Buyers rush to buy riverfront property as prices float to the top
Brisbane riverfront property is in demand, according to agents.
SOME of the state’s most prestigious riverfront estates have hit the market for the first time in years, luring interest from interstate buyers keen to swap Sydney Harbour for the Brisbane River.
Tens of millions of dollars worth of prime real estate is up for grabs as sellers who have held on to their ritzy riverside pads take advantage of an increase in demand and record sale prices.
House prices in Brisbane’s flood prone suburbs are outperforming the rest of the city, with the 2011 disaster now a distant memory for many home hunters.
Some of the state’s most prestigious riverfront estates have hit the market.
Data from property researcher, CoreLogic, reveals many of the suburbs affected by the Brisbane floods have achieved double digit house price growth in the past five years.
New Farm achieved the biggest jump in house price growth in that period — climbing nearly 74 per cent compared to the Brisbane average of 20.9 per cent.
House prices in Corinda have increased by nearly 52 per cent in the past five years, followed by Norman Park, with 46% growth, and Hawthorne, which is up 36 per cent.
A riverfront mansion at 110 Virginia Ave, Hawthorne, fetched $11.128 million in July in the biggest home sale of 2018 so far in Brisbane.
This property at 110 Virginia Ave, Hawthorne, sold for $11.128m in July this year.
Adcock Prestige principal Jason Adcock, who is marketing more than 10 riverfront properties in Brisbane at the moment, said demand for riverfront homes was “incredibly high” and they held strong potential for further capital growth.
“The prices we’re achieving for these properties at the moment are better now than what they were pre-floods and some of the prices being achieved are breaking records,” Mr Adcock said.
“There are only 850 absolute riverfront properties in Brisbane and they’re not making anymore.
“In fact, it’s a diminishing supply because they’re getting rid of some and building units and high rises, so I see some incredible capital growth in riverfront property over the next three to five years.”
Property on the Brisbane River is in strong demand despite the 2011 floods.
Mr Adcock said a quarter of his riverfront sales were to interstate buyers or expats.
“They’re coming home to get that beautiful trophy home and put their kids through their remaining years of high school,” he said.
“Some of these properties they’re buying sight unseen based purely on the video and engaging buyers agents to do it for them.”
Mr Adcock said many riverfront property owners, who had been putting off selling over the past five to seven years, were now looking to list because of recent sales.
“They’re confident they can get a great price and sell in a timely manner,” he said.
Jane and Brian Riggall are selling their riverfront property at 27 Sutton St, Chelmer, after seven years.
The four-bedroom, four-bathroom house is on two lots spanning 1750 sqm of absolute riverfront land.
It comes with a championship tennis court, a cabana-style studio overlooking a pool and a 12m pontoon with private jetty.
“It’s open, light and breezy with gorgeous views,” Mrs Riggall said.
“We have no neighbours — just a serene, low-stress outlook of the Brisbane River.
“And, it’s only 20 minutes from the CBD, so what’s not to like?”
This property at 27 Sutton St, Chelmer, is for sale.