A riverfront property in inner Brisbane has sold for $7.5 million in what was the biggest residential sale in the city’s market during 2013.
Place CEO Damian Hackett, who negotiated the sale of the home in Hawthorne, said the property was sold via an extensive tender campaign.
“There were six tenders received from both local and international buyers, and a subsequent negotiation process saw three of the parties vie for the right to be the new owner,” he said.
The six-bedroom, five-bathroom Hawthorne property is situated on 1,654 square metres of land in Brisbane's inner east, just three radial kilometres from the CBD. The three-level home, which was completed in 2008, has a designated media room, a pool, a six-car garage with lift access, a video security system, boat shed and a riverfront patio that provides access to the 15-metre pontoon.
Mr Hackett said the high-priced sale was one of many that took place in the prestige market in December, as Brisbane’s residential property market witnessed a strong surge.
“We saw great strength in the market over the last few months of the year, which has continued into 2014, with properties selling quickly as confidence markedly improves amongst both buyers and sellers,” he said.
“The sub-$1 million price bracket led the way in Brisbane’s regaining strength, but we have also seen a significant improvement in the top end, which started towards the end of 2013.
“The top end has performed better than we expected, particularly from a volumes perspective, and evidence of that improvement was the sale of four properties for more than $4 million each – including the Virginia Avenue sale – in just one week in December last year.”
Mr Hackett said riverfront properties were always the most sought after, and therefore had always commanded a premium.
“Many buyers aspire to live in waterfront properties – there is nothing akin to having beautiful views of the water to come home to at the end of the day,” he said.
“While these properties are sought after, they are in limited supply, hence there is always pressure on prices.”
Mr Hackett said that while the recent strength in the Brisbane residential market – and associated sales activity – was a very encouraging sign, the heat in the market may be tempered going forward.
“So far this year the market is showing only positive signs,” he said.
“It is certainly in the upturn phase at the moment and while it is yet to be seen whether the level of activity will maintain its strength, the momentum will continue, and along with that will come price growth.”