Brisbane’s weather isn’t the only thing that’s heating up in the lead up to summer! Brisbane’s prestige property market is going strong, with two properties, both selling for over $5 million at exactly the same time.
14 Otway Street, Holland Park went under the hammer for $5.225 million. This 5275m2 residence, previously owned by Sir John Pidgeon, a respected leader in property & construction, is a two-storey house with incredible interiors and features including 11ft ceilings, chandeliers & a marble fireplace. This outstanding five-bedroom home attracted 36 registered buyers in a crowd of over 100.
The land has been described as “the best block of land on the Southside of Brisbane”.
While there were plenty of developers looking at the land, it ended up being purchased by a local homeowner who will keep it as a house.
Not too far away, an auction was happening at the exact same time in Paddington. A 5-bedroom home at 171 Fernberg Road was sold to a couple with 4 children for a whopping $5.3 million.
This is an indication that the Brisbane market is going strong and buyer confidence shows no signs of wavering. Considering there are more listings in Brisbane than this time last year, there is still significant demand, especially for family homes. Buyers in the $800,000-$1,200,000 bracket are currently very active. Given these results over the weekend, it definitely seems that now is a great time to sell.
Sydney also saw some good auction results over the weekend. Despite the high number of listings, the clearance rate is in no way slowing down. A property in Strathfield sold for $300,000 above the reserve price along with a property in the suburb or Gordon which sold for $3.304 million.
So nationally, results are similar. Clearance rates are rising and the market is still strong. CoreLogic has published data which indicates there has been a significant rise in property sales over $2 million in Australia, with 10,668 dwellings sold compared to just 3,254 10 years ago.
Looking to sell your property before Christmas? Get in touch with Anthony Oddo on 0430 028 254 or email [email protected].