Brisbane's surprising million-dollar suburbs

15 Aug 12:21 PM
Ellen Luttin - Financial Review
Share this article

There are a couple of surprises in the top 10 Brisbane suburbs for million dollar sales this year.

Brisbane's top suburbs for million-dollar-plus sales have been revealed, and Bulimba has been named as No.1.

The latest data from Domain, which based the numbers on million-dollar-plus sales recorded so far this year, showed 67 properties worth $1 million or more had been sold in Bulimba.

New Farm came in a close second to Bulimba, but suburbs in Brisbane's eastern corridor dominated the top 10 and included Hawthorne, Coorparoo, Camp Hill and Carindale.

Place Bulimba agent Chris Rice said the figures reflected a recent groundswell of interest in Bulimba, particularly from buyers across the river.

"There's been a lot of hype over Bulimba this year and the reasons behind it are solid," he said.

 

"It's a value proposition. Bulimba and New Farm might have similar volumes of $1 million-plus sales – but what you get for $1.2 million in each suburb is very different.

"Bulimba is still far better value and that's why we're seeing so many high-end buyers cross the river to buy here."

A couple of glaring omissions from the top 10 list were blue-chip suburbs Ascot and Hamilton. Both were in the top 10 suburbs for million-dollar sales in the six months to December,  but so far this year have been pipped by suburbs such as Bardon and Ashgrove.

However, they won't be off the list permanently, according to Havig & Jackson agent David Havig.

"This is all to do with timing," he said. "What we're seeing here is a reflection of stock shortage.

"First of all, the eight-week election campaign really caused people to delay selling their properties until it was all over.

"Secondly, there is a perception amongst vendors that they're better off selling in spring and summer – and so many are putting off listing their property until then.

"Will Ascot and Hamilton be back on that list by the end of the year? I would say absolutely. Give us another few months; the spring, summer and Christmas rush and we'll be back on there."

The most far-flung suburb on the list, Carindale, is not inner city, nowhere near the Brisbane River, nor home to any grand character properties or acreage. Yet so far this year it has recorded 45 sales of $1 million or more – on par with Paddington and Coorparoo – and local Belle Property agent Nick Foster said it's showing no signs of slowing down.

"Properties that we were selling for $1.2 million two years ago are now selling for $1.4 million and $1.5 million," he said. He cited 19 Ewer Street, a sprawling family home he sold this year for $1,452,000, as an example.

"People are buying the older Carindale homes that were built in the '80s and knocking them down," he said. "I just sold a quaint lowset to a guy for $622,500 who is going to bulldoze it."


Irrespective of the suburb, million-dollar sales in Brisbane have nearly quadrupled during the past decade. Ten years ago, 1106 properties sold for $1 million or more. Last year, that figure was 4178.

Simon Caulfield of Place said the $1 million-plus market showed the most potential for growth.

"That's the market to be in, that price bracket is where you'll get really good growth," he said.

 

"Buyers over $1 million are usually less reliant on banks so they're all about lifestyle and emotion, whereas buyers under $1 million are more dependent on banks. That's where I feel the market will continue to lag."

This story first appeared at Domain.


Read more: 

http://www.afr.com/real-estate/residential/qld/brisbanes-surprising-milliondollar-suburbs-20160811-gqpwqs#ixzz4HOBdUMca