“World Class Absolute Riverfront Estate” 39 Richmond St Corinda listed with Jason Adcock of Adcock Prestige
Brisbane riverfront mansions are in a strong position for growth during the next three to five years as buyer sentiment bounces back and many aspire to the waterfront lifestyle.
Buyers are still attracted to the allure of the Brisbane River, with the area from Bulimba in the east and Indooroopilly in the west proving most popular.
Brisbane’s waterfront market has been tested during the past decade.
Following the crash of the prestige market in the wake of the global financial crisis, the devastating 2011 floods dealt another blow to the already weakened sector.
But Haesley Cush, principal at Ray White New Farm, says buyers are seeing the “excellent value” in the current offering, against comparable homes.
“We started to see a recovery in 2015 as people understood the reality of living along the river,” Cush says. “Buyer confidence is returning.”
Agents are in consensus that homes listed along the river bank are reporting larger sales and shorter listing times than the wider market.
Jason Adcock of Adcock Prestige specialises in the sale of riverfront properties. He says demand is still strong as buyers view the riverside as a point of pride.
“In Brisbane, the river is like our Sydney Harbour, it is always going to be desirable. Having a lovely, luxurious home on a large block on the river is something that a lot of Brisbane buyers aspire to have,” Adcock says.
He recently sold a spectacular riverside property at Chelmer, the cove suburb opposite Indooroopilly, for an impressive $4.83 million. The five-bedroom house at 27 Sutton Street sold after only 29 days on the market.
“That demand isn’t going to go away — it is only increasing,” Adcock says.
“There are a few riverside properties for sale on the river at the moment. I’m certainly seeing good interest on all.”
Likewise, the waterfront apartment market is strengthening, leading the recovery in apartment prices in inner Brisbane and outperforming non-waterfront apartments during the past 12-month and five-year periods.
According to Place Projects, the median price of a waterfront apartment in the period from March to September last year was $981,500, an increase of 4.6 per cent.
The result mirrors the five-year growth of the riverfront unit market, with a 6.4 per cent improvement.
Strong buyer sentiment is seeing a number of quality homes hit the market.