This Queenslander Hits Market For +$1m More Than It Sold For In June
The stylish residence features a wraparound terrace, an outdoor kitchen and a pool.
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Known as Trevallyn, the five-bedroom residence in Chelmer was built in 1905 in the Queenslander style and features a corrugated iron roof and a wraparound veranda, hallmarks of the style, and has been “skillfully restored,” listing agent Tyson Clarke of Queensland Sotheby’s International Realty said in an email.
The home is located on “one of the area’s most prestigious streets with a lot of recent big sales,” Mr. Clarke said.
“The owner’s price expectation is around [$5.5 million], however the market is already dictating it will likely be higher than that,” he said. “We are seeing sales circa 10% higher at the moment, so anywhere between that and possibly toward the $6 million mark.”
It last traded in June 2021 for $3.9 million, according to property records. If it sells for $6 million, it would be a 35% price jump in less than a year. The home is registered to a limited liability company, and Mansion Global could not determine who is behind the company.
The residence “has been fully renovated by one of Brisbane’s top architects, Joe Adsett, to be a completely modern prestige home while maintaining all the historical aspects and charm of the original,” Mr. Clarke said.
Period details include the hardwood floors, tongue-and-groove walls and tall ceilings, according to the listing. The front door is also original to the residence.
The open-floor plan includes a living and dining area and an updated kitchen with a butler’s pantry, island and Smeg appliances, with Calacatta marble throughout, according to the listing. It opens to the covered veranda, which has an outdoor kitchen and overlooks the lawn and 10-metre lap pool.
The main bedroom features a custom dressing room and an en-suite bathroom with Italian tiles and a brass bathtub imported from the U.K.
There’s also a library office with a wall of bookshelves and a ladder, a wine cellar and a lower level with a bedroom, bathroom and a kitchenette. Plus there’s covered parking for up to four cars.
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Ray White’s chief economist outlines her predictions for housing market trends in 2024
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Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.
Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.
“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”
Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”
Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”
3 key housing market trends for 2024
Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.
Luxury apartment market to soar
Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”
Homes to become even greener
The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”
More people living alone
For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”
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