Brisbane’s Luxury Homes on Upswing after Floods
Cashed-up Brisbane buyers are showing an increasing appetite for well-positioned premium waterfront properties, making a play for rare parcels of land and luxury homes along the city’s prestigious riverside.
Snaking its way through the Queensland capital city, Brisbane River was subjected to terrible flooding in 2011, which caused widespread and devastating damage to the city’s property market.
Prices dropped immediately between 5% and 10% across Brisbane, according to Australian Property Monitor figures, and the city has since staged a slow and steady recovery.
Several impressive blue-ribbon riverside properties have been listed for sale in the past six months, testing the strength and depth of the market, which has responded positively as buyers savor the choice of high-quality lifestyle properties available.
Real estate agents report they’re receiving multiple offers on prestige waterfront homes priced between A$4 million (US$2.84 million) and A$10 million. However, they’re cautiously optimistic, claiming the competition had led to steady results rather than a spike in prices.