This property at 32 Archer St, Toowong, has sold offmarket for $6m. Photographer: Ali Rasoul.
A riverfront home that cost its owners $600,000 has sold for 10 times that in just 48 hours as money continues to flood in to Brisbane’s prestige property market.
The Californian bungalow on 905 sqm at 32 Archer Street in Toowong has been picked up by a local family for $6 million in another eyewatering deal.
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Cohen Handler managing director and buyer’s agent Jordan Navybox. Photographer: Ali Rasoul.
Buyer’s agency Cohen Handler purchased $47.6 million worth of Brisbane real estate for its clients in August — nearly double the same time last year.
Cohen Handler managing director Jordan Navybox, who brokered the sale of 32 Archer Street, said the buyers of the property were planning an “in-theme restoration” of the existing house.
The property occupies 905 sqm of riverfront land across two lots.
Records show the current owner bought the house in 1993 for $600,000. They completed a renovation the year after.
The property was about to be listed with Jason Adcock of Adcock Prestige, but sold before official advertising.
Mr Adcock declined to comment given the deal involved a confidentiality agreement.
Mr Navybox said the property’s north-east facing, riverfront position was highly attractive.
“It’s land that’s really highly sought-after because most (of the riverfront properties) in Brisbane face west,” Mr Navybox said.
“It’s really difficult to get north or east facing riverfront land that close to the CBD. That’s why our buyers wanted it.”
An aerial shot of the property at 32 Archer St, Toowong.
Mr Navybox said surging interstate migration and a growing trend for “fashionable” lifestyle properties had driven an increase in Sydney and Melbourne buyers, with a third of his clients buying in Queensland from outside the state.
“I think there have been some astonishing results onmarket, but offmarket is a really interesting space for these big, prestige buyers who want confidentiality and privacy,” he said.
“I think because real estate has become a fashionable industry. More buyers follow the real estate market now than ever before.”
REAL ESTATE: This property at 5 Molonga Tce, Graceville, is for sale.
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