The recent sales of multiple multi-million dollar properties in Brisbane’s southern suburbs have real estate agents optimistic about the future of the city’s property market.
NGU real estate agent Leo Liu facilitated the latest sales, which saw the newly developed homes at 7 Barradine Street and 32 Henzell Terrace sell for $2.2 million and $2.27 million respectively.
“In Greenslopes, not many new developments have sold above $2 million,” Leo says. “It was a challenging sell, but I believe it signals a change in the Greenslopes property market and a change in Brisbane’s prestige market overall.”
“Prestige properties are becoming more popular and more attainable,” he says.
“The pandemic has actually helped in that regard, people are getting used to working from home and they need space to do that, and then space at home to unwind.”
Both of the recently sold properties were new developments from established names.
Developer Troy Hanifin from Nuluxe property group was the brains behind the project, with the homes designed by Invilla Architects and built by Anchor Building Services.
Built in the Hamptons style on adjacent blocks, the two houses are similar in style but unique in floorplan and fit-out. The Barradine Street dwelling is a vision in white, with gorgeous stone features thanks to the chimney in the great room.
On the other side of the block, the Henzell Terrace residence is painted a royal blue, with white trim and fit-out. Similarly spacious inside, here the home’s open-plan living is situated at the back of the house, with views across the rear lawn and glass-framed saltwater pool.
“Properties with space are always popular on the market, and those spacious prestige properties are now more attainable, thanks to developers like Troy,” Leo says.
“For example, Troy’s next projects are luxury developments in Toowong, Hendra, Bardon, and other bluechip areas.
“While developing suburbs like Greenslopes are increasing in popularity, those historic, bluechip areas have also had a very good capital increase in the past few years and very good buyer demand.”
In the past 12 months, low interest rates and limited housing stock has led to a larger than average number of buyers and homeowners looking to upgrade.
Leo says the interest in new developments and renovations is causing a big impact in the market.
“There’s so much demand people have the money, but can’t get the materials to build – there are big waiting lists,” he explains.
“I can say for sure this will be a big year for myself and for everyone involved in the industry, developers and agents alike.”
Leo Liu – 0468 394 039
NGU Real Estate