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Extravagant Brisbane acreage estate breaks suburb record

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THIS extravagant estate is like something out of a BBC costume drama, with its symmetrical topiary, sweeping staircases and ostentatious decor. So how on earth did it sell for the price of some small Sydney houses? SEE INSIDE THE AMAZING HOME.

ONE of Brisbane’s most extravagant estates has sold for just shy of $4 million to a wealthy Sydney entrepreneur — setting a new benchmark for luxury acreage in the city’s southern greenbelt.

Selling agent Sarah Hackett of Place Estate Agents would not reveal the exact sale price of the Georgian-inspired seven-bedroom, six-bathroom mansion in Chandler, but said it marked a new record for the area.

But it’s a far cry from the original asking price for the property at 652 London Road, which was last listed for offers over $5 million in 2017.

Related article: Mortgage holders rejoice: Most Qld homes rose in value over the past year

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This home at 652 London Rd, Chandler, has sold for a record price.Source:Supplied

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Some of the unique pieces inside the home at 652 London Rd, Chandler.Source:Supplied

Mrs Hackett said it was a “last minute sprint to the finish line”, with the home attracting three written offers, but a three-week settlement and unconditional offer sealed the deal.

She said the buyer had sold his home in Sydney and was relocating to Brisbane.

“I’m probably dealing with at least two families a week from Sydney or Melbourne and the expat market this time of year is really strong too,” Mrs Hackett said.

The previous record for a home sale in Chandler was $3.75 million, and in Gumdale, it is $3.1 million.

Owner, Christine Spencer, said the buyer of 652 London Road was from Sydney and would be relocating to Brisbane to live in the home permanently.

Mrs Spencer said the sale was “wonderful news” after having the home on the market since January last year.

“Finally, someone has bought the home!” Mrs Spencer said.

“It’s a unique property; it just needed the right person and someone who had the finances.”

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The pool at the property at 652 London Rd, Chandler.Source:Supplied

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One of the seven bedrooms in the home at 652 London Rd, Chandler.Source:Supplied

Mrs Spencer said there had been plenty of interest in the property, but a number of contracts had fallen through because the potential buyers could not secure finance.

She and her husband, Craig, built the home 20 years ago, drawing on inspiration from their global travels.

Records show they bought the 1ha block of land for just $257,000 in 1996.

The couple is behind the Carter and Spencer Group — a family-owned fresh fruit and vegetable company.

“It was, and still is, one of the most outstanding homes for that area, and it’s certainly stood the test of time,” Mrs Spencer said.

“It will be very sad to move.”

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Inside the home at 652 London Rd, Chandler.Source:Supplied

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The kitchen in the home at 652 London Rd, Chandler, is more minimalistic.Source:Supplied

The Spencers are downsizing to Kangaroo Point, where they bought a smaller, Georgian-style heritage home.

Chandler, about 18km south of the CBD, is now Brisbane’s third most expensive suburb, with a median house price of $1.59 million.

The property’s former listing agent, Tyson Clarke of Queensland Sotheby’s International Realty, said the home was widely known as one of the most prestigious properties in the Chandler area.

“There’s maybe half a dozen top end homes that stand out as what you might call the best of the best in the area,” Mr Clarke said.

“This is kind of the first one of those to come to the market.”

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Inside the home at 652 London Rd, Chandler.Source:Supplied

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A grand staircase leads to the upper level of the home at 652 London Rd, Chandler.Source:Supplied

Mr Clarke said he received interest from all over Australia and internationally when he was marketing the property.

He said interstate and international buyers were increasingly joining with local families to live in Brisbane’s acreage estates just 20 minutes from the city, given the value for money the big blocks represented.

With a 901sq m interior — four and a half times larger than the average new home — the home is filled with ornate and luxurious touches, including marble staircases, wrought-iron banisters and chandeliers.

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Entry to the property at 652 London Road is via a long, hedge-lined driveway.Source:Supplied

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The inside of the home is dripping with luxury trimmings.Source:Supplied

Entry to the sprawling estate is via a manicured, hedge-lined driveway with a tiered fountain and baroque statues that lead to a grand porte-cochere.

Stepping inside a gallery, there’s an open plan lounge and formal dining space, with a grand staircase leading to the upper floor.

The western wing of the ground level has a family room, casual dining area and kitchen with European appliances, a walk-in pantry, cold room and custom built wine cellar.

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Some of the opulent interiors inside the home at 652 London Rd, Chandler.Source:Supplied

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The statue at the entrance to the home at 652 London Rd, Chandler.Source:Supplied

A six-seat home theatre, dance room, home office, games room, laundry, guest room and gymnasium complete the lower level, which leads out on to the terraces, courtyards, patios and alfresco entertaining areas.

Upstairs, there is a family retreat, four bedrooms, a guest room, two bathrooms and a master suite featuring an enormous walk-through robe, ensuite with bath and dual basin vanity, and access to two separate Juliet balconies.

Outside, there is a 20m lap pool flanked by manicured lawns and paved sunbathing areas and a large pond.

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The outdoor area of the home at 652 London Rd, Chandler.Source:Supplied

This home at 652 London Rd, Chandler, hassold.Source:Supplied

Mrs Spencer personally chose many of the key features, flying to Prague to pick out the chandeliers and visiting Bangkok to select the fountain and statues to line the driveway.

Italian marble has been used throughout the home, with many of the walls treated by hand. The stunning claw foot bath is also a favourite piece, and is overlooked by two Venetian mirrors.

The claw foot bath at the property in Chandler.

The claw foot bath at the property in Chandler.Source:Supplied

Originally published as Bargain mansion’s $1m discount

Source: www.news.com.au

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Slowing Housing Market Sees Capital City Values Fall Below Their Peak

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Slowing Housing Market Sees Capital City Values Fall Below Their Peak

With dwelling values now falling across most capital cities, the topic at weekend BBQs across the country might very well be, what’s next for Australia’s property market?

Corelogic’s latest models show, at least for the short-term, that values are likely to continue trending lower, with the rate of decline easing later this year and into 2020.

National housing market downturns have generally been short-lived. Although, the current downturn of 16 months is now the second longest, with the 2010-12 decline running two months longer than the current downturn.

By next month, assuming the falls continue, Corelogic says this will be the largest downturn in the combined capital city index since 1980.

There is an expectation that interest rates may move lower. This week a report from the Reserve Bank cited shifting interest rates as responsible “more than any other factor”, for weakening house prices and construction rates.

“We probably won’t see the entire rates cuts passed through to mortgage rates and the much tighter credit conditions are likely to limit any rebound in the housing market,” Corelogic said.

“Particularly given borrowers are being assessed on their ability to repay a mortgage at a much higher rate, above 7 per cent.”

SYDNEY

Slowing Housing Market Sees Capital City Values Fall Below Their Peak1

Since peaking in July 2017, Sydney’s dwelling values have fallen by 13.2 per cent to February 2019.

Corelogic says this is one of the longest periods of decline.

“With little sign that the falls will abate over the coming months, this current downturn may end up being the deepest and longest in modern times.

“This downturn is also very different to other downturns which have generally been driven by an economic contraction or higher interest rates.

“This downturn is more closely linked to a significant tightening of credit conditions at a time in which the economy continues to grow and interest rates are unchanged – despite some moderate increases for owner occupiers and larger rises for investors.”

Slowing Housing Market Sees Capital City Values Fall Below Their Peak2

MELBOURNE

Slowing Housing Market Sees Capital City Values Fall Below Their Peak3

From Melbourne’s housing market peak in November 2017 through to the end of last month, dwelling values across the city have dropped by 9.6 per cent.

“Interestingly, comparing the downturn in Melbourne to Sydney, 15 months into Melbourne’s downturn values have fallen 9.6 per cent compared to a decline of 8.2 per cent 15 months into Sydney’s downturn.

“The downturn in Melbourne’s housing market is closing in on its largest downturn of 10 per cent between 1989 and 1992 while the downturn (so far) has been much shorter than the 36 month period in 1989-92.”

Slowing Housing Market Sees Capital City Values Fall Below Their Peak4

BRISBANE

Slowing Housing Market Sees Capital City Values Fall Below Their Peak5

Brisbane didn’t experience the great upswing in property prices recorded in Sydney and Melbourne in recent years. And as such, after experiencing moderate growth the data shows Brisbane is recording a moderate decline.

Brisbane’s property values peaked in April 2018, dropping 1 per cent to February 2019.

“To date the fall is moderate however, with housing market weakness entrenched values are expected to move slightly lower or, at best hold firm, over the coming months.”

Slowing Housing Market Sees Capital City Values Fall Below Their Peak5

PERTH

Slowing Housing Market Sees Capital City Values Fall Below Their Peak5

Following the slowdown in the mining sector, Perth’s housing market has experienced an extended downturn since June 2014 when the market last peaked. Perth’s property values have fallen by 17.8 per cent since then.

“The current downturn has run substantially longer than previous downturns and it is also a much deeper value fall than recorded across previous downturns,” CoreLogic said.

“In late 2017/early 2018 it was looking as if the falls were coming to an end, however, the market has weakened further in line with weaker labour market and economic conditions as well as tighter credit conditions.”

Slowing Housing Market Sees Capital City Values Fall Below Their Peak8

ADELAIDE

Slowing Housing Market Sees Capital City Values Fall Below Their Peak8

Much like Brisbane, Corelogic says Adelaide’s growth has been moderate over recent years however, with values starting to decline over recent months.

Adelaide’s values peaked in December 2018, recording a fall over the past two months of 0.3 per cent at the end of February 2019.

“While there have been previous periods of value falls in Adelaide, they have tended to be more moderate than those recorded across the other capital cities.

“To-date the decline has been short and moderate and it will be interesting to see over the coming months whether values continue to fall.”

Slowing Housing Market Sees Capital City Values Fall Below Their Peak10

 

 

Source: theurbandeveloper.com

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SHAFSTON ESTATE, WHICH INCLUDES ONE OF BRISBANE’S OLDEST HOUSES, IS ON THE MARKET

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SHAFSTON ESTATE, WHICH INCLUDES ONE OF BRISBANE’S OLDEST HOUSES, IS ON THE MARKET

A large parcel of prestige riverfront land, which includes with one of Brisbane city’s oldest houses, is on the market.

Known as The Shafston Estate, the 1-hectare block at 23 Castlebar Street in Kangaroo Point has been the home of the Shafston College educational facility for more than 20 years.

The site features six freestanding campus buildings totalling about 2675 square metres, one of which is the heritage-listed Shafston House that was entered on the Queensland heritage register in 2005 for its historical, cultural, and aesthetic significance.

The estate was previously on the market in 2013, and property records show that the estate was last sold in 1993 for $1.8 million.

Kangaroo Point is one of Brisbane’s most prestigious suburbs. An $18.48 million sale recorded there in early 2017, for a riverfront home on almost 1200 square metres, made it Brisbane’s most expensive house at the time.

SHAFSTON ESTATE, WHICH INCLUDES ONE OF BRISBANE’S OLDEST HOUSES, IS IN THE MARKET

The property is in one of the most prestigious suburbs of Brisbane.

Herron Todd White Brisbane director Gavin Hulcombe said prestige inner-city riverfront property had been in strong demand lately due to its scarcity.

“It is unusual to have a parcel of this size, in this proximity to the city, with river frontage. Riverfront sites have been quite constrained throughout Brisbane,” Mr Hulcombe said.

“There has been a lot of interest generated in riverfront property as evidenced by a couple of recent home-site purchases.

“It is a very popular location. It is unusual to have this size block of land through this pocket, irrespective of being on the river.”

A riverfront property in New Farm, directly opposite Shafston Estate, sold in March for $7.75 million, equalling the Brisbane auction price record.

SHAFSTON ESTATE, WHICH INCLUDES ONE OF BRISBANE’S OLDEST HOUSES, ON THE MARKET

Shafston College has operated from the site for 20 years.

State government records show that Shafston House, designed by well known 19th century architect Robin Dods, was constructed in several stages between 1851 and 1904 and is an example of the Victorian gothic architecture style that was popular at the time.

According to the heritage register, it is likely the third oldest house in the Brisbane metropolitan area, after Newstead House (1846) and Bulimba House (1849-50) and a rare surviving remnant of a riverine estate of a type typical in the early development of Brisbane.

Marketed by Cushman & Wakefield, expressions of interest close at 4pm on Wednesday 10 April.

 

 

Source: www.commercialrealestate.com.au

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Council says ‘imposing’ Nudgee property needs heritage protection

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Council says imposing Nudgee property needs heritage protection

A large bungalow home in Nudgee that Brisbane City Council says it at risk of demolition or removal could be placed under a two-year protective order while its history is investigated.

The property on St Vincents Road has a large 3000-square-metre block of land and a building the council believes could be constructed in 1900.

At Tuesday’s council meeting a request for a temporary local planning instrument that would last for two years was put forward for debate.

The council agreed to write to State Development Minister Cameron Dick requesting the TLPI so they could have more time to investigate the heritage of the property.

A report made to council’s establishment and coordination committee noted the property was “currently at risk of either demolition or removal” and any subdivision of the garden “would have a detrimental impact on the cultural significance of the house” and the gardens.

The building had already seen some upgrades made to it, including a part of the building constructed after 1946, but it was believed the original building could have been constructed in 1900.

City planning committee chair Matthew Bourke said the council did not want to see the house disappear.

“Council needs more time to properly research the history of this site and determine its historical significant, as well as heritage value so it can then be put onto our heritage register,” Cr Bourke said.

“Due to the current zoning and size of the lot, there is the possibility this site may become subject to a multiple dwelling development application.”

Cr Bourke said on face value the building didn’t look like a pre-1940s house, but local councillor Adam Allan (Northgate) had raised the potential for it to be of heritage interest after conversations he had had.

“That’s why we’ve taken this opportunity to protect it, to be able to do the detailed investigation, and then assess on that information,” Cr Bourke said.

Cr Allan said the property was well-known to residents as an “imposing old home” and was originally on farmland.

“This property has remained as a beacon of a bygone era,” he said.

“Any moves to move or demolish the property would not be well-received by the growing local community and would result in the loss of an element of the heritage and history of the area.”

Independent councillor Nicole Johnston (Tennyson) questioned why the council was seeking a TLPI on the Nudgee property when many other requests she had made to protect houses in her ward were rejected.

The move from council to protect the building follows several weeks of discussion about the council’s attempt to ban townhouse and apartment developments on blocks larger than 3000 square metres in low density residential zoned suburbs.

The council is waiting for a final response from the state government on both their request for a permanent ban to be written into its planning legislation, and a temporary ban while the permanent ban is considered.

 

Source: www.brisbanetimes.com.au

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