Formerly part of Balmoral Reservoir, converted Brisbane water tank house listed

A one-of-a-kind family home in Balmoral, Queensland is for sale.

Gail Babbage has listed her circular four-bedroom home with three bathrooms.

It used to be a water tank - part of The Balmoral Reservoir.

Its conversion into the unique property in the 1990s was undertaken by the architects Conrad Gargett Riddell.

The house has concrete walls, and features three levels with a hollow centre. The entrance is on the ground level via a normal door.

A garage and play areas are also on the ground floor. Windows are strategically placed, as the property offers beautiful views all around.

On the upper levels are the bedrooms and bathrooms, kitchen, and dining area with a fireplace. There are also open balcony areas offering 360-degree views of the city.

The master bedroom also has a private office that can be accessed by internal stairs.

The property is listed through Sarah Hackett of Place Real Estate.

The house went to May 9 auction but did not sell. The tank is 900mm thick reinforced concrete at the base tapering off to 200mm thick at the top, with an  industrial structure facade designed to stand the test of time.

"There were three registered bidders, but it didn't sell as we're trying to get the best possible price for the owners," Hackett told Property Observer.

Hackett revealed bidding began at $2 million and ended at "the very early $2s [million]."

She added that the property's main value is land value. While the water tank itself is hard to price, she reiterated that the views are second to none.

According to the latest report by RP Data, the median house price in Balmoral currently stands at $800,000, up by 9.6% on last year. The average discount required a sell a house is 8.1%, and private treaty sales average 104 days on market.

The median asking rent for houses is $598 a week, and the average rental yield stands at 3.9%.