Queensland Luxury Market
High-end homes in Queensland are selling for record amounts, offering prime opportunities for investors to enter the market. Commonwealth Private is here to help.
Queensland’s prestige market is booming, with luxury apartments and houses in high demand from buyers with multi-million-dollar budgets. According to Place Advisory research, $4 million-plus homes in Brisbane are now selling in less than a month, with Ascot, Grange, Hamilton, New Farm and Norman Park the capital’s hotspots.
Such is the appetite for homes in the Sunshine State that Brisbane’s median house price jumped $136,300 in a year to $1.15 million, rising three times faster than Melbourne and only second to Perth’s $142,300, according to realestate.com. The final PropTrack Home Price Index of the year found that Brisbane’s growth – 13.68 per cent – was almost double Sydney’s, at 6.98 per cent. The high-end-home super cycle has seen a buying charge, with such highlights as a South Brisbane apartment that sold for $4.3 million a few hours after its initial VIP open, and a Tim Stewart Architects home in New Farm that set a new auction record for the city when it went under the hammer for $18.5 million, as reported by Domain.
This trend comes as no surprise to Tenielle Jordan from Locate Buyers Agency, who recently sat down with Ben Braysich, a luxury property consultant, to talk about the state’s prestige market. They also touched on how bespoke banking services such as Commonwealth Private can play a crucial role for those looking to invest in high-end property.
Such is the appetite for homes in the Sunshine State that Brisbane’s median house price jumped $136,300 in a year to $1.15 million
“The Queensland market is very exciting at the moment,” says Jordan. “We’re still in a supply shortage but demand hasn’t pulled back. We’re seeing a lot of buyer inquiry, particularly in the luxury space between $3 and $7 million in the Brisbane market. If we look at the Gold Coast, we’re seeing the luxury market really spike.”
Jordan says that the entry point into the Brisbane luxury market starts at about $2 million, highly favourable compared to southern cities. “If you liken that to Sydney, where your entry point is around $4 million, your dollar really goes further in Queensland.”
“If you liken that to Sydney, where your entry point is around $4 million, your dollar really goes further in Queensland.”
It’s not only more affordable – lifestyle is a huge contributing factor. “A lot of people look to Brisbane and the Gold Coast to buy prestige and luxury properties not just for the homes themselves but for Queensland’s lifestyle elements.”
Searching for the perfect luxury home requires thorough investigation of the market as well as financial preparation. Keeping on top of the latest listings is a must, but sometimes buyers need a more competitive edge. This is when it pays to have experts on your side. A buyer’s agent can help navigate off-market opportunities or properties for sale that aren’t advertised. In these circumstances, vendors ‘soft sell’ to the market by telling their agent to let a small circle of buyers know. This way they keep the sale discreet and private.
“A lot of people look to Brisbane and the Gold Coast to buy prestige and luxury properties not just for the homes themselves but for Queensland’s lifestyle elements.”
Financial expertise is also a must-have for luxury buyers. The financial specialists at Commonwealth Private, a bespoke banking service, offer their expertise to high-net-worth buyers purchasing residential or commercial property.
Working with a private bank means having a team of financial professionals aligned for a holistic view of potential investments. The team would include representatives who advise based on their vast experience and knowledge of residential lending. “Having that knowledge and being empowered by your team on your position means better outcomes for clients because the team has been in full consultation right from the beginning,” explains Ben Braysich.
If you’d like to connect with Commonwealth Private about your high-net-worth banking or lending needs, visit commbank.com.au/private.
Commonwealth Private Limited ABN 30 125 238 039 AFSL 314018, is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945. Commonwealth Private’s services are provided by a team consisting of Private Bankers who are representatives of the Bank and Investment Directors who are representatives of Commonwealth Private.
