SURGEON GIVES 160-YEAR-OLD PADDINGTON QUEENSLANDER A $5.8M FACELIFT
A 160-year-old Paddington Queenslander has been spectacularly reimagined and is now poised to test Brisbane’s house price ceiling.
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After a popular Brisbane plastic surgeon scored an NBL star’s period Paddington home in 2022, he performed a major facelift on the 160-year old Queenslander.
Now that the mansion has had its makeover, the luxury five-bedroom property is back on the market with a March 14 auction date.
The quintessential Queenslander at 49 Reading St was to be a fixer-upper project for Brisbane Bullets player, Aron Baynes and his wife, Rachel.
The couple had bought the 1634 sq m property – also known as The Governess – in 2021 for $4.5 million, with plans to undertake the renovation themselves.
Award-winning builders Graya were engaged to restore the estate to its former glory, but the game changed for the Baynes, who sold it in 2022. Canadian-born Dr Justin Perron spent $5.8 million for the landmark residence, which came complete with a DA for Graya to give it their Midas touch.
That sale was negotiated with Josh Brown and Matt Lancashire of Ray White New Farm, who are again trusted with the marketing campaign. Because it is being sold under the hammer in Queensland, state legislation prohibits agents from providing a public price guide.
Currently, the house price record for Paddington is $11.8 million, set early last year for a fully renovated pre-war five-bedroom house on Garfield Dr The Governess is expected to smash through that price barrier.
“Given its size, its heritage and the extraordinary inclusions with a five-car garage, internal lift and impeccable renovation, I do believe it represents really good value. There’s just nothing like it in Brisbane,” Brown says.
The property, which spans four blocks on the corner of Fernberg Rd and Reading St, dates back to the 1860s and is known locally as the older “sibling” of Government House, given that it was designed by the same architect, Benjamin Backhouse and sits just across the road from the grander heritage estate.
Now with its new look, The Governess is considered one of Paddington’s most significantly transformed homes; one that oozes with the charm of yesteryear, but the sophistication of today.
Blending old and new, the reimagined residence balances past and present over three spacious levels, separated by a statement spiral staircase.
Several period elements have been retained, including the iconic balustrades and wide wraparound verandas, while there is also a long list of modern conveniences, from a state-of-the-art kitchen to full home automation.
Inspired by nature, the interiors reflect the neighbourhood’s surrounding colour palette, with rich green marble accents and warm walnut-toned cabinetry. High 3.1m ceilings and floor-to-ceiling glass have also been used to frame the city and treetop views.
The gatehouse and veranda arches mirror the curves of the entrance hall, which, in turn, connects the original footprint to the contemporary addition and open plan family area.
In the gourmet kitchen, there are Miele appliances, a vast 4.5m island workbench beneath a skylight, and a large, hidden butler’s pantry. This space flows out to the alfresco dining space, barbecue terrace, pool and fenced lawn.
The main living level also houses three bedrooms, a study, a powder room and a family-friendly laundry.
Up via a private internal lift, the accommodation level is home to a palatial primary suite with a sitting area, dressing room and a luxury ensuite with a fireplace. Besides the main bedroom, a smaller bedroom with an ensuite could make an ideal nursery.
On the lower ground floor, there is even more space for entertaining on a grand scale, including a wine cellar, wet bar, tasting room, and gym.
The Governess has a long story to tell, with a range of added extras, including home automation via Electronic Living, a five-car garage, mudroom, communications room, panic room, air conditioning, and security.
It is about 550m to Paddington precinct, 900m to Rosalie Village shopping and 3.5km to Brisbane’s CBD.
The Governess at 49 Reading St, Paddington will go to auction on March 14 at The Calile Hotel from 9 am with Josh Brown and Matt Lancashire of Ray White New Farm.
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As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
Australia’s housing affordability crisis is being fuelled by chronic undersupply, planning delays and rising development costs, as politicians continue to focus on the wrong solutions.
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Australia’s housing crisis will not be solved by first-home buyer incentives or tax changes alone, with leading property figures warning governments must tackle supply constraints if affordability is to improve.
Speaking at the Kanebridge Quarterly Property Leadership Summit in Sydney last week, expert project marketing specialist Sam Elbanna, property investor and fund manager Paul Miron and property consultant Karla McNeice said that a lack of housing supply remained the central issue facing the market.
Elbanna, Director of CPM Realty with more than 30 years’ experience in project sales, argued that successive governments had focused too heavily on stimulating demand rather than addressing the barriers preventing new housing from being delivered.
“The misconception is that politicians think the way to solve the housing crisis is to drive demand,” he said.
“The reality is that’s not the way. This is a supply-side problem, and it needs to be solved on the supply side.”
Drawing on his experience in project sales, Elbanna said policies designed to help first-home buyers often had unintended consequences, pointing to previous grants that ultimately flowed through to higher property prices.
Instead, he said developers were facing increasing red tape, approval delays and rising costs, which were discouraging new housing supply.
“In the absence of stock, demand exceeds supply,” he said.
Miron, a Co-Founder and Fund Manager of Msquared Capital, said the housing debate had become overly focused on tax policy while overlooking broader structural issues.
He argued that affordability challenges stemmed from a combination of factors, including planning constraints, supply shortages, migration levels and interest rates.
“No-one can be 100 per cent certain on the real reason for property prices is going up,” he said.
“The reason why property prices are higher is a combination of interest rates, lack of supply, migration, vacancy rates and maybe taxes play a role.”
Miron was critical of recent federal housing policy changes, warning they could reduce the number of new homes being built and further constrain supply that was even highlighted in the budget.
He also highlighted the importance of the property sector to the broader economy, noting that residential real estate and related industries employed more than one million Australians.
McNeice, who advises developers on sales strategy and market intelligence, said understanding buyers had become increasingly important as affordability pressures intensified.
While affordability remained a major consideration, she said today’s buyers were focused on value rather than simply price.
“People are looking for value for money,” she said.
She said buyers were increasingly evaluating factors such as transport connections, walkability, nearby amenities and flexible living spaces that could accommodate changing family needs.
“What infrastructure is going on? Can I walk to the shops? Can I meet people at the local cafe?” she said.
The panel also discussed the mounting pressures facing developers, with Elbanna arguing that many projects become financially unviable from the moment a site is purchased.
“The viability of a development happens at the moment the site is bought,” he said.
He said rising construction costs, higher interest rates and overly optimistic feasibility assumptions had left some developers exposed as market conditions changed.
While acknowledging the growing number of smaller and first-time developers entering the market, Elbanna said property development required expertise across finance, construction, marketing and legal disciplines.
“It is actually a business that requires a level of expertise,” he said.
Looking ahead, the panel agreed opportunities remained in the market despite current challenges.
Miron said property should continue to be viewed as a long-term investment and cautioned against trying to time short-term market movements.
McNeice said success would increasingly depend on identifying projects that genuinely met changing buyer expectations.
Elbanna said affordable housing remained achievable, but developers needed to deliver more than just homes.
“We can provide affordable housing in this country,” he said.
“But we’ve got to wrap that affordable housing with the things that people want.”
As Australia’s housing affordability debate intensifies, the panellists agreed on one point: without a meaningful increase in housing supply, demand-side measures alone are unlikely to solve the nation’s property challenges.
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