RUSSELL Island’s property market has hit a new high, with a waterfront home selling for a record $1.47 million – a result that is already being tipped to reshape expectations across the Southern Moreton Bay Islands.
The sale of 42 Carissa St, finalised on April 12, marks the highest recorded residential transaction on the island, signalling growing demand for premium lifestyle properties within reach of Brisbane.
Set on a sprawling 4047sqm block with about 50 metres of direct waterfront, the property offers sweeping bay views toward North Stradbroke Island and beyond, combining scale, privacy and outlook in a way rarely seen in the local market.
Founder and principal Chris McGregor said strong interest was immediate, with the eventual buyers moving quickly after first seeing the listing.
“Two friends from north-west Sydney were the first to enquire within an hour of 42 Carissa St, Russell Island being listed for sale, they inspected the property the following day,” he said.
“They had been looking at Gold Coast canal properties, but once they saw the space of this one-acre waterfront home offered with its 50 meters of private water frontage, they immediately fell in love with the space and tranquillity of the property and insisted on immediately purchasing the property.”
The three-bedroom residence, complemented by a fully self-contained granny flat, is designed as a retreat-style compound with separate buildings linked by elevated walkways and expansive decks that maximise the coastal setting.
Features include multiple living zones, a cinema room, high-end kitchen and bathrooms, and extensive outdoor entertaining areas.
The property also boasts its own sandy beach frontage, boat access potential and space for large-scale gatherings, with infrastructure supporting everything from workshops to storage and hobby spaces.
Mr McGregor said the result reflected significant improvement to the home since its last sale.
“The property last sold in June 2021 for $660,000,” he said.
“At the time the property had been a long-term rental property and in need of attention.
“The property has since been a private family holiday home.
“These last five years the seller of the property has renovated the home to a high quality and standard. It was this renovation that totally impressed the purchasers.”
Marketing for the home emphasised its lifestyle appeal, highlighting opportunities for boating, fishing and crabbing directly from the property, alongside panoramic views stretching across Moreton Bay.
The result is being viewed as a significant moment for Russell Island, surpassing the island’s previous benchmark.
“The previous record sale price for a home on Russell Island was 17 Byron St, a two-acre water front property which sold for $1.425m in March 2024,” he said.
Agents say the new record sets a benchmark for high-end properties and could drive increased interest from buyers seeking value compared to Brisbane and the Gold Coast.
The Southern Moreton Bay Islands are increasingly attracting attention.
