A FOUR-bedroom Raby Bay home has sold for $5 million, a record for canal property in the Cleveland area.
Real estate agents predict this is just the beginning with the market expected to go gangbusters when state and international borders reopen.
The magnificent property at 46 Piermont Place, with 180-degree views, was sold by principal of Raine and Horne Cleveland Jan Goetze.
Ms Goetze said the hefty price tag represented a record for canal property in the Cleveland area, including Raby Bay.
"There are more expensive beach fronts, but this is the most expensive canal front property ever sold in this region," she said.
Ms Goetze said the canal front was a tightly held real estate market and the property attracted dozens of enquiries, while a handful of buyers ended up competing for the property.
"Ultimately, a retired grazier from Western Queensland secured the prized property."
The 840 square metre property boasts a media room, dining spaces, a home office and formal lounge.
The view takes in the canal and parkland to Moreton Bay, Moreton Island, and Moreton Island's sandhills.
With a history in the Cleveland market dating back to the early 1990s, Ms Goetze said the current demand levels for Raby Bay waterfronts were unprecedented.
"I have been in this market for more than 30 years and never witnessed this level of demand or price growth for waterfront properties."
Almost two years ago, the Piermont Place property sold for $3.35 million.
"People are discovering the charms of waterfront real estate at Raby Bay, and before the last few months, this area was still a secret for those from the southern states and even other parts of Queensland," Ms Goetze said.
General Manager at Raine and Horne Steve Worrad said once state borders reopened, he was expecting a flood of Victorians to move to Southeast Queensland.
"Raby Bay is prime real estate in a blue-chip part of Brisbane, which buyers outside Queensland are just discovering.
"The Cleveland and the broader Brisbane market is going nuts.
"The Federal government's decision this week to allow fully vaccinated eligible visa holders to enter without needing to apply for a travel exemption won't hurt property market conditions in Brisbane either," he said.
Mr Worrad said this would allow skilled workers and international students into Australia and would bolster Brisbane's economic recovery and real estate markets.
