A record 15 Brisbane suburbs now have a median house price of at least $1 million – including the first suburb to top the $2 million mark.
Teneriffe’s median house price reached $2.075 million during the March quarter, according to a report from the Real Estate Institute of Queensland (REIQ).
The other 14 million-dollar suburbs are:
- Ascot $1.413 million
- Bulimba $1.15 million
- Chelmer $1.053 million
- Clayfield $1.05 million
- Fig Tree Pocket $1.05 million
- Hamilton $1.165 million
- Hawthorne $1.2 million
- Highgate Hill $1.163 million
- New Farm $1.615 million
- Paddington $1.005 million
- Robertson $1.077 million
- St Lucia $1.185 million
- West End $1.080 million
- Wilston $1.15 million
Over the year, Brisbane’s median house price rose 4 per cent to $650,000 – taking growth over the past five years to 27.5 per cent.
Brisbane’s unit market went backwards, though, with the median price falling 1.9 per cent over the year to $445,000.
Market on solid foundations, says CEO
REIQ chief executive Antonia Mercorella said the Brisbane house market consistently performs well for property owners, while maintaining its affordable status.
“Brisbane now has its first $2 million suburb with Teneriffe, but compare this with Sydney, which has more than a dozen, possibly up to 14 suburbs, with a median house price of $2 million or more,” she said.
Ms Mercorella also said the REIQ is confident the long-term future of apartments is secure – including in the inner city, where fears have been raised about an oversupply.
She pointed to projects such as Queen’s Wharf and the Howard Smith Wharves, which she said are adding to the night-time economy of inner Brisbane.
“Added to South Bank, Milton’s Caxton Street and the Barracks, the West End and Eat Street Markets, this is a diverse and vibrant inner city and the demand for inner-city apartments will continue to grow over time.”