Joshua and Caleb Adams, of Pilgrim. Picture: Richard Walker
In Brisbane’s inner-city hotspots, a wave of new designer homes has replaced humble post-war shacks – a symbol of how expensive it has become to own a home here.
Boutique developer Caleb Adams is among young entrepreneurs cashing in on the change, building 15 homes in the suburb of Camp Hill alone, and 50 across Brisbane.
PropTrack’s generational analysis of housing costs reveals homes in Camp Hill cost a staggering ten times more than in 1980, even adjusted for inflation.
The data shows a typical house in the suburb cost $32,000 45 years ago, which is $170,000 in today’s dollars, taking into account income growth and living costs.
Camp Hill has become a luxury hotspot. Picture: Richard Walker
But Camp Hill’s current median house price is $1.775m, on the back of the nation’s longest property boom.
Mr Adams is a second-generation builder and developer who launched Pilgrim with a vision to elevate design in southeast Queensland’s luxury home market. His brother, Joshua, also works with the company.
Pilgrim is behind a string of multimillion-dollar homes that have redefined the suburb’s streetscape. The latest to hit the market is a five-bedroom architectural stunner at 16 Indus Street, Camp Hill, marketed by Place Ascot agent Patrick McKinnon.
16 Indus Street, Camp Hill
“Camp Hill stood out early as a suburb with huge potential for Pilgrim — tree-lined streets, elevation, vibey cafes, and rapidly growing property values, and a demographic of young families who value great design,” Mr Adams said.
“We saw an opportunity to create something fresh and timeless to the suburb and we haven’t looked back.”
Mr Adams was raised in Brisbane then spent 10 years in Melbourne after finishing uni at QUT.
“It felt inevitable that we would always end up back here,” he said.
“Development and building in Melbourne has long been an oversaturated space.
“At the time, Brisbane felt like an uncut gem. We believed the Brisbane design palette was just beginning to mature, and appreciation for thoughtfully designed new homes was on the horizon.”
Homes prices from $4-5m are in demand
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But launching right as Covid struck, the business had a rocky start, losing $1.5m in their second year as supply chains collapsed and costs blew out.
“Covid was so challenging for builders… and as a young business, we wore the brunt of it,” Caleb reflects.
“We pivoted several times, restructuring operations and building everything from small lot duplexes to rooming houses — anything we could really.
“That season gave us our resilience and forced us to mature quickly. Pilgrim wouldn’t be what it is now without that adversity.”
Looking ahead, Pilgrim is eyeing expansions in to the Gold and Sunshine Coast, along with establishing a foundation to provide safe housing for those in need.
The architecturally designed home has five bedrooms and three bathrooms
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