Waterfront properties in short supply as Sydney and Melbourne buyers chase Brisbane river views 

Numbers of opulent waterfront homes for sale on the Brisbane River are at a 27-year low, say agents, as fast deals net owners big money.

Following the curve of the Brisbane River under the Story Bridge and past the CBD, South Bank and university precincts would usually lead to a slew of opulent waterfront homes listed for sale.

But the lack of stock is driving buyers to compete for the few homes being offered on or off the market, with fast deals making owners big money.

One riverfront property at 24 Glen Rd, Toowong sold for $7.3m at auction in October after competition from four registered bidders caused the hammer to fall on a suburb record price. Adcock Prestige principal Jason Adcock, who made the sale, was then approached eight months later to ­facilitate an off-market deal to a new owner.

A riverfront home at 24 Glen Road, Toowong was recently re-sold for a premium in an off market deal just a few months after it was purchased for $7.3m.

While unable to disclose the new price due to confidentiality agreements, Mr Adcock said the deal would have had to have been significant to entice the owner to sell.

Mr Adcock said stock levels were the lowest along the river he had seen in his 27 years of business, down about 70 per cent on normal levels.

At the same time, there were four times the number of buyers trying to secure a waterfront home, with interest having ramped up since the ­announcement of the 2032 Brisbane Olympic Games.

“We are starting to see a lot more transactions off-market,” Mr Adcock said.

“It has gone up three gears since the Olympic bid was successful. ­People from Sydney and Melbourne are wanting to get up here now before Brisbane booms to get the capital gains.”

He flagged several riverfront homes that were set to come onto the market over the next two to three weeks, in Yeronga, Chelmer, Graceville and Indooroopilly.

A lack of riverfront stock is also one of the reasons a luxury estate on the bend of the river at Graceville has earned a slew of ­attention from hungry buyers in the week it has been listed.

The five-bedroom home at 35 ­Molonga Tce was designed by renowned local architect Shaun Lockyer and serves as a private sanctuary situated at the back of a sprawling 3339sq m block of land.

35 Molonga Terrace, at Graceville in western Brisbane.

The home was once on a much larger block of “Campbell House”, owned by construction boss Scott Hutchinson of Hutchinson Builders.

The current property sympathetically builds upon the four-level pinwheel-like floor plan imagined by award-winning architect Don Watson in the 1980s to take advantage of the wraparound water views.

Windows envelop the brick and timber exterior to complement the picturesque setting.

Herringbone timber floors and stone accents create a modern and sophisticated monochromatic colour palette throughout, while exquisite details such as lofty slanted ceilings and banks of full-height glass bring the outdoors in.

Place New Farm agent Heath Williams said Molonga Tce had attracted strong interest, with two groups readying to put in an offer after a second inspection.

“The river continues to be super desirable due to the expanse and privacy it offers,” Mr Williams said

Mr Williams is marketing the home alongside Place colleague Ann-Karyn Fraser, with a price guide of $8m.