Prestige homes remain sluggish in Brisbane

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The lower end of Brisbane’s property market may be moving favourably, but the same cannot be said for its prestige homes. Many of these designer homes fail to generate considerable buyer interest and sell at auctions.

For instance, although a number of young families and middle-aged couples went to the open home of a five-bedroom designer house in Jesmond Road, no parties registered to bid. This is despite the fact that it is billed as “Brisbane’s best value luxury home,” with its river views, open plan dining and living areas, and a pool area.

Auctioneer Scott Edwards passed the property in at $3.3 million, which “may or may not have been the reserve,” he said.

According to selling agent Kel Goesch of Brisbane Real Estate, none of the prospective buyers were able to fulfill auction registration conditions, but there was still strong interest in the prestige home.

“We have conditional offers,” he said. “The main thing is there are buyers for this type of product.”

This was not the only prestige property that passed in at auction last weekend. A six-bedroom home in Bulimba also did not sell in spite of its enticing waterfront location.

But even though the luxury property did not sell under the hammer, selling agent Patrick Dixon of Dixon Family Estate Agents believed that there is enough interest for the house to sell soon.

“We’re currently negotiating with interested parties,” he said. “It’s a prime spot.”

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