‘Don’t knock it over’: Historic home sells for $2m profit on one condition
A historic home with ties to the David Jones family and a former Wallabies captain
has made its current owner $2m in just four years — on the condition it will not be bulldozed.
The unrenovated, 120-year-old Queenslander at 60 Riverview Tce, Hamilton, has sold to a local investor for $5.8m, after last changing hands in May 2021 for $3.8m.
Selling agent Nick Roche of Ray White Ascot said the private owner of the property would only sell on the condition that the buyer would retain the home’s original character.
This home at 60 Riverview Tce, Hamilton, has sold for $5.8m.
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“He actually said to me along the way; ‘Are we sure this buyer doesn’t want to just knock it over?’” Mr Roche said.
The home known as ‘Newnham’ was renowned in Brisbane for its domed tower, which offered sweeping 360-degree views from the observatory.
Perhaps the most intriguing detail is the home’s role in World War Two, when the US military reportedly used the vantage point to monitor for incoming ships.
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The 120-year-old property was used by the US military in World War Two.
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Mr Roche said the property attracted multiple offers during the sales campaign, including from Noosa buyers, a US investor, and local investors.
“We had about six different offers during the campaign,” Mr Roche said.
“We had an investor from the US, locals moving from the south side, and then developers as well who wanted to fully renovate the home and flip it because it has so much potential.
The view from the tower that is a key feature of the property at 60 Riverview Tce, Hamilton. Image supplied by Ray White.
“People loved the history, having been owned by the David Jones family and John Eales in the past.”
Mr Roche said the private buyer owned a number of properties in the suburb and planned to renovate ‘Newnham’ over the next five to 10 years.
Riverview Terrace is home to some of Brisbane’s most unique and expensive properties.
“I have no doubt in the years to come, once it’s been fully renovated to an extremely high level, this home could fetch $10m to $15m-plus,” Mr Roche said.
The bathroom features original leadlight windows. Image supplied by Ray White.
“The market in Hamilton is still really strong, especially above the $5m price point. I’ve
never dealt with such an influx of buyers looking in the $10m-plus price range.”
The home represents a stunning example of early 20th-century architecture.
The property boasts views of Moreton Bay, the Gateway Bridge, and the Brisbane River and occupies a 1026 sqm block with dual street access.
Inside the four-bedroom, three-bathroom home, grand features include plaster mouldings, leadlight windows, a formal lounge and dining room with sash windows, and an exquisite original fireplace.
The property was built at the turn of the century and remains largely the same. Image supplied by Ray White.
The master suite includes a private study, walk-in robe, and ensuite.
There’s also a casual dining and family zone that connects to the outdoor entertainment area and inground pool.
The lower level contains a self-contained granny flat and undercover courtyard opening onto the garden.
The median house price in Hamilton is $2.1m, according to PropTrack, having increased by 27 per cent in the past five years.
