Apartments dominate city home market for more than $20 million in sales

Apartments dominated the Queensland real estate market over the first full week of October, with just four of Brisbane’s best unit sales making a combined total of more than $20 million.

Prestige Property AU found apartments took up four of their top ten recorded sales finalised over the last week, including an $8.5m sale topping the list.

The three bedroom apartment at 18E/39 Castlebar St, Kangaroo Point, featured 470 sqm of internal and external living space in the prized Castlebar Cove complex.

Sold by Simon and Courtney Caulfield, open homes for the property were cancelled when a buyer swooped in with an offer the vendors couldn’t refuse.

18E/39 Castlebar St, Kangaroo Point, was one of Brisbane’s best unit sales finalised in the first full week of October – selling for $8.5 million, topping Prestige Property AU’s list.

Sales such as the $4.3m price tag for 1201/161 Grey St, South Brisbane, meant units in the city saw a combined sales total of more than $20m this week.

Other apartments in the top ten list this week included 1201/161 Grey St, South Brisbane, 1403/20 Wyandra St, Newstead, and 37/410 Stanley St, South Brisbane, which sold between $3.6 and $4.3 million.

But one of Queensland’s best auction sales this week was a four-bedroom unit in Main Beach, formerly owned by billionaire Harry Triguboff.

The real estate developer sold the Gold Coast vacation home due to no longer visiting it after the passing of his wife Rhonda in 2024.

“I wasn’t sure what I wanted to do going forward,” he said. “After 35 wonderful years of Silverpoint being our Gold Coast holiday home, it’s time to pass the property on to new ownership.”

51/3510 Main Beach Pde was the Gold Coast vacation home of real estate developer Harry Triguboff, one of Australia’s richest people.

The two-storey penthouse apartment went to auction between five registered bidders, selling for $11m under the hammer after 30 bids on the day.

Sold by Ray White Main Beach agent Robbie Graham and Ray White Bell Group agent Andrew Bell, the home went to auction over the weekend with five registered bidders and four active bidders.

“It started at $6m and did not stop all the way to $11m,” Mr Graham said, adding the $11m sale price went “well beyond” the reserve.

The winner grabbed the two-storey penthouse property with a raise of $50,000, after exactly 30 bids on the day.

“The people who bought it are a Melbourne based family, who will use the property as a holiday home and undertake a substantial renovation on the property,” Mr Graham said.

10 McNally Cl, Seventeen Mile Rocks sold for $1.305m, $105,000 over the reserve price – one of many having sold well above reserve over the last week.

Many auctions throughout the week went well over the recorded reserve price. Ray White Queensland Chief Auctioneer Gavin Croft said he called in excess of 40 auctions over the last week, with eight of them actually seeing bids begin at or above the reserve.

“[It] gives you an insight into what people are doing to knock their competition out,” he said.

One home that sold for $105,000 above reserve was 10 McNally Cl, Seventeen Mile Rocks.

Five registered bidders attended the weekend auction, arranged by Place Graceville agent Julian Maddox.

The auction reached a hectic pace over 15 to 20 minutes, going past 20 bids as the home shot past the reserve price the vendors had set.

The final sale was $1.305 million, going to a young family of owner occupiers.

First home buyers flocked 128 Normanhurst Rd, Boondall, which saw six registered bidders and a sale of $841,000.

Young families, particularly first home buyers, are continuing to crowd Brisbane’s congested housing market.

128 Normanhurst Rd, Boondall, saw a crowd of 25 on the Saturday morning auction, who Ray White Aspley agent Chris Rhode said were mainly first home buyers.

The vendors, Peter Foo and his brother Paul, were selling the three-bedroom home on behalf of his late family, who had built the home in 1964.

“They took out a mortgage to buy here,” he said. “It’s a lovely family home and it’s nice to see it’s going to someone else now.”

The home sold for $841,000, with six registered bidders and three active bidders – with renovations expected to be done on at least the bathroom and kitchen.

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