Brisbane Financier Nets $4M Profit in a Year as Luxury Property Market Soars
Brisbane’s Prestige Property Market Hits New Heights
A Brisbane financier has pocketed a jaw-dropping $4 million profit in just 12 months following the resale of his Hamilton mansion—an eye-catching sign that the city’s luxury home market is in full flight.Michael Stewart, director of Lead Partners Private Wealth, bought the Mediterranean-style residence known as ‘Casa Espri’ for $8.7 million in May 2024. Just a year later, he sold the hilltop property for $12.5 million, capitalizing on one of Brisbane’s most competitive prestige markets in decades.
From Covid Bargain to Trophy Home
The 20 Langside Rd residence was originally purchased as an underutilized block by commercial deal-maker Mike Walsh for just $1.7 million in 2020—during the uncertainty of the early pandemic days. Designed and built by acclaimed firm Graya, the Spanish-inspired home quickly became one of Hamilton’s most admired addresses.In 2023, Stewart beat out a mix of crypto investors, tech entrepreneurs, and cashed-up locals to secure the property. Its design, amenities, and location helped fuel the rapid value appreciation.
Luxury, Lifestyle, and Record-Breaking Sales
Set across four levels, ‘Casa Espri’ features top-tier amenities including a gym, cinema, pool, and a rooftop lounge fitted with a cocktail bar, teppanyaki grill, pizza oven, and firepit—making it one of the most lifestyle-rich homes in the city.The latest sale was reportedly conducted off-market, with the buyer remaining undisclosed. However, the transaction adds to a string of high-profile Brisbane sales, including two other Hamilton and Norman Park properties that recently changed hands for $13 million each.
Upgrading to an Even Bigger Block
Mr. Stewart and his wife Natasha are believed to have acquired the 2,000 sqm property at 56 Windermere Rd, Hamilton, marking a strategic move to a larger block in the same suburb. While their new home might lack the “rockstar” appeal of Casa Espri, it represents a rare find in terms of land size and positioning.Demand for Prestige Homes Shows No Signs of Slowing
According to Craig Purdy, founder of Purdy Developments, Brisbane’s prestige market is becoming increasingly complex and expensive. “Luxury homes are now taking three to four years to build, and it’s nearly impossible to find a new inner-city home selling for under $10 million,” he said.Purdy also noted the rising popularity of house-sized inner-city apartments, reflecting a shift toward lifestyle-focused living. “People are accepting lifestyle is more important than what they live in,” he added.
The cost of land, rising construction expenses, and a shortage of qualified builders continue to drive up prices—but clearly, buyers are willing to pay.
