Zero reno, $700k profit: Iconic Hamilton Hill estate sells for $6.5M

The founders of global haircare giant Nak Hair have this week just flipped one of Hamilton’s most storied estates at 60 Riverview Terrace for a whopping $6,500,000 facilitated by Ray White Ascot sales agent Nick Roche.

The property has hosted the David Jones family, housed Wallabies legend John Eales, and even has a secret WWII history.

The landmark residence, known as Riverview Palace, sits on a 1026sqm block, has four bedrooms and three bathrooms.

Nak Hair founder Mr Rigney offloaded the property to pursue another investment opportunity on the coast, capitalising on the demand for blue-chip Hamilton real estate.

Mr Roche said the campaign saw a fierce multiple-offer scenario between an overseas buyer and a local family.

“There was a lot of interest in this property and in the end it went to a local family who have plans to carry out extensive renovations,” Mr Roche said.

Mr Roche described the current state of Brisbane’s upper-end market as “insane & extremely competitive”, noting supply was failing to keep pace with an influx of high-net-worth buyers.

“Anything over $5 million is moving incredibly fast right now,” Mr Roche said.

“If I had ten $10 million houses available today, they would all be gone within a week.

“We are seeing land rates in the Ascot and Hamilton pockets reach $6,000 to $7,000 per sqm as a standard.

“The appetite for these significant, 'big and beautiful' homes is unlike anything I’ve seen.”