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What Can Be Considered a Luxury Home?

People who are looking at building their dream home should consider Brisbane on top of their list. Although Sydney is the economic and tourist centre of Australia, Brisbane is one of the best cities to live in.

With its blend of modern conveniences and plenty of green spaces, residents get to enjoy the best of both worlds.

image - What Can Be Considered a Luxury Home
What Can Be Considered a Luxury Home

Despite the affordable cost of living, Brisbane is also home to about 25,000 millionaires. But fewer than 300 of them belong to the ultra-rich category with assets of over $30 million.

While residents are familiar with Chelmer, Ascot, and Hamilton, which are traditionally elite neighbourhoods,  luxury home builders in Brisbane have found more demands in Paddington, Ashgrove, Bardon, Camp Hill, Indooroopilly, Wilston, or the riverside vistas of Hawthorne and Bulimba.

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What is the Cost of a Luxury Home?

However, how do you distinguish a luxury home from a mere expensive one? What makes a private dwelling elite.

There is no right answer to this because of the different measuring sticks that are being used. One crucial element is the comparative costs.

The standard rule of thumb is that the total cost of building your home should be more than over 90% of the total homes in a locality.

For Brisbane, your luxury home should be worth more than 90% of the almost two million private dwellings in the city. Design alone is not the limiting factor to being defined as “luxury” considering the old adage, “beauty is in the eye of the beholder”.

According to the white paper by Luxury Defined, the average price of a luxury home is $2 million. The survey already covered the different markets from the United States, Europe, to Africa.

For comparison, the mean housing price in Brisbane was $577,000 in 2019. So, it means that you do not have to go over the $2 million benchmarks for your private dwelling to be classified as luxury.

Features of a Luxury Home

At the very least, the luxury home should have the following characteristics:

  1. Larger Footprint

When compared to the local market, the luxury home should have bigger square footage in terms of the floor area, not necessarily the yard space. It is particularly true in densely populated areas where space is a luxury.

A mansion near the central business district in Brisbane is indeed very impressive. With all the extra space, the owner can then add a spa, massage room, walk-in closets, home gym, etc.

  1. High-end Finishes All-Around

Nothing speaks luxury than the materials and finishes used in the construction of the private dwelling. It includes countertops, flooring, bathroom, hardwood for cabinets, and storage.

  1. Home Automation

Smart homes might make your life convenient, but they are also not cheap. If the private dwelling is fully automated with all the technology, lights, security, and appliances connected to a remote access control system, you belong in the elite category indeed.

It should not be confused with smart devices like Google Home, Google Nest, or Amazon Alexa, which have limited control over their environments.

The easiest way to know, of course, is to contact luxury home builders in Brisbane who have extensive experience in delivering high-end private dwellings. Nobody knows better than them about the minimum features and requirements needed to be labelled a luxury home.

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