THE suburb of Carindale in Brisbane’s east recorded the most home sales above $1m across the city in 2022, according to a new report.
Once considered a lot of money, more homebuyers are having to fork out at least seven figures to afford a home in the Queensland capital.
The median house price in Carindale is now $1.4m, having grown 18 per cent in 2022, according to the latest PropTrack figures.
The Adcock Prestige Annual Brisbane Prestige Property Report found 170 out of a total of 182 house sales in the past 12 months were above $1m.
The suburb record was smashed last year when a five-bedroom, five-bathroom house on a double block at 15 Monarch Close fetched $3.05m in May.
Hot on the heels of Carindale was Camp Hill with 168 sales above $1m, according to the report.
That was followed by Bulimba (138), Coorparoo (135), and New Farm (135).
The report found New Farm had the highest number of $3m-plus sales, accumulating 36 sales, followed by Hamilton (34), Bulimba (21) and Paddington (21).
Adcock Prestige founder Jason Adcock said the report showed Brisbane’s million-dollar prestige property market had not been adversely affected by rising interest rates or economic uncertainty.
“There’s been a lot of new millionaires and multi-millionaires created throughout 2022, and 2023 shows no signs of slowing for the top end of the Brisbane market,” Mr Adcock said.
“Demand has only become stronger and everyday now we are being contacted by interstate and local buyers wanting to secure the ideal Brisbane home and they aren’t phased by a $1m-plus price tag.”
One of the top sales in New Farm included a home which Mr Adcock had previously sold twice.
The property at 17 Julius Street, New Farm, broke the Brisbane record for price per square metre, with the $8.5m sale after only 19 days on market.
The report also found many suburbs had chalked up new $2m-plus sale price records based on their preceding sale prices in 2021.
Last year, new suburb records were set in Clayfield, with an $8.4m sale of 43 Union Street; Hawthorne, with the sale of 154 Virginia Ave for $15m; East Brisbane with the $12.5m sale of 29 Laidlaw Parade; Ascot with the $12m sale of 35 Morgan Street; and Bulimba, with the sale of 35 and 39 McConnell Streets for $10.4m.
“The results we achieved this past year show that Brisbane’s luxury property market has really come of age,” Mr Adcock said. “Just a few years ago selling anything over $10m was very unusual, compared to 2022, where over half a dozen of those transactions were finalised.
“Brisbane has many homes worth a lot more than that as well and it’s only a matter of time before we achieve our first $20m sale.”
Brisbane’s top 10 suburbs with the highest number of $1m-plus sales in 2022
Suburb Top Sale Price 2022 $1m+
Carindale $3,050,000 148
Camp Hill $4,233,200 130
Bulimba $8,450,000 75
Coorparoo $6,300,000 104
New Farm $8,500,000 70
Paddington $5,800,000 67
Bardon $4,100,000 76
Ashgrove $3,220,000 98
Hamilton $6,770,000 50
(Source: Adcock Prestige)