This addendum supersedes the previous revision and corrects a logical error in the original pricing methodology. The anchor comparable — 2 Kenbury Street at $4,390,000 — is inferior to the subject properties on every measurable specification axis. It therefore establishes the pricing floor, not the ceiling. All ranges have been recalibrated accordingly.
The original appraisal and its first revision both made the same fundamental error: treating the strongest comparable sale — 2 Kenbury Street, Bulimba at $4,390,000 — as a ceiling against which the Carbeen residences should be discounted. The correct interpretation is the opposite. Kenbury is the floor from which Carbeen should be priced upward.
| Feature | 2 Kenbury Street ($4.39M) | Carbeen Street (Each Home) |
|---|---|---|
| Build Year | 2022 — now 3–4 years old | Brand new 2025/26 — zero age |
| Internal Lift | No | Yes — all three levels |
| Private Sauna | No | Yes |
| Private Gymnasium | No | Yes |
| Pool | Yes | Yes — 6.9m × 2.8m |
| River Views | Confirmed | Confirmed — Hamilton/Portside corridor |
| Configuration | 4 bed / 4 bath / 2 car | 3 storey with level separation |
| Land | 429m² | ~416m² (−3%) |
| Title | Freehold | Freehold — no body corporate |
| Sale Date / Market | November 2025 | February 2026 — stronger market |
| Barracks Adjacency | No | Yes — direct rear outlook |
| Builder Warranty | Expired or expiring | Full — brand new |
Kenbury sold for $4,390,000 without a lift, without a sauna, without a gym, and it's 3–4 years old. Carbeen has all of those features and is brand new. The only concession is a marginal lot size difference of 13m² (3%). There is no rational basis for pricing Carbeen below Kenbury. Every home at Carbeen should be priced at or above $4,390,000 — with the flagship and end lot commanding a clear premium above it.
The $3.4M Shakespeare Street pair represents the market for quality new-build product in Bulimba without premium amenity. The $1M gap between Shakespeare ($3.4M) and Kenbury ($4.39M) reflects what the market pays for river views and elevated specification on a near-new home. Carbeen delivers more specification than Kenbury on a newer build — it should price above it, not below.
Rather than building premiums from a theoretical base, this revision prices directly against the best comparable — 2 Kenbury Street. The question is not "what is a new build in Bulimba worth" but "how much more should a buyer pay for Carbeen's superior specification relative to the $4.39M that Kenbury achieved?"
| Feature Carbeen Has That Kenbury Doesn't |
Premium Over Kenbury |
Evidence & Rationale |
|---|---|---|
| Internal Residential Lift | $200,000 – $350,000 | No Bulimba sale under $5M includes a lift. Installation cost $120K–$180K; market premium exceeds cost due to lifestyle appeal, ageing-in-place demand, and absolute rarity in the sub-$5M detached market. In Hamilton, 13 Quarry Street achieved $4.5M with three-level lift-accessible design — a direct precedent. |
| Private Sauna | $80,000 – $120,000 | Wellness amenity premium accelerating post-COVID. Private in-home saunas in detached Brisbane homes are almost non-existent. Shared sauna facilities are a headline selling feature for premium apartment developments at $1M+. A private sauna in a freehold house is a genuine rarity. |
| Private Gymnasium | $50,000 – $80,000 | Dedicated gym space (purpose-built, not converted garage) combined with sauna and pool creates a complete private wellness suite. This amenity combination is found only in homes above $8M in comparable Brisbane suburbs. |
| Brand New vs 3–4 Years Old | $150,000 – $250,000 | Full builder warranties, zero deferred maintenance, latest building codes and energy standards. 64 Smallman (2021-built, 607m²) sold for $3.07M in Dec 2025; 19 Wordsworth (brand new 2026, 607m²) is estimated at $3.5M–$4.5M — demonstrating 14–47% new-build premium on comparable lots. Applied conservatively to a $4.39M base: 4–6% = $175K–$265K. |
| Barracks Adjacency | $50,000 – $100,000 | Unobstructed rear outlook, cleared sightlines enhancing privacy and sense of space, medium-term amenity uplift from masterplanned precinct. No equivalent adjacency benefit existed for Kenbury. |
Theoretical: $530,000 – $900,000 above the $4,390,000 Kenbury benchmark.
Premiums are not fully additive — buyer price sensitivity in the $4.5M–$5M bracket creates natural compression. However, the compression should be modest (15–25%) given that every premium feature is tangible, verifiable, and directly comparable. Applied premium after compression: $400,000 – $700,000 above Kenbury for the best lots (6D, 6A), and $0 – $200,000 above Kenbury for the internal lots (6B, 6C), where the positional discount partially offsets the specification premium.
The only measurable concession Carbeen makes to Kenbury is a 13m² lot size reduction. At Bulimba land rates (~$3,500–$4,000/m²), this represents approximately $45,000–$52,000 in raw land value. However, the three-level configuration at Carbeen likely delivers more internal living area than Kenbury's two-level layout, effectively neutralising this discount. Applied conservatively: −$0 to −$50,000.
Releasing four luxury homes from a single address creates localised supply concentration. This is managed through staged release (two tranches), but buyers may perceive a "project" rather than individual homes. Estimated discount: −$0 to −$100,000, mitigated by the freehold title structure and the staggered release strategy. This discount applies primarily to the second tranche.
| Address | Price | Date | Spec | Land | Key Features | Grade |
|---|---|---|---|---|---|---|
| 2 Kenbury St, Bulimba | $4,390,000 | Nov 2025 | 4/4/2 | 429m² | 2022-built, premium spec, river views. NO lift, NO sauna, NO gym. PRIMARY FLOOR ANCHOR. | A+ Floor |
| 51 Duke St, Bulimba | $4,975,000 | Dec 2025 | 5/4/4 | 506m² | Contemporary luxury, larger lot (+90m²), premium finish. No lift/sauna/gym. | A Ceiling |
| 13 Quarry St, Hamilton | $4,500,000 | Apr 2025 | 5/5/3 | — | Mediterranean-inspired, 3 levels, city/river views, lift-accessible design. Cross-suburb anchor confirming $4.5M for 3-level luxury with views. | A |
| 23 Henderson St, Bulimba | Est. $5M+ | Listed 2026 | 5 bed | 814m² | Brand new 2025, fully furnished, Tim Stewart / FBI / McBryde. Land purchased $1.8M (2022). Establishes developer expectation for brand-new luxury Bulimba product. | B+ |
| 19 Wordsworth St, Bulimba | Est. $3.5M–$4.5M | Feb 2026 | 5/5/2 | 607m² | Brand new 2026, larger lot, price withheld. New-build premium benchmark. | B+ |
| 56 Smallman St (Lume) | Withheld (est. $4M+) | May 2025 | 5/5/3 | 764m² | HAL Architects, brand new, 370m² living. Market estimates $4M+ based on specification and architect pedigree. | B+ |
| 28 Shakespeare St | $3,400,000 | Oct 2025 | 5/3/5 | 405m² | 2023-built, marble/Miele. No lift, no sauna, no gym, no river views. Lower-spec baseline. | A Baseline |
| 9 Shakespeare St | $3,400,000 | May 2025 | 5/5/4 | 696m² | 2021-built luxury, much larger lot, no lift. Lower-spec baseline (larger land compensates). | A Baseline |
| 64 Smallman St | $3,070,000 | Dec 2025 | 5/3/2 | 607m² | 2021 near-new, no lift, no sauna, no gym. Lower-spec on a larger lot. Floor for standard near-new product. | A Low Floor |
The comparable ladder is clear. Standard quality new builds in Bulimba without premium amenity achieve $3.0M–$3.4M. Premium new builds with river views but no lift/sauna/gym achieve $4.39M (Kenbury). Larger prestige product achieves $4.975M (Duke). Carbeen's specification sits above Kenbury and below Duke — the natural landing zone is $4.0M–$4.8M depending on lot position, with the flagship home approaching the $5M threshold.
All ranges are anchored from the 2 Kenbury Street floor of $4,390,000 and adjusted for Carbeen's specification advantages and the modest lot-size and simultaneous-supply offsets.
Best-in-class river corridor outlook toward Hamilton and Portside. End/flagship position with maximum exposure and dual frontage. Premium lot orientation maximises northern light. Brand new with full amenity suite (lift, pool, sauna, gym). This home is objectively superior to Kenbury on every axis except 13m² of land — it should price well above the $4.39M floor. At $4.50M–$4.80M, it sits correctly between Kenbury and Duke ($4.975M), reflecting its specification advantage over Kenbury and its lot-size concession to Duke.
Corner/end position provides additional side setback, natural light, and enhanced privacy. Confirmed river views from upper levels. Same full amenity suite as 6D. Priced marginally below 6D to reflect a slightly less prominent street position and potentially less direct river outlook, but still at or above the Kenbury floor. The corner position premium over internal lots is $200K–$250K.
Internal lot with identical specification to all residences. The internal position moderates the view premium and carries a modest positional discount (~$200K–$250K vs 6D), but the core amenity suite (lift, pool, sauna, gym) is unchanged. Even at the lower supportable of $3.80M, this home is priced only ~$590K below Kenbury — justified by the internal position, but the specification premium partially offsets this. At $4.0M–$4.3M core, the logic holds: inferior position but superior specification to Kenbury.
Mirrors 6B in specification and position. Identical pricing rationale. Recommended for release in Tranche 2 after 6D and 6B have established the market. If Tranche 1 achieves within the core range, 6C can be priced at the higher end of its band with confidence.
| Residence | Position | Original Core | Revised Core | Full Range | Uplift |
|---|---|---|---|---|---|
| House 6D | Flagship | $3.4M – $3.6M | $4.50M – $4.80M | $4.30M – $5.00M | +$1.1M – $1.2M |
| House 6A | End/Corner | $3.3M – $3.5M | $4.25M – $4.55M | $4.05M – $4.75M | +$950K – $1.05M |
| House 6B | Internal | $3.1M – $3.3M | $4.00M – $4.30M | $3.80M – $4.50M | +$900K – $1.0M |
| House 6C | Internal | $3.1M – $3.3M | $4.00M – $4.30M | $3.80M – $4.50M | +$900K – $1.0M |
Original aggregate (core): $12.9M – $13.7M
Revised aggregate (core): $16.75M – $17.95M
Revised aggregate (full range): $15.95M – $18.75M
This represents a $3.85M – $4.25M aggregate uplift from the original appraisal, driven entirely by properly weighting the confirmed specification density against the comparable evidence set.
| Residence | Recommended Guide | Expected Achieved | Release |
|---|---|---|---|
| House 6D | $4.80M – $5.00M | $4.50M – $4.80M | Tranche 1 |
| House 6B | $4.25M – $4.50M | $4.00M – $4.30M | Tranche 1 |
| House 6A | $4.55M – $4.75M | $4.25M – $4.55M | Tranche 2 |
| House 6C | $4.25M – $4.50M | $4.00M – $4.30M | Tranche 2 |
Tranche 1 (6D + 6B): Lead with the flagship to establish the price ceiling. Pair it with an internal lot to demonstrate the full pricing band and give buyers a "value" entry point that is still above the Kenbury floor. If 6D achieves $4.6M+ and 6B achieves $4.1M+, the market has validated the ranges.
Tranche 2 (6A + 6C): Release 4–8 weeks after Tranche 1 contracts. 6A can be priced at or above the 6D achieved price if demand is strong (corner position, comparable views). 6C benefits from the proven internal-lot precedent set by 6B.
At a projected aggregate of ~$17.3M, this represents 0.7–0.9% of GRV. Required: premium staging of at least one home, cinematic drone video (river view hero sequences), targeted interstate digital campaigns (Sydney/Melbourne equity-rich suburbs), and a private viewing programme for qualified buyers. The investment is justified by the $3.85M+ aggregate uplift over conservatively marketed pricing.
All key assumptions verified. The revised ranges are anchored directly against the strongest comparable transaction (2 Kenbury Street, $4.39M) and adjusted upward based on tangible, verifiable specification advantages. The logic is straightforward and defensible: a brand-new home with a lift, sauna, gym, pool, and river views should price above an older home without those features.
Fewer than 10 detached homes have sold above $4M in Bulimba in the past 12 months. The buyer pool at this price point is thinner than at $3M–$3.5M, requiring longer marketing timelines (60–90 days vs 30–45 days). Mitigated by: interstate buyer targeting, the scarcity narrative (only lift-equipped homes under $5M), and the wellness positioning that broadens appeal beyond traditional Bulimba buyers.
At ~416m², some buyers may perceive smaller lots as a constraint at $4M+ pricing, particularly when 51 Duke ($4.975M) sits on 506m² and 9 Shakespeare ($3.4M) on 696m². Mitigated by: leading with internal living area (three levels), the lift narrative (every square metre is accessible), and the wellness amenity density that makes the home feel larger than its lot.
Buyers may perceive the address as a "development" rather than individual homes. Mitigated by: freehold titles (no body corporate), architectural distinction between lots, staged two-tranche release, and marketing each home with individual identity and hero imagery.
Key brand-new sales (56/56A Smallman St, 19 Wordsworth St) have withheld prices. If these transacted below estimates, the new-build premium supporting the revised ranges may be overstated. However, the core anchor (Kenbury at $4.39M) is a disclosed, verified price and the logic does not depend on the withheld sales.
This addendum supersedes the previous revision dated February 2026 and should be read in conjunction with the original As-Complete Residential Market Appraisal for 6/8/10 Carbeen Street, Bulimba QLD 4171. The revised pricing ranges correct a methodological error in the original analysis whereby the primary anchor comparable (2 Kenbury Street) was treated as a ceiling rather than a floor.
This appraisal is prepared for internal pricing guidance purposes only and does not constitute a formal property valuation under the Property Occupations Act 2014 (Qld) or any equivalent legislation. MSL Property Group is not a registered valuer and this document should not be interpreted as a statutory valuation.
All comparable sales data has been sourced from publicly available records including CoreLogic, realestate.com.au, and agent-reported transactions. Price-withheld sales are estimated based on available market intelligence. Market conditions are subject to change and the ranges provided are point-in-time assessments as at February 2026.
MSL Property Group
Three Decades. Three Cities. One Focus.
February 2026