Rise of the Brisbane inner city unit market

POWERHOUSE team Ray White New Farm | Spring Hill  offered a full buffet of real estate at their bi-annual Auction Under The Stars event last night with almost $14 million of property changing hands.

Ray White’s award-winning auctioneer Haesley Cush efficiently cleared 10 properties of the 27 on offer in front of a crowd of 300 onlookers in the carpark of their New Farm office on  Brunswick St with more than $5 million worth of deals still being negotiated.

“There’s three more contracts that will be signed in coming days for sure. These deals are very close,” Mr Cush said.

“The good news story in Brisbane is the inner north continue to shine where unrenovated homes are selling in the $600,000s and renovated are selling for double that which is big news. But we have seen the comeback of the inner city unit market.

“Half the properties we sold tonight were units which is a turnaround from a year ago.“

The two bedroom ground floor courtyard townhouse in New Farm at 7/32 Hazelwood St got away first selling for $780,000 through Ray White New Farm marketing agent Scott Darwon.

“Hazelwood St is a wonderful example of typical New Farm living, efficient in size, great outdoor space and right next door to cafes and the river. What else could a buyer want? The property received great feedback from young professionals, singles and downsizers during the campaign,” Mr Darwon said.

Then the luxury five bedroom contemporary Clayfield home at 52 Union St sold under the hammer for $2.145 million to a Sydney family moving to Brisbane.

“This beautiful home was bought by a lovely family from Sydney whose daughters are going to St Margarets, in fact if was one of the girls birthdays today, so it was a great outcome for both our sellers and buyers,” said joint marketing agent Christine Rudolph, of Ray White New Farm.

Ray White New Farm | Spring Hill director Matt Lancashire said the market was “not too hot and not too cold”.

“There’s plenty of people looking to buy in all price brackets in Brisbane and we had action on pretty much  everything tonight which shows great confidence in the market and the auction process which creates competition for our vendors,” Mr Lancashire said.

Ray White New Farm | Spring Hill director and auctioneer Haesley Cush said the resurgence of the inner city apartment market was a theme of the current market.

“No doubt units have been softer up until now but we saw the comeback of the unit market tonight with strong competition on all the unit stock we had,” he said.

“We saw good interest on 27/4  Wandoo St, Fortitude Valley which sold for $537,000. But I have to say 11 Stafford St, Windsor which just sold under the hammer for $1.225 million is a great price and the inner north of Brisbane remains so hot and very attractive to buyers.