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High expectations: Why Brisbane homeowners want top dollar

"And while that's true to a point, the problem is that the buyer situation has changed since then." Price Finder records show it was Chinese billionaire Zijian Zheng who purchased the clifftop luxury residence in March. Other significant sales include 390-402 Benhiam Street, Calamvale, which sold to a Chinese buyer for $7 million after only one week on the market. However since then, Chinese authorities have clamped down on how much cash they allow their nationals to invest in foreign property. "So the situation has changed," Mr Hodge said. "The Chinese buyers are still here and they still want to buy but it's a lot more difficult for them to get their cash out [of China]. "The days of the Mortgage broker Oak Laurel Nundah, 60 London St, Nundah QLD 4012, 0430 129 662 Chinese buyers coming along and paying over the market value have come to an end." Related: Why the wealthy are still splashing cash However Mr Hodge said it's far from doom and gloom, with plenty of cashed-up local and interstate buyers willing to splash their millions in Brisbane. "I wouldn't discount the local buyers - they've got money," he said. "They're just a lot more savvy and really want to do their homework before signing a contract. While the Chinese are product-driven and often willing to pay whatever it takes to get the house they like, the local buyers are going to do their research first, which takes time." Nowhere is this more evident than in Hamilton , where this week a hilltop Queenslander reputed to have undergone one of the most extraordinary renovations in Brisbane's history finally settled for $7.6 million after more than a year on the market.

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