Ray White Property Chief Gets $10m for His Ascot Estate As Brisbane Enters a ‘Golden Decade’

Brian White, the patriarch of Ray White Group, has sold his Ascot home in a multi-million dollar late-night deal prior to auction.

In less than three weeks on the market, the estate at 32 Sutherland Ave, Ascot, was said to have sold for $10 million to a local bidder.

Last week, a bidding battle broke out between four purchasers who were all keen to buy the historic home before it went up for sale.

The chairman was unable to attend the auction planned for July 17 in Brisbane due to the protracted lockdown in Sydney, with the sale being led by Ray White New Farm Principal Matt Lancashire and Ray White Ascot Principal Dwight Ferguson.

Ray White Group Chairman Brian White and his wife Rosemary have owned the federation style property with a vast 37m street frontage on 3035 sqm of high ground since 1975. In the mid-1990s, the family relocated to Sydney to grow the business.

Brian White

The family owns some of Australia’s most prestigious real estate, from their main residence on Sydney Harbour to Noosa’s First Point, but their Ascot house is where they reared their three kids.

The Brisbane luxury property market, according to Mr Lancashire, has never been more flourishing.

“With ultra low interest rates likely to stay at this rate until 2024, the luxury market is very active but it’s always a good time to sell when stock levels are low,” he said.

“I have been fielding calls from expats in Asia, buyers in Perth, Sydney and across south east Queensland. We ran an extensive print, digital and social media campaign.”

Mr Ferguson said the home has now been passed to a local family and said the Brisbane market is on the radar of every Australian expat overseas who wants to come home.

“The market is very active and yet stock is still tight as many homes such as this only become available once every four decades or so,” he said.

Ray White Chief Economist Nerida Conisbee said Brisbane was entering a “Golden Decade” of property prosperity.

“Queensland is currently seeing the strongest population growth in Australia, with particularly high movement of people out of southern states to South East Queensland. This strong growth is expected to continue which will have widespread impacts across all price points,” she said.

“Luxury property has been one of the strongest performers over the past 12 months in Australia.”

Ms Conisbee said an interesting difference between Brisbane’s price growth and other capital cities, particularly Melbourne and Sydney is that the strongest price growth suburbs are inner urban.

“An outer suburban shift has been less apparent in Brisbane during the pandemic,” she said.

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