With Sydney and Melbourne buyers tipped to head north in 2018 some property commentators are suggesting this could be the year Brissie property smashes through the $20 million ceiling.
Keep in mind that prior to the Kangaroo Point record, the previous top price paid for a Brisbane home was $14 million in 2014 when mining magnate Gina Rinehart went house shopping in Hawthorne.
So the $20 million mark could be a slow burn, but news.com.au reports that there are potential vendors in the prestige market who could command such a price tag if they choose to put up a ‘for sale’ sign this year.
Over the next three years Macquarie Bank says 130,000 people will move from Sydney to Brisbane with $8.1 billion in tow.
When you consider that a $10 million home in Brisbane would probably fetch $30 million in Sydney, it’s not that hard to imagine a cashed-up buyer willing to pay $20 million for the right property.
But even if you’re not playing in the prestige end of the market – and let’s face it, most of us aren’t Gina Rinehart – you are still likely to benefit from higher prices in 2018.
“Migration to Queensland is picking up from New South Wales and Victoria where people are accustomed to much higher prices,” CoreLogic’s Cameron Kusher told news.com.au.
“I wouldn’t be surprised to see higher priced sales this year than we saw last year just because although the market’s not really hot, you are seeing some growth and people are moving here from areas where it’s a lot more expensive.”