Over the past month, there have been some record-breaking sales in suburbs across Brisbane. Even the Brisbane house record has been broken.
This is at a time when the general market is asking questions about interest rates and build costs.
So, why is the top end of the market moving with such strength?
Firstly, we are great value. A record sale in Brisbane is an average price in other eastern capital cities.
Add to this that the cost of construction and building delays is shining a light on the benefit of a quality build that you can move straight into.
And, finally our 10-year story. We are currently undergoing our biggest facelift in modern history. We have bridges, casinos, stadiums and tunnels all under construction and we will finish the decade with the greatest marketing event a city could wish for in our Olympic Games.
So, when you’re looking at how far it could go, I always feel compelled to compare it to Australia’s property powerhouse market, Sydney.
It’s that older sibling that’s been there and done that with all the trophies in the cabinet. It had an Olympics, it’s iconic architecture symbolises Australia the world over, and if only it had a bettter rugby side it could be our best city. It’s top five average-priced suburbs range from $6m to $10m with multiple sales over $100m in the last five years.
Brisbane’s top five suburbs are at $2m to $3.2m, and our most expensive house just sold for $20m.