On the waterfront

MAY 2010

MORE than $113.5 million worth of waterfront Brisbane properties were sold last year, including record highs in St Lucia and Fig Tree Pocket.

Johnston Dixon’s 2010 River Report has shown that absolute riverfront home sales rose 28 per cent in 2009, while quantity of properties sold rose 13.8 per cent. But the average price fell 19 per cent from $2.49 million to $2.01 million.

Director Josephine Johnston-Rowell says the price increase is still below the highs of 2007, but there were a few stand-out sales last year.

“Four riverfront homes fetched more than $7 million for the first time ever in one calendar year, including a new record price of $9.5 million, which was paid for a home in one of the city’s most prestigious enclaves, Needham Street in Fig Tree Pocket,” she says.

“A home in Sandford Street at St Lucia also set a new benchmark auction price, selling for $7.75 million.”

The star sales performer was Norman Park at $22.815 million, followed by Chelmer with $15.16 million in sales.

“We have already noticed a marked turnaround in confidence since the start of the year, with a significant increase in enquiries from buyers,” says Johnston-Rowell.

“We are also seeing an increase in listings which combined should translate to renewed momentum across the entire riverfront property sector.”