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This Kuraby home has sold for a suburb record price of $4.25m.
The home price record for a suburb in Brisbane’s south has been smashed by over $1m, triggering experts to predict the start of major spikes ahead for affordable areas surrounding it.
This after a seven bedroom, seven bathroom, triple garage home in Kuraby in the outer southern rim of Brisbane City Council’s territory sold for a massive $4.25m, raising expectations for affordable neighbours like Woodridge, Underwood and Slacks Creek.
Ray White Rochedale agent Junaid Ally, who listed the property with colleague Zishaan Omar – said price showed how strong demand was for up-market homes in the south and also where prices could be going for the entire area.
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The appetite for up-market homes in Brisbane’s south is growing strongly.
Underwood immediately beside it saw a home sell at auction over the weekend for $2.4m, and Greater Brisbane’s most affordable suburb, Woodridge, has a top house price of $1.415m for a home on a 3,351sq m block sold in 2023, though a block of units fetched $3.05m in September.
The median price of houses in Kuraby is $1.215m, while Woodridge next door is $620,000, Underwood $975,000 and Slacks Creek $725,000.
The home was being sold for the first time in 22 years.
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Mr Ally said families looking in the area were community-specific, meaning they liked the area because it was either near the mosque or the Chinese Methodist Church or the Korean Presbyterian Church or the Sikh temple.
“I like to call it the holy city, because it is surrounded so many people of different faiths and such a great community.”
He said around 150 families went through the Kuraby property for inspection and several offers ranging from $1.5m to $3.5m were received prior, though the home passed in at auction at a price of $4,000,030.
Negotiations after the auction took two weeks before a deal was struck.
Negotiations were then entered into with the top four bidders, he said, with the ultimate sale figure agreed upon of $4.25m blitzing the suburb’s previous highest price by $1.45m.
“It was crazy,” Mr Ally said of the interest in the property. “The family’s been there for 22 years. They’ve had five kids and all have grown up, and they are now downsizing to a much smaller property. This was their family home. It was very loved, so there was a lot of emotion attached to it.”
He said it took two weeks of negotiations after the auction for the deal to be finalised.
“It’s sold to a young family. The buyers are extremely happy. They absolutely loved it. They walked in, fell head over heels. This was their dream home.”
The property is set on a 1907sq m block across two titles and the homes has 904sq m of living space, 120sq m of indoor/outdoor entertaining area, a 12-metre heated pool with a jacuzzi, water feature, adjacent gym and shower area, a games room, media lounge and a two-way driveway.
“This is more than a home, it’s a lifestyle,” Mr Ally said.
