![](\"https:\/\/fmsto.blob.core.windows.net\/cms\/images\/055\/0004_637752304631646425.jpg\")
<\/p>\n
An \u201cinsatiable\u201d demand has been driving Queensland\u2019s housing, including the prestige market where activity has tripled over the past year.<\/p>\n
PS Property Advisory senior buyer\u2019s agent Belinda Shields said Brisbane\u2019s high-end market was boosted by cashed-up buyers over the past year, as the number of transactions surge.<\/p>\n
\u201cOne of the most striking elements is that far more Brisbane locals are purchasing at this price level,\u201d Ms Shields said.<\/p>\n
\u201cHigh-end prestige is no longer just within the realm of interstate, expat and foreign international buyers in Brisbane.\u201d<\/p>\n
Since 2019, the number of transactions involving properties priced between $5m and $20m has been increasing.<\/p>\n
Brisbane recorded 11 prestige sales in 2019, 22 in 2020, and 38 in 2021 to date.<\/p>\n
One of the most recent transactions was the sale of a $12m home in Indooroopilly, which is only around eight kilometres away from the central business district.<\/p>\n
It was a six-bedroom, five-bathroom property with parking space for six vehicles.<\/p>\n
The two-level architectural home features a sunken lounge, 5-metre ceiling, open wood burning fireplace, terrace and pool with river views.<\/p>\n
\u201cOne of my agent contacts said in the current market, it\u2019s easier to sell a property between $10m and $20m than it is to sell a property between $3m and $5m because there are just so many cashed-up prestige property buyers around,\u201d Ms Shields said.<\/p>\n
Ms Shields said buyers in the prime segment are often not price sensitive, which could further support growth.<\/p>\n
\u201cWe are the current go-to market for high-net worth buyers, and as borders come down, we\u2019ll see an influx of these ultraluxe buyers,\u201d she said.<\/p>\n
\u201cInterstate and overseas migration is set to skyrocket, and our upper end will lift further.\u201d<\/p>\n
Factors boosting the prime markets<\/h2>\n
Ms Shields said it was a challenge in the past for high-net-worth buyers to find the right stock in Brisbane.<\/p>\n
\u201cQueensland\u2019s status as a relatively COVID-free jurisdiction has improved our standing both nationally and internationally among buyers,\u201d she said.<\/p>\n
However, Brisbane now boasts river frontages, large estates close to the city, elevated views, high-end architecture, comprehensive facilities, and classic restorations which prime buyers are all finding appeal.<\/p>\n
\u201cIn addition, low interest rates have bolstered business confidence \u2013 a source that feeds directly into the hip pockets of these high-net-worth buyers,\u201d Ms Shields said.<\/p>\n
\u201cThere\u2019s also no denying the 2032 Olympic announcement, and the inevitable international spotlight it will shine on our city, has boosted our cache with buyer.\u201d<\/p>\n
Overall market still shining<\/h2>\n
It is not just the prime market that is currently thriving \u2014 Queensland\u2019s overall residential property market has been reporting solid indicators over the past quarter.<\/p>\n
According to the latest report from the Real Estate Institute of Queensland (REIQ), median house prices increased by 1.8% across the state during the third quarter of the year.<\/p>\n