Riverfront estate tests market after Brisbane floods, sells for $6m

This property at 8 Glasnevin St, Indooroopilly, sold for $6.05m at auction. Picture supplied by Ray White.

A BRISBANE riverfront estate that has been in the same family for 43 years has sold for $6.05 million, just over a month after the devastating floods.

The family home on 4000 sqm at 8 Glasnevin Street in a tightly-held pocket of Indooroopilly is just metres from the Brisbane River, but has never flooded due to its 12m elevation.

The tennis court at the property at 8 Glasnevin St, Indooroopilly. Picture supplied by Ray White.

Marketing agent Tom Lyne of Ray White New Farm said the campaign attracted more than 60 groups at inspections and five parties registered to bid for the property at auction — all Brisbane locals.

“We did have interstate inquiry, but they dropped out,” Mr Lyne said.

“It was really competitive bidding from $4m to $6m between three bidders in the room, then we negotiated another $50,000 and called it on the market at $6.05m.”

The home sold to a local family who plans to renovate. Picture supplied by Ray White.

Mr Lyne said the family who bought the home plan to renovate.

Despite the recent flooding in the area, he said interested buyers were not put off by the property because of its elevation.

“It’s a slice of history on one of the highest points in Indooroopilly,” Mr Lyne said.

“If anything, I think people are putting a higher value on riverfront locations that are flood-free.”

The house has lots of entertaining areas. Picture supplied by Ray White.

The property is owned by David Crombie, a long-serving Australian agricultural leader, who has served in a range of prominent national roles including chairman of Meat & Livestock Australia and president of the National Farmers Federation.

Mr Crombie is also a former president of the Australian Rugby Union and scaled the game’s elite levels as a player, representing Queensland as a hooker.

These days Mr Crombie has largely stepped back from industry affairs and executive positions.

David Crombie. President of the National Farmers' Federation

David Crombie, former president of the National Farmers’ Federation.

The grand, main house has five bedrooms and four bathrooms, a wine cellar, a rumpus room with kitchenette and an internal lift.

There’s also a grass tennis court, a pool house, pool, barbecue entertaining area, workshop and gazebo.

The Crombies will divide their time between a new apartment in Toowong and their cattle property in Warwick.

The pool area at the property at 8 Glasnevin St, Indooroopilly.

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