Domain Prestige - April 17, 2024

INFINITE APPEAL

Taking resort-style living up a notch

Brisbane’s prestige suburbs are changing faster than the Formula 1 cars’ dash down in Melbourne – they are getting newer, bigger, taller and trendier. This residential evolution has not gone unnoticed by local purchasers and, with equal demand from affluent buyers coming in droves from Sydney and Melbourne, median house prices are growing at an even faster rate – by 67 per cent in the past four years, says an economist in this week’s Feature Story. Watching rapidly rising house prices and old homes making way for grand new builds can take a bit of getting used to. However, this change ensures established postcodes don’t wither on the vine. Perhaps envisaging yourself in the infinity-edge pool and spa of our Portsea cover home will provide some respite? The team at Prestige rank it among one of the best lifestyle properties we’ve seen in a quite a while.

Tinbeerwah

Sunshine Coast 368 Dath Henderson Road

$26 million+

7 8 8

Private sale

Agent: Harcourts Prestige by Harcourts Property Centre Noosa, Marcus Dolby 0415 558 656

On 60 hectares high in the Noosa Hinterland, Eagle’s Nest claims sweeping mountain and water views. The sprawling residence could be converted to a luxury boutique hotel with amenities that include an 18-hole golf course.

Portsea

Mornington Peninsula 6 Tea Tree Rise

$8.5 million-$9.3 million

6 5 2

Expressions of interest: Close 4pm, May 7

Agent: Forbes Global Properties, Anna Weatherlake 0417 020 409 This contemporary lifestyle property is set on a hill and bathed in northeastern light. Wrapped in landscaped grounds, which include a pool, spa and tennis court, the home offers six bedrooms – five with en suites –multiple living spaces, a media room, a gym-yoga studio, and a wine room.

Pakenham Upper

Melbourne 270 Morrison Road

$7.75 million-$8.5 million

5 5

Expressions of interest: Close May 15

Agent: Elders Real Estate Melbourne, Nick Myer 0427 610 278 with Forbes Global Properties, Michael Gibson 0418 530 392

Benwerrin is a 118-hectare rural retreat with a main residence and a large manager’s home.

Developer’s fnal unveiling: Discover the Opulent Release.

WEST END, BRISBANE

LIMITED RESIDENCES REMAIN

WITH ONLY A HANDFUL OF RESIDENCES REMAINING, THE LUXURY OPULENT RELEASE IS NOW AVAILABLE. FEATURING EXQUISITE FOUR AND FIVE-BEDROOM RESIDENCES, LOCATED IN THE VIBRANT WEST VILLAGE JUST 800M FROM THE BRISBANE CBD. FOUR BEDROOM RESIDENCES FROM $3,382,829*.

DESIGN DIGEST

Heart of the home

The kitchen is the heart of the home, particularly when graced with these luxurious additions. Compiled by PAULINE MORRISSEY

SEEING GREEN Aquarzo is a robust and enduring quartzite, featuring striking veins and rich green hues. Offered in slabs by Artedomus, it is ideal for kitchen countertops and splashbacks, as exemplified in the residential project Concrete Curtain by FGR Architects. artedomus.com

BRIGHT IDEA The Jin Pendant by Remodern offers a chic and sustainable lighting solution for the kitchen. Expertly made from recycled stone aggregate, it seamlessly shifts from cone to cylinder shape. It is available in white, black or red terrazzo with a brass fixing. remodern.com.au

TAKE A SEAT A product of the exciting collaboration between DOMO and Biasol Studio, the Tre Mezzo Counter Stool is a simple yet elegant addition to a kitchen island or home bar. It features a powdercoated steel frame and a round, upholstered seat. domo.com.au

TIMELESS TAP Since its debut in the 1960s, VOLA’s 590H mixer has maintained its modern appeal. It combines a spout with a single-handle mixer and ceramic disc technology. Various finishes, from a classic matt white to a vivid light green, complement modern kitchens. en.vola.com

Until not so long ago, the most moneyed of Brisbane’s prestige property buyers were sought and often found from beyond the river city’s borders.

To anyone from the southern regions, particularly Sydney, Brisbane’s luxury market offered what must have been considered incredible value for money – certainly pre-COVID.

And so they came, in droves. During the pandemic boom, competition from interstate buyers helped drive up Brisbane property prices across the board, particularly at the upper end of the market.

“Three years ago, there wasn’t even a $2 million suburb in Brisbane,” says Ray White chief economist Nerida Conisbee.

“Now we’ve got Chandler with a median [house] price of $3.2 million, Teneriffe with a median price of $3.1 million, and New Farm with a median of $2.7 million.

“The median price for properties in the top 5 per cent has risen by 67 per cent in four years – that’s how quickly things have changed.

“If you were lucky enough to buy in 2020, you would have got a very cheap luxury property.”

Conisbee says the sharp increase in prestige prices has been driven by population growth and, crucially, by the wealth of the people who have migrated to Brisbane.

“A lot of it is to do with Sydney and Melbourne money,” she says. “They came with a lot, they put it into Brisbane property, and overall it creates this wealth effect. People are simply looking at prices very differently.”

They certainly are. Place Estate Agents managing director and principal Sarah Hackett says property that was once $10 million is now $20 million.

“In the last 12 months there have been a number of properties transacting around that $20 million mark and that’s just unheard of for Brisbane,” she says. “People are literally pulling money out of their businesses and putting it into real estate.”

Locals buy into the Brisbane boom

Once it was cashed-up southerners swooping in to snap up a high-end property bargain, but the locals have finally twigged.

By ELLEN LUTTON

Hackett and her colleague Charmaine McDonald are marketing a riverfront estate at Hawthorne that has been earmarked to eclipse Brisbane’s current residential price record of $20.5 million.

Called Mimosa, the six-bedroom, fivebathroom Marc & Co design at 46 Gordon Street is on 2985 square metres of absolute river frontage with a tennis court, swimming pool and 20-metre private jetty.

The record for Brisbane’s most expensive home was set only last year when the managing director of a local mining equipment business purchased the landmark riverfront estate Amity in Welsby Street, New Farm.

So, who is buying Brisbane’s most expensive homes? In 2024, it’s locals.

The key to understanding Brisbane’s rapid-fire growth in the luxury space is recognising the pivotal role local buyers now play in this market.

The long-standing perception that expensive homes in Brisbane will need a Sydney or Melbourne buyer is “completely out of date”, says Tyson Clarke of Queensland Sotheby’s.

“The majority of big-ticket purchasers –90 per cent of them – are now from Brisbane; they’re locals trading up,” he says.

Hackett agrees, saying local Brisbane buyers are just as likely to pay top dollar for property as purchasers from Sydney and other prime residential markets.

Heath Williams of Place New Farm recently sold the historic estate Rangemoor at 165 Adelaide Street East for $8.85 million, setting a new record for Clayfield.

He says while locals have always been in the buyer pool, they are now more likely to put their hands in their pockets, having gained confidence from Brisbane’s strong and sustained market growth.

“For a while there I was saying to some local buyers, ‘You’re always the bridesmaid and never the bride,’ because they kept missing out,”

“The median price for properties in the top 5 per cent has risen by 67 per cent in four years.”

Williams says. “They do draw a comparison –they see Sydney selling for 40, 50, $60 million and while our real estate is really different, that market confidence has made a big difference.”

Clarke is marketing a sprawling estate in Chandler, a blue-chip acreage suburb. It’s another home tipped to break Brisbane’s house price record. The six-bedroom, six-bathroom property, Stonebrook, at 598 London Road, is set on two hectares and was launched to market with a price target of around $20 million.

“The price of prestige property here has evolved incredibly but I’d also say the calibre of property has evolved considerably as well,” Clarke says. “This house is a perfect example of that – it’s a real one-off for Brisbane, and still it’s attracting mainly local buyers.

“I’d say all that interstate and expat money coming into Brisbane has played a foundational role in jolting the local market, in creating that awareness, that acceptance, that this is where we are. Brisbane has a lot of wealth and now confidence to put it back into the city.”

That confidence in Brisbane’s upper end is not limited to trophy houses. The luxury apartment market is also firing, says Christine Rudolph of Ray White New Farm. She cites multiple recent sales that have seen price rises of 50, 60, and 70 per cent over the past four years.

“All the buyers are local,” she says. “Particularly with downsizers, they’re now confident that they’re going to get the money on their trophy home that, pre-COVID, may have sat there and had more days on market. The demand for highend apartments is incredible.”

Soaring construction costs have caused some luxury projects to be parked or cancelled altogether, limiting the supply.

Downsizers and professional couples are now turning to older units with a lot of space and investing up to $1.2 million renovating them.

“Traditionally these downsizers would’ve bought off the plan and had a two-year runway,” Rudolph says. “Because so many new projects have been cancelled, they’re jumping into the market now and taking what they can.”

Clockwise from top left: 598 London Road, Chandler, is tipped to break the Brisbane house-price record; locals are gaining confidence in their market; 46 Gordon Street, Hawthorn, has absolute river frontage.

19 KEY COURT, NOOSA HEADS

When it comes to a finding a sparkling new stunning residence with glistening saltwater lapping the whitesand foreshore, the jaw-dropping coveted address of Key Court Noosa Sound, a mere eightminute walk to Hastings Street and Noosa Main Beach, this is it. Imagine the impeccable design and building credentials of Blackwood Architects and Damien Davidson, with generous open plan living

spaces, a fireplace andendless oak flooring. Indoors, thanks to disappearing doors, morphs into a terrace where alfresco entertaining is at its best. Admire the centrepiece of a dazzling pool, picture the kids swimming in the safe shallows or dock the boat at the pontoon.

Auction Saturday 11 May 1pm

Yeronga

Enveloped by the Brisbane River as if to shield it from urban sprawl, Yeronga flourishes as a serene suburb that enjoys nature’s embrace with its many parks and riverside pathways, while sitting only moments from Brisbane’s CBD.

Affectionately called a village by those who dwell there, Yeronga’s charm lies in its tight-knit community and secluded ambience.

Better yet, the homes here are magnificent, ranging from classic Queenslanders on leafy streets to grand residences on the riverfront.

A heartfelt return to roots

LJ Hooker Annerley principal Jane Elvin is a thirdgeneration resident and understands Yeronga’s ability to draw those who grew up here and want to nurture their own families in its idyllic setting.

“This tradition of staying or returning to Yeronga speaks volumes about its magnetic appeal,” Elvin says. “Between its great schools, easy access to Queensland’s top universities, and first-class sporting facilities, it’s the quintessential environment for family life.”

The suburb’s property market is indicative of its desirability. According to the latest Domain House Price Report, the median house price is $1.607 million – a dramatic increase of 104.8 per cent over the past five years.

“Yeronga’s strategic location, encompassing efficient transport networks and proximity to

essential services, plays a key role in its investment appeal,” Elvin says.

“This is further magnified by the anticipation surrounding the upcoming Brisbane 2032 Summer Olympics.”

Community bonds brew success

Farah Obeid and Anton Hudak are partners in life and business. They own the beloved Baladi coffee trailer on the Brisbane Corso and say their loyal customers enabled their recognition by The Coffee Commune as Brisbane’s best cafe for 2023 among almost 900 contenders.

“When we imagine buying our future home, it’s difficult to envision anywhere but Yeronga,” Obeid says. “As immigrants without immediate family members in Australia, we’ve found a sense of home here thanks to the local community.”

Sharing her appreciation for fellow local businesses, Obeid highlights foodie gems like Italian restaurant Osteria Epoca and Thai restaurant Yim Thai.

She also points out The Paint Factory as a true hidden gem in the form of a creative cultural hub.

“Being part of what makes Yeronga so special is such an honour,” Obeid adds.

“We’re currently tirelessly transforming a double-decker bus, which we purchased in Adelaide and drove all the way back to Brisbane –a new cafe-restaurant soon to grace the area.”

Classic Queenslander homes line the banks of the Brisbane River as it winds along Yeronga’s meandering western border.

Brisbane 359 Brisbane Corso

5 4 3

Auction: 11am, April 20

Agent: Adcock Prestige, Jason Adcock 0418 727 788

Architect-designed and north-facing, this residence epitomises prestigious riverfront living. Over five levels, it showcases a lavish main bedroom suite, a self-contained guest retreat, an 800-plus-bottle wine cellar, and a large pontoon.

Hugged by the Brisbane River, this postcard-perfect suburb serves up an idyllic environment for families. By PAULINE MORRISSEY

WIKICOMMONS

Hover your camera over the code to see Domain listings in Yeronga

14768 03/24

Bernborough Ascot

Where life’s more

Brand new luxury apartments under construction

Retire with confidence in a closely connected over 55s community in Ascot. Poinciana House, the second building at Bernborough Ascot, is now selling, with luxury one, two and three bedroom apartments available from $665,000.*

You’ll be spoilt for choice with direct access to resort-style amenities including a rooftop terrace with Brisbane city views. Move in by the end of 2024.

Selling fast. Over 50% already sold. Enquire today!

1800 550 550 | bernboroughascot.com.au

48 Hampden Street, Ascot QLD 4007

388

Cast eyes to Adelaide from 469 amazing acres, with farm shop & only 1hr from Adelaide - with far more than sunsets in mind. Contact Agent

Forktree Road, Myponga Beach South Australia

Many investors have been showing interest in The Hills district north-west of Sydney.

Where to look for strong price growth

The prospect of an interest-rate cut later this year is driving the property markets in Sydney, Melbourne and Canberra.

By SUE WILLIAMS

Where in Australia are property values likely to rise most this year? The smart money is on three cities –Sydney, Melbourne and Canberra – with predictions that prices could jump by as much as 10 per cent by the end of 2024.

“With the forecast for a cut in interest rates now being expected later this year, we’re seeing a real change in the trajectory for those three cities,” says Ray White chief economist Nerida Conisbee. “They tend to have the more expensive property and also more sensitivity to interest rates.

“So, with strong population growth and the housing shortage, too, we’re predicting strong price growth for them. And they’ve each just had a really strong first quarter of 2024, so I’m now saying at least 10 per cent.

“When the rate starts falling, those price increases will begin accelerating.”

Conisbee believes lower to median-priced homes in Sydney and Canberra will see the strongest value bumps. In Melbourne, however, the luxury end is more likely to outperform the

rest since it was the sector that fared worst during the pandemic and is now catching up.

Population growth is forecast to slow this year, but in 2023, we needed 250,000 new homes and only 175,000 were built. Conisbee says the future pipeline is looking even more dire.

“When the rate starts falling, those price increases will begin accelerating.”

Domain chief of research and economics Dr Nicola Powell also believes Sydney could be at the top of the rise. She predicts a spurt of value growth of up to 9 per cent this year, with Melbourne and Canberra values also rising. “A cut in interest rates or other stimulus measures will spark demand and create another

price upswing, likely in the latter part of 2024,” she says. An alternative would be an easing of the mortgage serviceability buffer, which would lift borrowing capacity, increase demand, and put upward pressure on prices.

“Population growth has a cumulative longerterm effect on house prices and, therefore, will continue to play a driving role in our housing markets into 2024 and beyond,” Powell adds. In addition, expensive rental markets could convince many tenants to buy instead, adding to the competition.

Investment property national buyer’s agent Ben Plohl of BFP Property Buyers also favours Sydney and Melbourne for investment; he doesn’t know the Canberra market as well.

“Sydney is certainly going to do well,” he says. “It’s seen an uptick in price growth of 0.6 per cent for March alone, which is pretty decent. So, in the next 12 to 13 months, we could see prices up by over 12 per cent, especially as there’s still a disparity between demand and supply.

“At the same time, Melbourne has been undervalued since COVID. We favour the innerring suburbs, especially the inner north.”

In Sydney, he’s been buying for many investor clients around The Hills district in the northwest and also in western Sydney. “People like to buy fair-sized blocks of land close to good schools and amenities, so there’s plenty of demand from tenants,” he says. “With the new airport, it’s going to be a completely different area for those holding for 10 to 15 years.”