$6.5 million David Jones riverside palace nets $700,000 profit in a year

It has hosted the David Jones retail dynasty, been the home of Wallabies legend John Eales, and even served as a secret World War II watchtower. Now, one of Brisbane's most iconic estates has delivered its latest owners a staggering $700,000 profit in just 12 months without a single renovation.

Known as Riverview Palace, the 1901-built residence at 60 Riverview Terrace in Hamilton sold this week for $6.5 million.

The vendors were the founders of NAK Hair, who purchased the property in 2024 for $5.8 million. The home had been leased for $2500 per week between 2021 and 2025.

The property was previously owned by former Wallabies captain John Eales, who sold it during the COVID period in 2021 for $3.8 million. Mr Eales had held the home for two decades after buying it in 2001 for $1.1 million.

Set on a 1,026-square-metre block, the four-bedroom, three-bathroom estate has long been considered a landmark in Brisbane's inner north-east.

Originally constructed in 1901 by department store executive William Overell, the residence was significantly remodelled in the late 1920s. During that period, its colonial verandas were enclosed and distinctive domes were added to the facade in the style of the Taj Mahal.

The department store's connection continued with the property being owned by members of the David Jones retail family.

Riverview Palace later served as a World War II observation post, with its tower used by the US Army to monitor the Brisbane River and surrounding valley.

The listing described the property as being "lovingly restored and meticulously maintained, the home is in incredible condition right now, offering a freshly renovated kitchen, polished timber floors, and updated bathrooms - perfect for families to move in and enjoy immediately."

The latest sale was managed by Ray White Ascot agent Nick Roche, who said the campaign attracted multiple offers from both overseas buyers and local families.

"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 and 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 $6000 to $7000 a square metre as a standard.

"The appetite for these significant, 'big and beautiful' homes is unlike anything I've seen," Mr Roche said.