A waterfront holiday house on Russell Island, just off the Brisbane coast, has sold for a record $1.47 million, setting a new house price benchmark for the island.
The 4,047 square metre property came with 50 metres of private water frontage, including a spot to directly launch a boat.
The house was snapped up at lightning speed too, going under contract within 48 hours of hitting the market.
The property: The three-bedroom, two-bathroom house at 42 Carissa St, Russell Island sold for $1.47 million earlier this month.
It came with a granny flat for extra accommodation and an additional garage.
Suburb snapshot: Russell Island is 42 kilometres from Brisbane’s CBD, and is the biggest of the southern Moreton Bay islands.
This Russell Island property has just sold for $1.47 million. Picture: realestate.com.au/sold
The current median price for a four-bedroom house on Russell Island is $630,000, according to PropTrack data.
The median house price for Russell Island has risen 16.9% in the past 12 months to $485,000.
Selling agent Chris McGregor of Bay Islands Property – Russell Island oversaw the campaign, and spoke to realestate.com.au about the result. This interview has been edited for length and clarity.
The 4,047 sqm property came with 50 metres of private water frontage. Picture: realestate.com.au/sold
What can you tell us about the property?
The property had been a holiday home for a family, but they had only been there half a dozen nights as a family in the last couple of years. The buyer said if I found the right buyer, he would sell it.
Occasionally I would take someone through and we would get offers, but then about a month ago, we got an offer of $1.4 million and the owner was interested. However, the buyers went away and we couldn’t reach them.
The home offered multiple living zones with water views. Picture: realestate.com.au/sold
The owner wasn’t too fussed about whether it sold or not, but I had gotten the property ready to promote.
What happened next?
We gave those buyers until the Friday, just over a week ago, to get back to us or we would put it on the market.
We didn’t hear from them, so we put it online on Friday afternoon and then I think at about 9am on Saturday, I got a call from a buyer who wanted the house.
The kitchen was finished with a wine fridge and a new dishwasher. Picture: realestate.com.au/sold
They had just sold a home in Sydney and were in Brisbane, so they turned up on Sunday and said they wanted it.
I had three other inquiries in the first 24 hours before I marked it as under contract.
Were you surprised by the result?
Not really. We had interest at the lower numbers, but I knew that once I put it to market, I would get some serious interest in it.
This bathroom was complete with a Jacuzzi and frameless shower. Picture: realestate.com.au/sold
What made this home attractive?
It's a spacious home with a double garage, a separate four-car garage and a little studio that had been done up as a granny flat.
You've got acreage property on both sides as well, so you are tucked away in this little pocket. But you’re still close to the jetty and the town centre.
What’s happening in this market?
Ever since everything started happening overseas a couple of months ago, I’ve been talking to fewer people, but I'm still talking to very good, qualified buyers.
A granny flat provided extra accommodation for the property. Picture: realestate.com.au/sold
I'm not as busy running around and talking to people, and we have less stock, but what we've got is selling.
There's still a lot of people looking here because a comparable price in Brisbane gets you ... a house on a full 450 sqm block. Here, you get a house on a 4,000 sqm block.
What are your predictions for the area?
I think we're still at a price point where we’ll still be okay, depending on where the country goes.
An additional four-car garage provided space for boats and other Picture: realestate.com.au/sold
There's talk about more interest rate rises but I think we're going to continue to see good activity because we're still at an affordable price point.
There's still a lot of demand around the rest of the country, even if interest rates do go up.
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