What $18.5 million buys in Brisbane’s most expensive suburb

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An architectural showpiece in New Farm dripping in greenery and featuring a steam room, eight-car garage and heated magnesium pool has sold for $18.5 million – taking the crown as Australia’s top auction sale over the weekend while setting a new Brisbane auction record.

Perched on an 875 square metre block at 26 Elystan Road, the landmark five-bedroom, five-bathroom home was designed by Tim Stewart Architects and sold by a construction industry owner.

It’s now the second-highest sale recorded in New Farm, behind 101 Welsby Street, which sold for $20.5 million in 2023. It’s the fourth most expensive home to ever sold in Brisbane.

Ten bidders vied for the keys in front of a packed crowd at the Ray White in-room auction event at the Calile Hotel on Saturday, with bidding opening at $10 million before quickly rising in $1 million jumps to $15 million.

Auctioneer Haesley Cush said the bidding was fierce from start to finish, rising to $17 million before the increments broke down. The home was called on the market at $18 million.

“At that point the buyer shook his head. Then on the third call, he went to $18.1 million, and then it went back and forth to $18.5 million,” said Cush.

“He was a Brisbane local bidding over the phone against another Brisbane-based buyer. There were several bidders from outside the area too … but the local bidding underpins the value; it’s not like locals are getting priced out.

“To have that many people competing at this level shows the strength and confidence of Brisbane’s upper-end market.”

The auction comes just weeks after New Farm cracked one of the city’s most significant price milestones to become the first suburb with a house price median topping $3 million.

It was among 226 scheduled auctions across South East Queensland over the weekend. By Saturday evening, Domain recorded a preliminary clearance rate of 54 per cent from 150 reported results, with 15 homes withdrawn. Withdrawn auctions are counted as unsold when calculating clearance rates.

In Enoggera, a humble single-level brick and tile house on a flat 630-square-metre block attracted a crowd of buyers on Saturday – selling for $1.562 million, more than $200,000 over the reserve.

The four-bedroom, one-bathroom house at 3 Bauhinia Avenue sits in one of the suburb’s most sought-after pockets, just a stone’s throw from the Kedron Brook bikeway, top schools and shops – making it property gold despite its down-to-earth looks.

Twenty-five registered bidders turned up, though after a knockout opening of $1.35 million, only seven stayed in the game. Two bidders dominated until a pair of latecomers jumped in as bids shrank to $2000 and $3000 rises.

In the end a young family with two primary school aged boys from Adelaide – who have been renting in Mansfield – clinched the keys.

Selling agent Karen McBryde, of Ray White Wilston, said the gavel fell to cheers and a few tears.

“It was a deceased estate and two sisters were selling it, but it was a sad transaction as they didn’t really want to sell mum’s house,” she said. “But they loved the family that it went to.”

In Holland Park, a 1940s cottage in a tightly held pocket sold for $1,288,888 to Chinese investors despite being in “average condition” and needing a renovation.

The three-bedroom, two-bathroom home at 20 Burlington Street sits on a 587-square-metre block and featured a deck, timber floors and a study.

It last sold in 2018 for $692,500.

Bidding opened at $1 million with the three punters battling it out in largely $50,000 increments until $1.2 million. It was then that the ultimate buyers entered negotiations to seal the deal – ensuring the final price landed on a set of lucky digits.

Selling agent Shane Hicks, of Place Camp Hill, said all three buyers were investors, drawn in by the home’s block size, location close to transport and potential.

“The house is an average condition … but it was a good result and it was competitive,” he said.

“It didn’t come easy but we did have a big crowd of about 50 there and in that crowd were buyers wanting to look at is a conditional sale – but the vendors wanted it sold.”

AMP chief economist Dr Shane Oliver said Brisbane’s market remained solid despite a surge of new listings.

“This week’s clearance rate was able to go up despite a big listings rise. It’s telling us that the market remains strong, which is surprising because affordability is getting worse,” he said.

“Sydney and Melbourne seem to be slowing down a bit but Brisbane is still powering ahead and that tells us buyers aren’t too concerned about the less positive outlook for interest rates.

“There also seems to be an ongoing fear of missing out.”