A Riverfront property in an inner-city hotspot has set a new suburb record
A Riverfront property in an inner-city hotspot has set a new suburb record for a private home after selling at auction for $7.3 million yesterday.
Four local registered bidders took the five-bedroom house at 24 Glen Road, Toowong to auction with plenty of room on the 1756sq m block for the 100-strong crowd.View property click here
A local family from Taringa purchased the property while the sellers, who bought the home in 1997, will move into the penthouse of a new riverfront development which is currently being built in St Lucia.
“Most of the riverfront large blocks have been developed into high rise developments; there are very few residential homes,” Adcock Prestige lead agent and auctioneer Jason Adcock said.
While the Glen Road site is a prime location for development, Mr Adcock said all of the bidders were owner-occupiers.
The purchase is the sixth multimillion-dollar riverfront sale for Adcock Prestige in as many weeks and continues a stellar year for the prestige residential property market across Brisbane.
“COVID has been an incredible catalyst for the rejuvenation of prestige property sales in Brisbane,” Mr Adcock said.
“People have realised they’re not happy with their current property and want to upgrade.
“My prestige property stock is half what it was 12 months ago, but there’s double the inquiry, that’s really keeping this prestige market moving.”