The market for prestige property in Brisbane is experiencing a boom. There is currently $300 million worth of prestige property on the market, revealed news.com.au. Records for the highest value property sale are also expected to be set in the near future.
The state’s economy is experiencing a property led period of growth and this is reflected in the value of prestige property.
The city’s most expensive property is expected to sell for around $11.2 million. This would be a new record and demonstrates that a boom is taking place in Queensland’s capital.
Confidence has largely returned because of steadying growth since the global financial crash. The biggest impact this has had is that older couples who were holding onto the family property are now looking to snap up the best apartments.
Realtors are reporting a rise in high-powered businessmen who are looking for properties in the range of $2-3 million.
Luxury agent Josephine Johnston-Rowell currently has more than $100 million worth of luxury properties on her listings.