Brisbane’s $2 million suburbs

first_imgCoreLogic research has revealed the rapid rise in $2 million-plus sales in some Brisbane suburbs.The research prepared by CoreLogic exclusively for The Courier Mail identified Brisbane’s top suburbs for $2 million-plus property sales.Yeronga, Paddington and Bardon were all standouts, with a tripling of sales above the benchmark.CoreLogic head of research, Cameron Kusher, said it showed blue-chip real estate had proved resilient in our city.“Despite fairly lacklustre growth in Brisbane over recent years, these areas have been experiencing strong demand which has pushed up the cost of housing,” Mr Kusher said.“I think the affordability relative to Sydney and Melbourne is a growing part of the attraction for housing in these areas as well,” he said.Place West director, Andrew Degn, said top-end buyers were getting used to $2 million properties, with $1-million-plus land sales also the norm in top-notch addresses.“They’re building brand new homes which cost $1 million-plus to build, so the (total) replacement is $2 million-plus,” he said.Mr Degn said local, interstate and overseas-based buyers he dealt with felt the only way was up for quality property in desirable addresses.He said there were must-have elements for a $2 million home in suburbs such as Paddington.“North/northeast aspect and walking distance to the main (retail) strip. They all want a view of the city, five-bedrooms, two-car accommodation and the pool — that’s the minimum.”Mr Degn said renovations were also fuelling the boom.“If they’re buying a moderate home in a good street and everyone else is renovating and ultimately selling those homes for higher numbers, they feel very secure.”More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoMatthew and Chaya Haynes are selling their home at 65 Prince St, Paddington with an expectation of more than $2 million. Chaya and Matthew Haynes, and two-year-old Benji, in the loungeroom of their renovated Paddington home which they are looking to sell in the rising $2 million-plus sector in their suburb. Photo: John GassBRISBANE’S high end real estate market has grown up with new figures revealing more house sales have breached the $2-million price barrier.New figures revealed five suburbs where the proportion of $2 million-plus property transaction doubled in 2017 compared to 2016. 65 Prince Street Paddington Brisbane is on the market in Brisbane’s growing $2 million-plus price sector.The home was extensively renovated to include five-bedrooms, a massive kitchen, double garage, inground pool, extensive landscaping and city views.“It combines the character of an old house with the feel of a modern house,” Mr Haynes said.Mr Haynes said the family love spending time on their back deck just gazing across the suburb.“Sitting out here on a Sunday afternoon and having fish and chips for dinner, its really pleasant. It’s actually very quiet despite the fact we’re so close to the city,” he said.“Occasionally you can hear Suncorp Stadium and the crowd, but really you wouldn’t know how close you are to the city given how quiet it is.”The couple bought their home in 2012 and despite spending hundreds of thousands of dollars completing the renovation, Mr Hayne said they had no fear of overcapitalising.“We pretty much had to gut the house anyway to rewire, that was a reason to put it back together.”center_img There are “must have” elements to $2 million-plu homes in Paddington.Mr Hayne believed renovations were driving the $2 million boom in Paddington.“It’s just relentless. As a matter of course, any property that’s not done up now is really just an investor sitting on it and waiting until the time is ripe because it is prime real estate mostly,” he said.“I can see two houses underway from my back deck … there’s utes everywhere because they’re (property owners) all doing something.”Mr Hayne said as a resident, it’s easy to understand why his suburb has seen strong price growth with its easy access to lifestyle facilities, the CBD and transport infrastructure.Follow Kieran Clair on Twitter at @kieranclairlast_img