A pre-war Paddington home has sold for approximately $12 million, setting a new suburb record after an extensive renovation transformed the once-deteriorating property. The sale price is five times what the property last sold for in 2019.
‘Mascotte’, located at 45 Garfield Drive, was purchased by a local Paddington family, though the exact sale price remains confidential. Ray White Paddington agent Max Hadgelias, who negotiated the sale, declined to comment on specific details of the buyer or final price due to a confidentiality agreement.
The property’s renovation, completed within the past 12 months, converted what was previously a structurally compromised home into a five-storey residence. The new design features black timber and concrete construction, multiple entertaining terraces, and a floating lap pool with water feature, all positioned to capitalise on the property’s city views.
The sale surpasses Paddington’s previous residential record of $10.35 million, set by 34 Howard Street in 2009. Recent notable sales in the suburb include former NRL player Darren Lockyer’s Agars Street property, which sold for $6.4 million to a local buyer.
According to PropTrack data, Paddington has now reached a median house price of $2 million. REA Group economist Angus Moore notes Brisbane property prices have increased by nearly 80 percent since March 2020.
Jamie Charman of Charman Property Co. is reported to have introduced the buyer to the property.
The original 1920s home, which required extensive restoration when last sold in 2019, was marketed at that time with a warning that it was “not for the faint-hearted” due to major structural issues.
Published 24-February-2025