Busiest Brisbane River Market in a Decade
A significant market upswing in Brisbane’s prestige upstream suburbs saw 2017 record the highest annual tally of riverfront house sales in more than a decade.
The surge in activity is revealed in our latest bi-annual ‘On the River’ report. Find out where the top performing suburbs are, all the sale prices, and where the best value was found.
Upstream suburbs lift the market
A total of 44 absolute riverfront homes changed hands in 2017, by far the highest turnover since the heady days of 2007 when 49 exchanged.
Across Brisbane, from downstream Bulimba and Teneriffe to upstream Westlake and Moggill, river house and land market activity surged 55 per cent, chalking up 73 riverfront and riverside sales, compared to 2016’s tally of 47 sales. Total value of river sales (excluding apartments) rose 32 per cent to hit $180.8 million.
While sales activity along the Bulimba-Hawthorne reaches remained relatively steady, the heightened activity upstream of the William Jolly Bridge is most noteworthy. Fig Tree Pocket is a much-improved hotspot, accounting for 13 sales (up from five in 2016) for a total of $28.115m, representing 15% of the entire river market for the year.
The activity reflects an apparent renewed belief in the economic future of Queensland. Behind it are our revitalised tourism industry, a surge in coal export revenue, massive infrastructure investment (Queen’s Wharf, new international cruise ship terminal, $1.3b second airport runway), and rising net interstate migration driven in part by the house price differential between Sydney and Brisbane.
After experiencing little price growth for some years, the upstream reaches from Yeronga to Chelmer and Fig Tree Pocket are seen as such an incredible value proposition, they proved irresistible in 2017 to top end buyers.
There hasn’t been a great deal of upward price movement, particularly upstream of the William Jolly Bridge, since 2011. But greater demand will now exert upward pressure on prices. We’ve already noticed a positive shift in market sentiment, with discount expectations relating to flood risk now much reduced.
Top performing suburbs
River sales last year were evenly spread across price brackets, with 14 sales at prices up to $2 million, 13 at $2m to $3m, and 12 in the $3m to $5m range. Seven sales eclipsed $5 million – at Hawthorne (2), Teneriffe (2), Graceville (2), and Fig Tree Pocket (1).
Graceville claimed the top riverfront sale price of $7 million for a sprawling architect-designed residence in Molonga Terrace on 5,207m2 (two titles). Also in Molonga Terrace, the precinct’s largest private riverfront holding sold for the first time in 70 years, when we finalised the estate of the late Burton and Melda Peterson. Their 6,532m2 property sold under the hammer in November for $5.65 million.
At the other end of the scale, the lowest priced riverfront house in 2017 was picked up for $1.125 million – a 4-bedroom, 2-level family home on 1,193sq m at Westlake. Westlake was a happy hunting ground for those seeking value on the river, attracting nine sales, all under $2 million.
Activity was up along the Yeronga-Fairfield reach, where nine sales were recorded in the $2m to $3.7m range. Fig Tree Pocket’s high turnover of 13 sales ranged from $900,000 for a riverside block of land to $6 million for an impressive Hamptons-style home on almost one hectare.
See On the River, Vol 14, February 2018 for the full list of sales and more river market news.
