RANK­ING THE BANK Bris­bane River land is still lur­ing buy­ers de­spite a 2015 dip in lux­ury home prices

The Weekend Australian - Life - - PROPERTY - LISA ALLEN

Va­cant land fronting the ser­pen­tine Bris­bane River was the big seller in 2015, but there was some car­nage in the up­per end of the lux­ury res­i­den­tial mar­ket, with the to­tal value of all river­front house sales drop­ping 13 per cent to $128 mil­lion from 2014 lev­els. The av­er­age price of a Bris­bane river­front house in 2015 also de­clined 13 per cent from 2014 to $2.972m, re­turn­ing to 2007 lev­els, ac­cord­ing to the 2016 River Re­port pre­pared by John­ston Dixon Qual­ity Prop­erty and ob­tained ex­clu­sively by The Week­end Aus­tralian.

The high­est river­front price last year was $11.8m for Balaam, a 1034sq m eight-bed­room and nine-bath­room prop­erty de­signed by Shaun Lock­yer Ar­chi­tects on 1600sq m in Har­bour Road, Hamil­ton.

The res­i­den­tial record for the Bris­bane River still stands at $14m, paid for Aaron Av­enue, Hawthorne in 2014 by min­ing mag­nate Gina Rine­hart.

Hawthorne was Bris­bane’s best per­form­ing river sub­urb last year with four sales to­talling $18.67m — down 56 per cent on 2014 when $43m was reaped from seven sales.

“In se­cond place this year with its one land­mark $11.8m sale was Hamil­ton, and third with five sales to­talling $11.325m was Chelmer,” says the River Re­port.

Last year there were 29 river­front house sales of more than $2m, the same as in 2014 but five short of the record 34 that changed hands in 2010, ac­cord­ing to re­port au­thor Josephine John­ston-Rowell, river­front di­rec­tor at John­ston Dixon Qual­ity Prop­erty.

Be­fore 2007, the river had only two house sales over $6m and in the decade since we have had 24, in­clud­ing three over $10m, John­ston-Rowell says.

But the fact re­mains that the record $84.7m in sales from Bulimba to the East Bris­bane reach of the river was down 54 per cent to $38.77m in 2015 com­pared with 2014.

The high­est river­front land sale last year was the $5.79m paid for 1635sq m at 5 McCon­nell Street, Bulim- ba and the cheap­est was $550,000 for 4ha at Pri­ors Pocket Road, Mog­gill about 19km west of the CBD.

Five ab­so­lute river­front site sales were recorded in 2015, to­talling $33m with all avail­able sites sell­ing in Oxlade Drive, New Farm, one of Bris­bane’s trendi­est in­ner-city sub­urbs.

How­ever, river­side land sales soared 375 per cent in 2015 to 19 sales, com­pared with just four in 2014. The re­lease of two river­side sub­di­vi­sions in Co­rina and Sher­wood meant the com­bined sale value of river­side land jumped from $2.55m in 2014 to $17.346m in 2015.

“The high­est price paid for a river­side al­lot­ment this year was $2m for nearly 800sq m of land on Kings­ford Smith Drive, Hamil­ton, and the low­est was $525,000 for 1175sq m of land off Ken­more Road in Fig Tree Pocket,” John­ston-Rowell says.

“The av­er­age river­side land price also posted a sig­nif­i­cant rise, up 46 per cent from $625,125 to $912,974. The to­tal com­bined value of all river­side houses and land sales for 2015 was $69.837m from 43 sales. This com­pares to 2014’s to­tal of $68.399m from 40 sales.”

On the apart­ment front, there were 34 river­front sales val­ued at more than $2m each in 2015, a 21.4 per cent rise on 2014’s fig­ure of 28. To­tal sales grew 29 per cent to $103.14m.

The top two prices for river­front apart­ments were $5.275m and $4.65m in Mo­ray Street, New Farm, while in pres­ti­gious Kan­ga­roo Point an apart­ment in Scott Street sold for $4.6m.

New­stead again dom­i­nated the pre­mium apart­ment mar­ket, log­ging 12 sales to­talling $37.38m at an av­er­age of $3.115m. The Pier One pro­ject ac­counted for 80 per cent of New­stead apart­ment sales. New Farm had nine apart­ment sales to­talling $29.19m at an av­er­age sale price of $3.244m in 2015. Kan­ga­roo Point re­mained pop­u­lar with lux­ury apart­ment buy­ers.

Hawthorne was Bris­bane’s best per­form­ing river sub­urb last year, with four sales to­talling $18.67m


Agent Josephine John­ston-Rowell at a river­side man­sion in Ten­nyson, Bris­bane

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