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Demand for Luxury Brisbane Properties Soars



3 August, 2021


Luxury riverfront properties continue to be in huge demand in Brisbane with a Toowong home selling within the first day of being listed for sale.


It is the second time the house at 24 Glen Rd, Toowong has been sold within seven months, according to listing agent Jason Adcock of Adcock Prestige.


Mr Adcock sold the home at auction in October 2020 for $7.3 million.


He said that buyer’s change of heart resulted in a fantastic buy for the new owners who were the underbidders when it was taken to auction late last year.


“That first buyer commenced a large renovation project but had a change of heart and decided to buy another property which had already been renovated,” Mr Adcock said.


“It’s an amazing house, but the former owner realised it was going to take a while to complete all the renovations they wanted, so they decided instead to sell and buy elsewhere.


“The renovations were already underway and will need to be completed, so fortunately for the new buyers they were able to secure the property at a very competitive price which reflected that.”


Mr Adcock relisted the property on a Sunday morning and sold it to the underbidders for well over $7 million that afternoon.


“The first sale broke the previous suburb record of $6.25 million, and now the second sale of the property has still exceeded that record,” he said.


“Brisbane’s luxury property market shows no signs of slowing. Demand is huge, particularly as there is not much stock available at the moment.


“Properties are selling quickly and those who hesitate miss out.”





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