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Financier makes insane profit from Brisbane mansion boom
A Brisbane financier has made $4m in 12 months from the sale of his Mediterranean-inspired mansion in a clear sign the city's luxury home market is booming.
Michael Stewart, director of Lead Partners Private Wealth, paid $8.7m for the Graya-built property at 20 Langside Rd, Hamilton, last year, and has just settled the resale for $12.5m.
The Hamilton Hill home known as 'Casa Espri' was sold in May last year by commercial property deal-maker Mike Walsh and attracted interest from crypto kings, tech gurus, and cashed-up locals like Mr Stewart.
Mr Walsh bought the corner block with its older-style residence back in 2020, picking it up for just $1.7m as the real estate market was initially rocked by the uncertainty of Covid.
The Brisbane market is buzzing with news of big money changing hands for trophy homes across the city. Just last week, 52 Wendell St in Norman Park fetched $13m and 56 Windermere Rd in Hamilton transacted for the same amount.
Mr Stewart and his wife, Natasha, are understood to be the buyers of the 2000 sqm Windermere Rd property — swapping 'Casa Espri' for a bigger block of land in the same suburb.
Zac Efron's Aussie long lunch haunt is on the market
But it doesn't have quite the same rockstar looks as 20 Langside Rd.
Spanning four levels, the Spanish-inspired residence features a gym, a cinema, a pool, and a rooftop entertaining lounge complete with a cocktail bar, teppanyaki grill, pizza oven and firepit.
The sale is understood to have been handled offmarket, with the buyer still undisclosed.
Purdy Developments founder Craig Purdy said luxury homes took three to four years to build in Brisbane now, with a new house in inner Brisbane selling for no less than $10m.
Mr Purdy said house-sized, inner-city apartments were also in strong demand.
'People are accepting lifestyle is more important than what they live in,' he said.
'It's eye-watering how long it takes to do prestige product now.
'Sites are so expensive, then you've got the construction costs, and finding a builder. It seems people are prepared to pay for it though — that's the irony.'
