Lifestyle living on Brisbane River water’s edge continues to bring the buyers

Homes perched on the edge of the Brisbane River are still making waves with buyers eager to make deals on the prestigious addresses.

16 Leura Tce, Hawthorne, sold for $10.21m.

Homes perched on the edge of the Brisbane River are still making waves with buyers eager to make deals on the prestigious addresses.

A total of 20 riverfront sales were negotiated during the first half of the year as cashed-up Sydneysiders and expats competed with Brisbane locals despite historic flooding in February.

This result was well up on the decade average of just 14 sales, according to analysis by Place Advisory, the data arm of local agency Place. The median price for a house with a water boundary has reached $3.675m.

Place managing director Sarah Hackett said winter spurred a bump in interstate interest at a time when there was a surplus of buyers and few homes available. This was the reason prices were holding, she said.

“The only way I can see (prices going down) is if there is an influx of homes being listed,” Ms Hackett said.

“I don't see that happening.

“Once you have a riverfront property for sale, you know it will go well because people are starving for it.”

Historically, riverfront sales accounted for just 0.36 per cent of market activity.

The downstream northside suburb of Chelmer achieved more sales than any other suburb between September 2021 and March 2022, recording eight transactions.

Closer to the CBD, the neighbouring southside suburbs of Hawthorne and Bulimba registered five and four sales respectively.

16 Douglas Street, Sherwood, was recently updated to suit modern living, given more people are now working from home.

The data follows a record-breaking auction result achieved in Hawthorne last weekend, which saw the riverfront trophy home of influential Queensland businessman Jim Kennedy sell under the hammer for $10.21m to local buyers.

Mr Kennedy moved into 16 Leura Tce, Hawthorne, in 1989, remaining there until he died in September last year. His wife, Robin, has since moved into a nursing home.

Ray White New Farm principal Matt Lancashire brokered the deal and said interest came from Sydney, Melbourne, Byron Bay, Noosa, Singapore, Hong Kong, and London.

He said the home will need either significant renovations or demolition.

“We have a lot of buyers looking into buying a completed home with a budget of $15m,” Mr Lancashire said.

He said the high-end of the market is still going “gangbusters”.

Mr Lancashire beat his own auction record set in December 2020 of $9.91m for a block of land in inner city New Farm which was purchased by veteran local developer Kevin Seymour. However, Adcock Prestige principal Jason Adcock contests that record, citing the $12m pre-auction sale of 78 Jilba St, Indooroopilly in November last year.

A Norman Park address dubbed Brisbane’s “Gucci House” sold for $12.5m last month. The bold black facade and colourful interiors drew a slew of buyers, with the deal on the unusual home brokered in just three months.

One of the few homes on the river bend available at the moment is a modern home at Sherwood on a sprawling 1642sq m lot that has proven untouched by flooding over the past 11 years. The six-bedroom entertainer at 16 Douglas St was recently updated to suit modern living, given more people are now working from home.

Place New Farm agent Ann-Karyn Fraser said the home was typified by enviable river views, a phenomenal setting which created enduring appeal.

Ms Hackett said it was not just boaties buying on the river, it was a real lifestyle proposition.

“It’s people who want a view,” she explained.

“Saturday it is all the sailing boats, Sunday you have all the cruisers out to the bay. It’s more than saying I own a riverfront house, it is a lifestyle.”