What’s In Store For Brisbane’s Luxury Homes Market In 2024

CAPITAL GROWTHBRISBANE PROPERTYLUXURY HOMES

Feb 7

Buying Luxury Property in Brisbane?

Here’s the lowdown.

Once upon a time, the words Luxury Homes Brisbane would barely be uttered amongst buyers looking for a home in the Queensland capital.

They simply didn’t exist.

Nor was there a real demand for them.

But now, Brisbane has really stepped into the spotlight and upped its game in the prestige property market, with more and more record breaking sales being set along with modern bespoke, cutting edge homes constructed in the inner city suburbs where the luxury crowd like to congregate.

Local luxury builders such as GRAYA and Tabrizi have upped the anti on the luxury homes market in Brisbane and for good reason.

There is now a demand for it.

Property purchased by Wendy Russell Buyers Agent in Teneriffe, Brisbane — *A luxury home in Walker Avenue, Teneriffe secured off-market for a client relocating from Melbourne.*

Buyers are splashing millions to secure Brisbane Property, ahead of the Games.

Our once “sleepy city” now plays host to some of the country’s hottest property, and cashed-up couples are willing and prepared to dig deep into their pockets to secure Brisbane’s finest properties.

With the Olympic Games set firmly on the cards for 2032, the confidence in our city is well-cemented amongst the investor crowd which is further driving demand for Brisbane property.

Local, interstate and international investors are investing millions to secure premium property in Brisbane because they know that buying now is a safe bet.

It all started when the 2020 pandemic kicked off a mass migration of southerns to the sunshine state, with Brisbane as their preferred destination.

Ever since, the Brisbane property market has continued to gain momentum despite the continuous rise in interest rates and forecasters predicting the market would drop.

Instead, it rose by as high as 30% in a year, in some prestige suburbs of Brisbane.

I know it all too well as I’d never been more inundated with interstate buyers who had brought their relocation plans forward to escape the lockdowns that Sydney and Melbourne were experiencing, all fighting it out to secure a home in Brisbane’s top suburbs.

The supply was tight but the demand was unprecedented.

It was a crazy time.

For Sydney-siders and Melbournites, it was never a better time to cash in and move their family (and equity) to Brisbane, where your dollar buys you so much more when it comes to housing.

Record breaking sales.

In 2023, we saw some record breaking sales in Brisbane’s elite suburbs with a luxury residence on a non-riverside lot in Hawthorne fetching as high as $5.85M at auction.

More than a dozen bidders fought it out that day, smashing the reserve.

Hillside homes on prestige Hamilton Hill and Teneriffe Hill are now selling in the $6M + range when once upon a time you could secure that same home for just over $3M.

I was stunned to see an off-market renovator in Teneriffe that I inspected achieve a $7M price tag, given the amount of works it would need to bring it back to what I would consider a modern-day liveable standard.

I guess the writing’s on the wall.

Buyers in the upper end are undoubtedly seeing value at this level in Brisbane which brings about an exciting time for Brisbane’s prestige property market.

In 2024, I believe we will see Brisbane’s luxury homes market continue to charge forward.

To kickstart the year, we’ve already seen a record $12M sale on Hawthorne’s riverfront, with architecturally designed La Nostra Casa settling just last month.

Quality stock is tight which makes for an extremely competitive arena and I don’t see this changing anytime soon.

With building prices escalating to all-time highs and wait times longer than what anyone can bear to manage, completed homes to the standard that appeal to the luxury buyer’s discerning requirements will continue to be sought after and as such, I have no doubt new suburb records will be set.

Suburbs to watch.

One suburb to watch in 2024 is St Lucia.

High-end homes were easily cracking the $4M mark in 2023 and driving through the inner city suburb, you can see builders have taken a strong interest to the landscape that offers gorgeous city views from certain streets.

Rather than drop $6M on Hamilton Hill, $4M could buy you a stunning city view and opulent home with cash to spare and you’re on par in terms of distance to CBD at around 7km plus you’re in a top public school catchment.

Ironside State School located in St Lucia ranks highly in Brisbane’s top public primary schools list for 2023 and you are mere moments to The University of Queensland St Lucia campus.

I purchased an off-market residence in Highland Terrace for Singapore expats in December 2023 for just shy of $3.5M that is leased to long-term occupants who are planning to build their dream home just around the corner.

It may not have the celebrity status name, but as an investment option for buyers looking to invest $3M + in Brisbane, I feel St Lucia represents exceptional value in a city that is no doubt experiencing a time of growth.