 per cent in the past 12 months to $3.1m, followed by Ascot at $2.9m (+10.9 per cent), and Newstead-Bowen Hills at $2.8m (+11.1 per cent).
Ray White economist Atom Go Tian said analysis of the buyers behind the biggest sales of the past year showed many of them were self-made.
“Finance and private equity operators, technology entrepreneurs, and fashion and e-commerce business owners feature consistently across the identifiable portion of the top end,” Mr Go Tian said.
“The buyers at the top of the market today built their fortunes here, in industries that barely existed 20 years ago.”
This property at 9 Reading St, Paddington, sold for $11m-plus earlier this year.
Futureland Property Group managing director Ryan Van Der Woude said Brisbane had moved from a “value city” to a “genuine premium market”.
“For decades, Australian prestige property was dominated by Sydney and Melbourne,” Mr Van Der Woude said.
“Perth and Queensland are now driving a new wave of luxury price growth, while Sydney consolidates and Melbourne slowly recovers.
“The best premium assets will continue to outperform because they are scarce, useful, desirable and difficult to replace. Average assets wearing premium price tags will be exposed.”
McGrath’s head of international and private clients Adam Ross said Brisbane’s rise up the prestige ranks was part of a wider story about Queensland’s appeal to wealth.
“The city’s emergence as a global luxury market has happened remarkably quickly,” Mr Ross said.
“What we’re seeing is the convergence of major infrastructure investment, a favourable planning environment and growing international awareness ahead of the Olympics, which is creating more supply and demand.
“There’s a real can-do attitude in the city. You can get an 80-storey tower approved in less than a year. Anywhere else in Australia, that’s simply not happening.”
This property at 3/249 Harts Rd, Indooroopilly, is on the market with price hopes of $20m-plus. Photo: Nira Creative.
McGrath Research data reveals the number of prestige apartments sales nationally has trebled over the past 10 years.
And, Queensland is the destination of choice for buyers, with prestige apartment sales amounting to 43 per cent of the east coast market in the past 12 months.
“Southeast Queensland has become the favoured location for many looking for luxury apartment living as pristine beaches and rivers become perfect backdrops for beautiful buildings,” McGrath CEO John McGrath said.
“The strongest demand has been for prime locations with easy access to major cities as most buyers in these apartments are still living very active and vibrant lives.”
Prices for new prestige apartments on the Gold Coast (+88 per cent), Brisbane (+60 per cent), Sydney (+34 per cent) and Melbourne (+32 per cent), have all outperformed those of established apartments over the past five years.
This property on the Brisbane River at 12 Aminga St, Fig Tree Pocket, is on the market and expected to fetch around $20m.
Reasons include larger floor plans possible in new apartments, best-in-class amenities, superior quality of materials as well as historic low levels of new luxury apartments available for the rising wealthy population.
Spyre Group founder Andrew Malouf said both Brisbane and the Gold Coast were experiencing a structural shift toward luxury apartment living, particularly among downsizers, high-income professionals and interstate migrants.
Mr Malouf said premium apartment prices had reached record levels on the Gold Coast, supported by persistent undersupply and strong demand for high-quality, well-located product. “Over the longer term, values in the luxury segment have seen substantial growth, reflecting the region’s evolution into a nationally recognised lifestyle destination,” he said.
“Forecasts suggest apartments will play a critical role in meeting future housing needs, while ongoing construction constraints are likely to keep supply tight. This imbalance between supply and demand is expected to continue placing upward pressure on prices, particularly in the premium segment where product quality, design and location remain key differentiators.”
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