There has been a lot of talk about the prestige property market in Brisbane and the value compared to southern markets. While undoubtedly there is a significant price differential between the states the gap is slowly closing. In a section of Westpac’s prestige property report, focusing on sales over $5 million, it showed the break up across the country.
In 2024 Sydney made up roughly 70 per cent of the nation’s sales over $5 million, Melbourne about 18 per cent, while Brisbane and Perth made up about five per cent each That left Adelaide, Hobart and Darwin with the lower single digits. To put it in perspective, the Sydney suburb of Mosman on the Lower North Shore alone had 148 sales over $5 million while Brisbane only had 139. The power in the prestige market is fuelled by many different market factors. At the base is obviously supply versus demand and construction costs. Since Covid we have seen many returning expats come home to Brisbane and look to establish life back here.
Adding to this has been the strong gains in many markets, driving more money into local purchasers pockets. But where previously the opportunity to significantly renovate or build was a cheaper option, that has now changed. Some experts are quoting $8000-plus per square metre to build prestige property in Brisbane while others are saying that number is actually above $10,000 per square metre! There was a real tightening of stock around August but thankfully we have started to see properties above $5 million slowly filter back into the market. On November 1, I’ll be facilitating our bi-annual prestige property auction event at the Calile Hotel, which will give a very clear snapshot on how 2025 will close out in the high end.
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As the expression goes, how do you know if someone has run a marathon? Don’t worry, they’ll tell you! With that now noted, I feel compelled to inform you that I have run a marathon and I feel much better for having shared that with you. That said, this property market feels a lot like … […]