Cush for Comment – November 30th 2024

Today I will wake up like a kid on Christmas morning. It’s prestige auction day! 

We are hosting our fourth annual ‘Ray White Collective’ prestige property auction event at The Callie Hotel. I can’t wait to get out the front and swing the gavel in front of Brisbane’s super high-end property market. 

To give some insight into the general market, last Monday I called 33 auctions with my great mate Phil Parker, and we sold 22 by the end of the night. Four more sold afterwards, which translates to an over 80 per cent clearance rate within a week of the event. 

Today, I’ll call nearly 20 prestige property auctions, and the day will feature a cracking line up of homes. We have absolute riverfront properties, sprawling estates on acreage, high-end luxury apartments and a selection of inner city contemporary family homes. The power of the prestige property market is being fuelled by a number of factors. 

At the top of the list is the cost to renovate or build. The unknown price tags and time frame related to building has seen many buyers see value in a finished home. In fact, much of the market is still below the current replacement cost.

 Also, there is a group of migrants or returning locals who are active in the market. These buyers have been educated by more expensive high-end cities and Brisbane seems comparatively cheap. 

With only a few weeks left I’m eager to see how this sophisticated part of the property market will close out 2024.