Even before the pandemic began, Brisbane was increasingly becoming popular with interstate migrants.
Though house prices were relatively flat during the first half of the 2010s, prices began to steadily rise from 2015, with many Australians seeking the warmer climate in Queensland’s capital.
SQM Research showed asking house prices rose from the $500,000’s in 2015 to $934,000 in June 2022.
But what about the upper end of the market?
Last year, prestige buyers agent Scott McGeever of PS Property Advisory argued that Brisbane’s prestige property market “came of age” last year following several $10 million-plus sales.
While this included some interstate buyers, locals also played a crucial role.
Mr McGeever signalled out the vacant clifftop block on 33 Moray Street in New Farm which was sold for $11.3 million back in 2018, as potentially the most expensive house in Brisbane. This is despite the block not backing onto the river.
“You can almost reach out and touch the skyline….its location is second to none,” Mr McGeever told The Property Tribune, who noted New Farm is comparable to Sydney’s eastern suburbs.
This is a record price for vacant land in Queensland’s capital, notably, it was purchased by a local family as opposed to a developer or foreign investor. The owner is James Pherous of Corporate Travel Management. The last time the Moray Street property was on the market was in 1986, when it sold for $200,000.
At time of publication, construction is still underway, with reports suggesting the cost of the new four-level, six-bedroom house could be over $20 million.
Brisbane’s most expensive home in 2021
154 Virginia Avenue, Hawthorne & 1 Leopard Street, Kangaroo Point
Just hours before Christmas Day, a riverfront mansion in Hawthorne sold unconditionally for $15 million in a private treaty deal.
The five-bedroom five-bathroom 154 Virginia Avenue, Hawthorne property sits on a 2,110 sqm site, with a tennis, pool, and private jetty all overlooking a 27-metre river frontage.
Previously owned by former Brisbane Lord Mayor Clem Jones, entrepreneur James Penny purchased the property in 1985 and recently completed a multi-million dollar renovation.
Spanning four levels, the house has 360 degrees views of the skyline, with a temperature and humidity-controlled 900-bottle wine cellar in natural hand-chipped limestone.
However, a property in May was also sold for the same amount.
1 Leopard Street, Kangaroo Point sits on a 1,184 sqm land allotment and includes 1,445 sqm of internal living space. The six-bedroom, six-bathroom property has 280-degree views of the Brisbane skyline, including from its infinity lap pool and spa.
It was purchased by Karl Morris, the chairman of the Broncos and the CEO of Ord Minnett. It was previously owned by a Chinese owner, who paid $18.488 million for the property in 2017, the top selling property that year.
Brisbane’s most expensive house in 2020
14 Sutherland Avenue, Ascot
Windermere, a six-bedroom, four-bathroom property with history dating back to circa 1886 was the best selling house in 2020, selling for over $13 million.
Sitting on a 4,664 sqm block, the property includes a championship-sized tennis court, swimming pool with spa and a garden designed by Paul Bangay.
The house was built during the 1880s boom for prominent families and overlooks the suburb.
The property was previously purchased for $10.2 million in June 2014.
Brisbane’s most expensive house in 2019
1 King Arthur Terrace, Tennyson
The most expensive house sold in 2019 was also Karl Marris, who quietly sold his property at 1 King Arthur Terrace, Tennyson for $17.6 million in October 2019.
The four-bedroom, four-bathroom house is located on a 4,224 sqm riverfront block, where the Brisbane River meets Oxley Creek.
At the time, the Morris’ said the sale was due to the desire to downsize. The family originally purchased the home in May 2008 for $6.8 million.
Brisbane’s most expensive house in 2018
106-110 Virginia Avenue, Hawthorne
In June 2018, David and Gary Price of Ray White East Brisbane sold 106-110 Virginia Avenue, Hawthorne for $11.13 million.
The five-bedroom, six-bathroom riverfront home, previously owned by Arrow Energy chief executive Shaun Scott and his wife Sarah, features two swimming pools, a championship-sized tennis court, boat house, putting green, a heated spa and a private jetty.
The buyer was Anthony Yap, founder of Good Price Pharmacy Warehouse.
Brisbane’s most expensive home in 2017
1 Leopard Street, Kangaroo Point
Second place – 128 Crosby Road, Ascot
As mentioned previously, the most expensive Brisbane home in 2017 was 1 Leopard St.
Second place was 128 Crosby Road, Ascot which sold for $8.8 million in September 2017 – almost $10 million less than Leopard St.
The seven-bedroom, six-bathroom property has ten parking spaces and sits on a 1,409 sqm block. The property was previously purchased for $1.45 million in August 2002.
In a very Hollywood-esqe manner, one of two entrances to the Ascot home is a Batman-like tunnel, which takes you to the underground garage bunker.
Brisbane’s most expensive home in 2016
22 Langside Parade, Hamilton
The most expensive Brisbane house sold in 2016 was 22 Langside Parade, Hamilton.
Built in 2010, the five-bedroom, five-bathroom house has five parking spaces and was sold for $5.39 million in November 2016, via an auction.
Previously, the site was acquired for $2 million in January 2009, featuring an older three-bedroom, one-bathroom house.
Brisbane most expensive house in 2015
33b Harbour Road, Hamilton
This eight-bedroom, nine-bathroom 33b Harbour Road, Hamilton house sold for $11.8 million in April 2015, being the top home sold that year in the Queensland capital.
Designed by Shaun Lockyer and constructed by Hutchinson Builders, the house covers three levels and has 48.3 metres of river frontage.
The 1,034 sqm residence is set across 1,609 sqm, and offers vast views of the Brisbane River and CBD.
Brisbane most expensive home in 2014
46-48 Aaron Avenue, Hawthorne
In 2014, mining billionaire Gina Rinehart purchased two adjoining properties along the Brisbane River for a total of $18 million.
The largest of the properties is a three-level house at 46-48 Aaron Avenue, which Ms Rinehart purchased for $4 million. It sits on a 3,400 sqm block and was previously owned by businessman Greg Nunn and his wife Alwyne.
The sale price smashes the $11.2 million Brisbane record house price set back in 2007.
Ms Rinehart spent a further $4 million to acquire a block of land next door, designed to create more privacy. The acquisitions mean Ms Rinehart has over 4,000 sqm of prime riverfront land.
Brisbane’s most expensive house in 2013
114 Virginia Avenue, Hawthorne
The six-bedroom, five-bathroom house at 114 Virginia Avenue, Hawthorne was acquired for $7.5 million in 2013, the most expensive Brisbane sale that year.
Located in Brisbane’s inner east, it sits on a 1,654 sqm block and is just three kilometres from the Brisbane CBD. The three-level home has a pool, a six-car garage with lift access, boat shed and riverfront patio.
The house was previously purchased for $4.48 million in December 2004.
Article source: Queensland Property Investor
