A Brisbane riverfront home has sold for 10 times the previous purchase price.
The Californian bungalow in Toowong sold for six million dollars in less than 48 hours in an off-market deal. The house was previously sold in 1993 for $600,000.
Jordan Navybox, who brokered the deal, says that surging interstate migration has driven an increase in Sydney and Melbourne buyers. He says a third of his clients are buying property from outside of Queensland driving the demand and soaring prices.
Buyer interest from New South Wales and Victoria in Queensland has increased by 18% in the last six months.