BRISBANE’S prestige property market is expected to see a rush of activity right through until two days before Christmas as the top end of the market looks to settle property matters before the year is out.
Jason Adcock of Adcock Prestige Brisbane, who has been in the industry for 25 years, said riverfront properties, penthouses, character homes on large blocks and modern timeless homes within a 9km band around the city were seeing big demand.
“There certainly is a pent up rush and demand for buyers wanting to buy prior to Xmas and will be like that all up to Friday December 23, then it will go quiet up until January 15, which I expect will resume the strong interest in buying prestige property again.”
Among recent sales of multi-million dollar homes Mr Adcock has overseen was 23 King Arthur Tce Tennyson, which sold for $4.7M in just 3 days,3 Sutton St Chelmer which sold for $3.3M and 51 Waterline Cr Bulimba which sold for $3.15M in 4 days.
He said stunning homes like those were coming to market because selling conditions for prestige property were “the best it has been for a decade”.
That gave sellers confidence they would sell for a good price in a timely manner, Mr Adcock said.
“Some of the most expensive properties ever sold in Brisbane have been sold in the last two years. Interest rates are at an all time historic low and families can now buy properties with much less in monthly mortgage payments.”
Those on the hunt in the prestige market were 70 per cent locals upgrading, 15 per cent interstate and 15 per cent offshore buyers, he said.
With big homes selling, there was also rising demand for luxury downsizing options, he said.
“There is a lot of demand in the luxury downsizing, mainly house size apartments of at least 200sq m either on the river or with city views. There is also a lot of demand for luxury homes on smaller blocks within 7km of the city close to shops, restaurants and cafes.”
The first piece of advice he had for anyone selling at the upper end of the market was to ensure the home was professionally styled and that the gardens looked spectacular.
“Then make sure you spend on a professional marketing campaign, which includes a print media and digital marketing mix, including all social media including Facebook, Instagram and Google display ads.
“A HD Video including drone footage, professional photos, floor plan, print media including The Courier Mail and Brisbane News. Make sure it has a closing deadline which maybe an auction or an EOI, this gets buyers focussed on the property seriously.”