Brisbane’s art deco units spark unprecedented demand within minutes of listing

Six chic art-deco apartments in Brisbane’s Golden Triangle sold for record-breaking sums after a sea of ​​buyers from all over the world sparked an unprecedented binge eating just minutes after they hit the market.

Once a single brick mansion that housed the United States Navy during WWII, the now meticulously refurbished two-and-one-bedroom units at 598 Lower Bowen Terrace, New Farm fetched as much as $ 1.1 million each within days after living in a spirit-landmark event that Ray White New Farm sales agent Tom Lyne said had raised the bar for the city’s art deco sector.

“We launched all the units at the same time a fortnight ago and a few days later we had 400 inquiries… mentioned.

The units at 598 Lower Bowen Terrace, New Farm occupy an enviable location. Photo: Ray White New Farm

“It set a new benchmark for the art deco market here… we sold one of the two bedroom apartments with parking for $ 1.1 million and then the highest price. [we collected] for a one bedroom unit was $ 586,000 – and it was without parking.

“If we had three more buildings like this, we would have sold them… it was a multiple offer situation and the prices we originally set were a very good benchmark and we took it out of the park. – we have sold a number of those above the listed prices.

“In fact, we received 18 offers for all apartments at 10pm on that first Saturday.”

598_lower_bowen_tce2_tgoshy
The interior of one of the units at 598 Lower Bowen Terrace, New Farm. Photo: Ray White New Farm

Across New Farm, only a small handful of two-bedroom units topped the million dollar mark – like the luxurious 30 Hollins Crescent which traded for $ 1.625 million in February 2020 – but in each of those cases, the homes featured larger-than-life floor plans, river views, and contemporary designs.

While opulent oak, marble and brass finishes and the first-class location just minutes from New Farm Park made it easy to see why the boutique apartments on Lower Bowen Terrace have held up to the trend, M Lyne said the incredible results spoke to residents of the city as well. sizzling market and the building’s remarkable history.

598_lower_bowen_tce_5_x7uh0n
598 Lower Bowen Terrace, new farm. Photo: Ray White New Farm

“We had a lovely client who bought this whole property [with its six then-outdated units] and completely restored to the highest standard over a year and a quarter… the apartments themselves have just been completely redone and every window in the set has been restored, ”he said.

598_lower_bowen_tce3_tjperp
The owner bought the whole block and restored it beautifully. Photo: Ray White New Farm

“It was an incredible sight, and he did a great job. To also keep history and heritage [has made it even more special]. He made this building last for another two hundred years.

“But what makes him so interesting is the history… he occupied the offices of the United States Navy (during World War II).”

The units have drawn interest from as far away as Dubai and London, with first-time homebuyers and local investors from Queensland’s capital to Sydney and Melbourne all vying for a rich slice of the historic pie.

598_lower_bowen_tce4_j0v9sz
598 Lower Bowen Terrace, new farm. Photo: Ray White New Farm

In the end, said Lyne, a single interstate buyer, a few local owner-occupiers and a few investors took over the apartments in a lightning-fast campaign following a scorching year of sales. real estate.

“With art deco houses, it’s a bit like buying a work of art … but I would also say that the pool of buyers is much larger than the one we were dealing with 12 months ago,” he said. -he declares.

“In fact, two or three years ago we would have looked into whether or not we would sell the property for an increase or a loss, but in the last 12 months there would have been no apartment sold. for less than what the seller paid.

Source link

About Frances White

Check Also

The revolutionary contemporary art market in Russia

Simon Rees, artistic director of the International Contemporary Art Fair Cosmoscow, spoke to the Moscow …

Leave a Reply

Your email address will not be published. Required fields are marked *