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Warning: these are not your average rental properties.
Domain data puts Brisbane’s median asking rent price at $410 a week but some tenants are willing to pay 13 times more than that, just to get the right place.
An Ascot mansion for $5500 a week, a riverfront house at Hamilton for $3400 a week, a CBD apartment for $3050 and a South Bank unit for $2500 – these are all actual prices people have recently signed leases for.
Eadan Hockings, principal of Living Here Cush Partners, said some of Brisbane’s wealthiest home owners often used high end rentals when they were in-between buying.
“If they’ve sold their $8 million home and don’t want to jump into spending that much again without taking their time waiting for the right property, they will rent something in this price range,” he said.
“They might rent a $2500 a week apartment off us or spend $100,000 a year on rent but that’s still less than what they would have spent on a mortgage. It gives them time to think about their next purchase.”
Mr Hockings said many of Brisbane’s most expensive rentals were snapped up by business owners who used them as a base for their employees.
One of Brisbane’s landmark trophy homes at 33B Harbour Road, Hamilton recently rented for a cool $3400 a week to a PNG commodity trading company, Mr Hockings said.
He said the riverfront home known as Balaam, which sold for a record $11.8 million in 2015 and was now back on the market, was somewhere for the company’s staff to stay while they were in Brisbane on business, rather than using hotels.
The house has eight bedrooms, nine bathrooms, 48.3 metres of river frontage, a cantilevered heated swimming pool with adjoining bar and kitchen and an internal lift to all three levels.
Some of the most expensive properties recently rented out included a private Ascot residence for $5500 a week, a palatial CBD apartment at 462/30 Macrossan Street for $3050 per week and a riverfront unit at 1305/161 Grey Street, Southbank for $2500 a week.
Brooke Rowley of Ray White Paddington has an historic Queenslander high on the hill at Cochrane Street, Paddington, listed to rent at $1350 a week and says the demand is always there for beautiful, big houses.
The six-bedroom, three-bathroom home features spectacular city views and is iconic to the local area.
“Often there are people relocating from either overseas or interstate who need to rent and they want these incredible houses with lots of room,” she said.
“West End, New Farm, Ascot, all of the homes in these areas are expensive to rent but they tick all the boxes for people who want the whole package.
“Then there are also the people who are simply just renting and this is their preference. They’re happy to pay for what they want.”
Ms Rowley said the other side of the coin was the owners of these trophy homes that end up in the rental pool.
“How do properties worth this much end up being rented? Owners get transferred overseas, they don’t want to sell their biggest asset because they want to come back, so they rent it instead of selling,” she said.
“There isn’t always massive demand for rentals at this high end of the market but it is there, particularly in January and February and then six month later, in June and July, so around now.”
Mr Hockings said some home owners were wealthy enough to buy multimillion-dollar properties in Brisbane just to test the water, in case they wanted to move to the city eventually, and would rent it out in the meantime.
“We had people who bought a house on Rockbourne Terrace in Paddington recently for around $3 million, they’re still deciding whether they actually want to live in Brisbane but they’ll rent it out in the meantime,” he said.
“As properties push past $4 million to $5 million [in value], it’s difficult to get any semblance of a return and can be a costly venture. That said, there are people who do it and with negative gearing still in place, it can still work financially.”
Thinking of a luxury rental in Brisbane? Here’s a few of the best available now:
$1975 a week
4 bed, 2 bath, 2 car, pool
This near-new architectural home has been luxuriously appointed and is located in the heart of New Farm’s best offerings, with shops, cafes, parks and shopping all within walking distance.
$900 a week
4 bed, 2 bath, 2 car
A contemporary residence on an elevated block with a leafy outlook, it has large, open-plan living spaces and is located within the Seven Hill State School catchment.
$2300 a week
3 bed, 3 bath, 2 car
Located on the fourth floor of the Pietra development, this whole-floor apartment features expansive views of the river and CBD and more than 300 square metres of floor space.
$2200 a week
5 bed, 4 bath, 4 car, pool
This traditional Brisbane worker’s cottage has been transformed into a beautifully executed contemporary residence complete with three levels of luxury that make the most of the elevation and views.
$1900 a week
5 bed, 4 bath, 5 car, pool
Located in one of Hamilton’s most prestigious streets, this sprawling residence features luxurious interiors and plenty of outdoor entertaining space.