Brisbane’s housing prices have risen so high that a single square metre of space in the city can cost you $14,000.
The one-bedroom, one-bathroom apartment at 13/289 Queen St, Brisbane, sold in April for $615,000, despite having no carpark and an obstructed view through the windows.
Instead, the home earned its price for its location at the Manor Apartments building, where many of its neighbouring units are being used as hotel rooms.
13/289 Queen St, Brisbane City, sold for $615,000 in April to an overseas buyer.
Despite its 44 sqm of space and obscured window views, the home still managed to get a large sum thanks to its location right in the heart of the city.
Sitting next to the General Post Office in the heart of the city, the unit rests on the second floor of the art deco building.
The building was used by real estate group founder Ray White more than a century ago for his first Brisbane City office, and was later used as General Douglas MacArthur’s headquarters during World War II.
The unit sits in the same building as Ray White’s first Brisbane City office.
The home’s sale price meant each square metre in the unit cost $13,978.
Ray White Toowong agent Sukhraj Singh Nijjar handled the sale, and said unit buyers in the city had reached a point where every home would attract serious competition no matter the size.
“Forty four square metres, no car park, fully furnished and an overseas buyer didn’t hesitate,” he said. “That tells you everything about where confidence is heading in Brisbane’s CBD. The address did the work.
“Brisbane apartments are arguably the strongest segment in the market right now. We’re seeing demand that houses simply aren’t generating at the same level, and that gap is only widening.”
A two-bedroom home in the same building recently sold for $985,000, with neither home offering carparks for its residents.
The home sold within 17 days at $13,978 per square metre; with a two-bedroom unit in the same building selling for $985,000 off-market, after one inspection from a local buyer.
“That unit was renovated but only has 2 beds, 2 baths, and no car park as well,” Mr Nijjar said.
Brisbane City’s median unit price currently rests at $750,000, with prices continuing to steadily rise year-on-year.
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