Top 3 sales in Brisbane are apartments
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Jul 21, 2020
Top 3 sales in Brisbane are apartments
Agents from Place, McGrath and Ray White confirm there is a clear demand for inner city waterfront apartments in the Brisbane area.
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McGrath350/1 Newstead Terrace, Newstead sold through agent Brett Greensill of McGrath.
In the past week, the top three sales in Brisbane were all apartments, with one achieving a $7,350,000 price.
Brett Greensill, agent for McGrath was responsible for the sale of 350/1 Newstead Terrace, Newstead that saw the record-breaking price and was marketed as the finest penthouse in Brisbane.
"We had three written offers, all beginning with 7 in a private auction," said Mr Greensill to WILLIAMS MEDIA.
"The successful bidder put in the highest price and was also a local."
350/1 Newstead Terrace, Newstead sold through agent Brett Greensill of McGrath. Photo: McGrath
Mr Greensill said the vendor wanted to test the market internationally and nationally as well, so a video showing 360 degree views of each room was done so potential buyers who couldn't see the property in person were able to 'walk' through it.
"We were able to then show the vendor we had tested the whole market," said Mr Greensill.
"The three highest offers turned out to all be local buyers."
Mr Greensill said the demand reflected the scarcity of such high quality penthouses in the area.
"There are 9 penthouses in this building and except for this one, all the others have been retained by the original owners since 2011," said Mr Greensill.
The popularity of the apartment lies, not just in the views and the space (400sqm internally and 527sqm overall), but that it also feels like a home.
"There is a four car lock up carpark and all the finishings throughout the penthouse are of very high quality," said Mr Greensill.
"We can not keep up with demand as there are not enough large, high end apartments for sale in Brisbane."
3/81 Moray St, New Farm sold through agents Sarah Hackett and Lauren Marmotta of Place Bulimba. Photo: Place
The second highest sale for the week was through Sarah Hackett and Lauren Marmotta from Place, who sold 3/81 Moray St, New Farm at $4,800,000.
"We did see big interest from local buyers," said Ms Marmotta to WILLIAMS MEDIA
"Those that are wanting to real size and release the pressures of maintaining larger homes, such as well-established empty nesters."
The final sale went to a local buyer, although there were five written offers in the final weeks of the campaign, including one from a Hong Kong expat.
"After an eight-month campaign, it was sold to a local buyer looking to upgrade on views, however, not comprise on space and quality," Ms Hackett told WILLIAMS MEDIA.
"It has been exciting to witness the Brisbane market recover with a strong injection of international and interstate enquiry."
5B/5 Kyraba Street, Newstead sold under the hammer through agent Brandon Wortley of Ray White. Photo: Ray White.
The apartment to come in third for the week was a deceased estate at 5B/5 Kyraba Street, Newstead that went under the hammer through agent Brandon Wortley of Ray White.
It sold for $2,585,000 to buyers from Noosa.
"It was a very competitive auction with 28 bids all up," said Mr Wortley to WILLIAMS MEDIA.
"One buyer was in the office and bidding while the other was a bidder online."
Mr Wortley said the attraction of the apartment was it's unique size and location.
"They don't come at that size very often, which is 500 sqm.
"It's not riverfront and the price reflected that."
Mr Wortley said he has seen a massive demand for upper end apartments, but not just downsizing established couples.
"I'm also seeing, which two out of three of the bidders on this property were, young upwardly mobile professionals who don't want a lot of maintenance and lead very busy lives," said Mr Wortley.
Top 10 sales for the week
1. 350/1 Newstead Tce, Newstead $7,350,000
2. 3/81 Moray St, New Farm $4,800,000
3. 5b/5 Kyabra St, Newstead $2,585,000
4. 32 Princess St, Bulimba $2,085,000
5. 2 Plymouth Ct, Raby Bay $1,950,000
6. 7 Woodville St, Hendra $1,750,000
7. 30 Guthrie St, Paddington $1,750,000
8. 28 Ninth Ave, St Lucia $confidential
9. 77 Power St, Norman Park $1,683,000
10. 104 Park Rd, Woolloongabba $1,475,000
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