Brisbane’s riverfront residents won’t budge from their water views

Homeowners in prime positions on Brisbane’s riverfront are staying put.

This opulent 121 King Arthur Terrace mansion has gone on the market again, with the owners downsizing.

Brisbane’s riverfront market had a bumper start to the year with several large deals being signed off, including the $18m resale of the city’s most expensive property in March. However, the last month has seen homeowners settle into their waterfront views while long-term Brisbane River inhabitants refuse to budge.

The number of new riverfront listings that became available through June shrunk by 82 per cent compared with the previous year, according to data from Realestate.com.au.

REA chief economist Nerida Conisbee said the COVID-19 pandemic had prompted sellers to hold off.

“It is a good time to hold premium property,” Ms Conisbee said.

“Pricing is relatively stable at the moment compared to other forms of investments and cheaper properties.

“We are also seeing very low levels of listings. It follows the general trend we are seeing more broadly: why sell when there is nothing to buy?”

But some sellers are looking to test whether competition for limited stock can get them a good deal.

121 King Arthur Terrace, Tennyson.

The riverfront estate at 121 King Arthur Terrace, Tennyson, came on the market at the end of June, with the owners hoping to achieve a multimillion-dollar price tag.

The opulent home features coffered ceilings and Italian marble flooring, evoking the luxurious coastal reaches of Sarasota, ­Florida.

Split into three separate buildings, the main home, a guesthouse and office and multipurpose space, all the elements are connected by the pool and outdoor dining space to overlook the serpentine Brisbane river and Indooroopilly Golf Course.

It is the second time vendor Mark Brodie, who owns a property investment business, has attempted to sell the home, having listed with marketing agent Sarah Hackett, principal of Place Bulimba, a year ago. He and his wife hope to downsize.

The three separate buildings are connected by the pool and outdoor dining space to overlook the Brisbane river and Indooroopilly Golf Course.

“The sort of people looking at this type of asset haven’t really been affected by what is happening in the economy,” Mr Brodie said. “A little bump in the road won’t hurt them.”

Ms Hackett said she had already had several inquiries from cash-ready buyers.

“It is a strong opportunity for buyers looking to upgrade in the top end,” Ms Hackett said.

“The riverside market is so dry at the moment, there is just no competition. It is a north facing, family friendly property. It is quite exciting.”

The home of Brisbane Broncos chairman Karl Morris at neighbouring 1 King Arthur Terrace was sold for $16m last year, the second largest sale ever recorded in Brisbane. While Ms Hackett has not provided a price guide for the recently listed home which is up for tender, comparable sales in the area would suggest a price tag near $10m.

On the neighbouring river bend, a contemporary architectural home has come on the market at Graceville.

Marketing agents Heath Williams and Ann-Karyn Fraser of Place New Farm are hoping to achieve a price of $7m for 59 Molonga Terrace, which was designed by Base Architecture.

Waterfront agent Jason Adcock said demand for property had been so strong from upgraders over the past few weeks that some buyers were hoping to agitate homeowners into selling.

“People have been stuck at home over the past three months and just want to get out, they want to upgrade,” Mr Adcock said.

“It has got to the point of buyers making a shortlist of properties they like and they are asking me to approach the owner and see if they are willing to sell. I haven’t seen demand like this in years.”

Earlier this year, the heir to the Peabody fortune, T. J. Peabody, sold his Chelmer trophy home at 89 Longman Terrace for $6.6m.

In Brisbane’s east, Ms Hackett brokered the $6.03m sale of 146 Virginia Avenue in Hawthorne.