The October sale of a mansion in Chapel Hill, a suburb of Brisbane, Australia, has set a record for the area, according to listing brokers who handled the sale.
“The previous suburb record stands at A$3.6 million (US$2.76) for a smaller property on the same street back in 2014,” said listing brokers Reuben Packer-Hill and Alex Jordan of McGrath Estate Agents in an email. Mansion Global could not confirm the record independently.
The six-bedroom house in Chapel Hill, sold for A$3.9 million (US$2.99 million) on Oct. 24, according to listing records. Mr. Packer-Hill and Mr. Jordan declined to confirm the sale amount or to comment on the buyer, though they said it was a local family looking to upsize.
The hilltop mansion spans over 10,000 square feet and has a chef’s kitchen, a cinema, a master suite with a wet bar, a guest apartment, terraces, gardens, a pool, a championship tennis court and a five-car garage, according to its listing.
The purchase gives further weight to the prestigious status of the leafy enclave, said Mr. Packer-Hill and Mr. Jordan. Developer Sunland Group recently purchased a 5.65-acre site for a residential development with a reported end value of A$30 million (US$23.01 million).
Given the increase in confidence at the upper end of the market, Mr. Packer-Hill and Mr. Jordan said they expect both an immediate and long-term lift in median prices in Chapel Hill.
In Brisbane, the median house price is A$490,525 (US$376,227), an increase of 2.7% from last year, according to the latest report by CoreLogic. Australia’s national home prices in October were up 6.6% year-on-year, pushing up the national median value to A$543,251 (US$417,472).
Domain first reported the sale.