A Chinese buyer has paid a staggering $7 million cash for a house at Calamvale which was on the market only one week.
Selling agent Eric Li of Ray White Sunnybank Hills says the six-bedroom mansion on five acres at Benhiam Street was scheduled to go to auction on July 8 but the buyer made a cash unconditional offer after the first open home.
“He was ready to buy, he had his cash ready to go and he was able to put his offer straight in,” Mr Li says.
“This is the biggest residential sale in Calamvale’s history.”
While $7 million sales may usually be the domain of Ascot, Hamilton and New Farm, Mr Li says the buyer has simply paid “market value” for the house and land in this area.
Calamvale is a suburb on the southern outskirts of Brisbane, about 18 kilometres from the CBD. It’s close to Stretton, Sunnybank and Sunnybank Hills, well documented property hotspots popular with Asian buyers who regularly pay more than $1 million for modest homes.
Mr Li says he recently sold a 400-square metre block of land in Sunnybank for $1.26 million and this sale is in line with that. “This is 20,400 square metres. The house alone is worth $1 million. It’s simple mathematics and in my opinion, in this area, this is very normal,” he says.
The property was marketed as having development potential, with possible land subdivision, but Mr Li says the new owner plans to live there and keep it as his home.
The house itself is a sprawling 25-year-old brick residence with gables, a turret and a huge verandah that extends the entire length of the house. With six bedrooms, five bathrooms and a 10-car garage, it’s got space to spare.
“This result is not a big surprise for us here. It shows the strength of the area, which continues to outperform many other suburbs in Brisbane,” Mr Li says.
“The market value of these suburbs continues to go up year by year and the demand from buyers is not showing signs of slowing down.”
By Ellen Lutton