Record Price for 405m2 Block In Brisbane

ND demand has soared to record levels, with a 405sq m block in Queensland’s most expensive suburb selling for nine times the Brisbane average and four times that of Sydney.

teneriffe brisbane

The block at 18 Teneriffe Drive, Teneriffe, sold for $2m on Thursday, agent Beth Leach of Beth Leach New Farm confirmed.

At close to $5,000 a square metre, it’s over four and a half times that of Sydney ($1,051) and nine times that of Brisbane ($546sq m), according to latest data from Housing Industry Association.

“New Farm and Teneriffe are Queensland’s equivalent to Sydney’s inner north shore as high buyer demand pushes up prices and we struggle with supply and demand,” Ms Leach told The Courier-Mail.

“This is clearly evident in the record-breaking sale of 18 Teneriffe Drive, Teneriffe, a removable house on 405sqm, sold for $2m.

I’ve just listed online a double block of land with a removable house (address withheld) in New Farm, just off Oxlade Drive in the sleepy riverside streets 24 hours ago and have received 22 phone inquiries and 13 email inquiries already. The idea of starting from scratch and designing their dream home is incredibly attractive to many buyers.”

According to HIA, the Queensland capital was now the “second most active residential land market with 1,928 lots sold (13 per cent of the national total in the September quarter).”

High prices have been paid for properties with potential for owners to start fresh, including 51 Toorak Road in prestigious Hamilton Hill that sold for $2.475m last month — just over $3,000 per sq m.

That block, which was double the size of the Teneriffe one with dual-street access, saw “very strong interest” even after the auction ended, said agent Alex Rutherford of Place New Farm.

“(Land) is actually driving the demand now. Anything that has a point of difference with a view or a fantastic flat block or elevation is sought after.”

“As soon as they can build something, with limited restrictions on what they can build, popularity soars).”

Brisbane suburbs with vacant “infill” blocks in the middle and outer rings were also seeing strong demand, including 27 Pershing Street, Keperra — 20 minutes from the CBD — where an empty 405sq m piece of land sold for $409,000 last week, or about $1,000sq m.

According to Ms Leach, larger blocks with removable houses and Queenslanders were seeing strong price growth as they became more rare.

“One such address is 167 Harcourt Street New Farm, a renovator offering an incredible 1,026sq m, a quarter acre of New Farm gold. There are only 47 properties in New Farm and Teneriffe over 1000sq m after all.”

Credit: News