9 Palm Avenue, Ascot, sold for over $7m.
Millionaire home sales are on the rise amid a surge in buyers seeking a better lifestyle during the coronavirus pandemic.
While major sales are being notched-up across Brisbane’s prestige suburbs, mid-range properties with extensive amenities and views are also experiencing strong price gains.
Agents report that the high-end property market is going gangbusters during COVID-19, with one now dealing with seven buyers who are actively househunting in the $10 million-plus range after missing out on other luxury properties.
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The view from 109 Carlton Terrace, Manly, sold for $1.3m.
A jawdropping new-build at 9 Palm Avenue, Ascot, sold for more than $7 million earlier this month, after inspections from 50 buyers in that price range, three of whom made offers on the five-bedroom home.
Agent Matt Lancashire of Ray White New Farm, who also sold 14 Sutherland Avenue, Ascot, at the start of the pandemic for more than $13 million, with colleague Hamish Bowman, said buyers at the top end were not prepared to wait out COVID-19 to secure their luxury homes.
“The depth of the Brisbane market within that price point at the moment is mind-blowing,” he said. “You would have thought people were not buying because of COVID-19, but we have more buyers now than we’ve ever had.
“It comes down to people wanting to travel but being restricted for a few years, so people want to upgrade their homes.”
Manly has seen a surge in million-dollar sales because of the lifestyle.
Place Manly agent Marc Sorrentino works across the bayside suburbs of Wynnum, Manly and Lota, where his sales average $1 million, with demand driven by locals from Brisbane suburbs such as Ascot, Bulimba, Bridgeman Downs and Hawthorne.
“With COVID-19 people have re-evaluated their lifestyle and they’re saying well if I am going to be working from home, wouldn’t it be great to look at water views or have seabreezes. It’s booming; a classic case of supply and demand. There’s not a lot of stock but a lot of demand,” he said.
SELECTED BAYSIDE SALES:
279 The Esplanade, Wynnum: $1.03m
109 Carlton Terrace, Manly: $1.3m
537 Royal Esplanade, Manly: $1.012m
43 Waterloo Esplanade, Wynnum: $1m
25 Waterloo Esplanade, Wynnum: $1.925m
(Source: Marc Sorrentino, Place Manly)
Mr Sorrentino said the demand was highest for blocks of land in seafront suburbs, which are being snapped up for more than $1 million.
“I’ve just sold one under contract for $1.95 million and that’s literally a knockdown. Over the COVID-19 period people have been buying waterfront blocks between $1 million and $1.3 million. Typically someone spending $1 million on a block of land will spend $1 million on construction and so these will be $2 million properties.”
He said the world had pivoted with more people working from home, with many who can afford to choosing lifestyle over proximity to the city.
“Being close to the city is not important. Now it’s the house, the neighbourhood and what that community has to offer,” he said.
“Over past couple of months, buyers and sellers have been confused about what COVID-19 means for property prices. What we’ve found is property prices have gone up and our business has nearly doubled in that time.
“Where there were once thoughts of doom and gloom for property off COVID-19, the opposite has happened. Where they live is highest on the list of priorities. Because people are spending more time at home, it’s become really important. It’s also a worldwide phenomenon that people are upgrading their houses and making lifestyle choices now.”
Leo and Tafline Bandiera with Louis and Bentley at their home in 90 Mountjoy Terrace, Wynnum which is listed for offers over $2.2m. Picture: Tara Croser.
Tafline and Leo Bandiera, whose Build Prestige Homes business has seen strong demand, have put their own stunning at 90 Mountjoy Terrace, Wynnum, on the market for offers over $2.2m.
“We have been receiving a steady and consistent number of inquiries from people wanting to build new homes and complete large scale renovations. Nothing has really changed for us with the pandemic and work is consistent,” Mrs Bandiera said.
“We are very confident in the product we have built and the suitably of this home in this neighbourhood. It is a quality, luxury home that has been custom designed for this lot over three levels to maximise and capture the sweeping views of Moreton Bay and the islands complete with high end, classic, timeless detail. Wynnum/Manly has in the past been undervalued in the property market but it has so much to offer.”
This home at 90 Mountjoy Terrace, Wynnum, is on the market for offers above $2.2m.
Build Prestige Homes built this home in Wynnum which is on the market.
“We are actually about to start building another house of the same calibre in the next few weeks,” she said. “We have had a number of inquiries to build luxury homes in this neighbourhood and we are currently looking for our next development property in this neighbourhood.”
The most common features wanted in luxury homes they build, at a minimum, she said, were classic detailing, traditional glazing bars on the windows, french doors, natural stone tiles and cladding, custom detailed arbour features, external mouldings, interior wall panelling, high raked ceilings, VJ panelling, cobblestones, staircase with timber treads, white risers and substantial newel posts, classic pendant lights and chandeliers, open plan layout, a large kitchen with butler’s pantry, built in cabinetry, fireplaces and smart home integration for voice controlled lighting, reliable security and easy access control.
SELECTED CITY SALES:
Mirvac’s PIER building, Newstead, $7m plus apartment sale
Mirvac’s Cutters Landing building, waterfront apartment, $4.81m
562 London Rd, Chandler $confidential (Over $3.85m)
50 Kingsholme St, Teneriffe $2.7565m
57 Double Jump Rd, Redland Bay $2.7m
36 Twelfth Ave, St Lucia $2.6m
32 Joynt Street Hamilton $confidential
54 Retreat St, Bridgeman Downs $2.27m
6 Refinery Pde, New Farm $2.05m
91 Villiers St, New Farm $1,860,000
2/47 Collings St, Balmoral $1,840,000
78 Prospect Tce, St Lucia $1,780,000
(Source: Christine Rudolph, Ray White New Farm update)
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