Brisbane gets its first $3 million suburb

The inner-city suburb of Teneriffe in Brisbane has officially become the first suburb in the city to top the $3 million median price mark.

The exclusive suburb managed to climb above the milestone after another strong period of growth where values rose 16 per cent in the past 12 months, according to PropTrack.

Data from realestate.com.au indicates some of the highest-priced sales in Teneriffe this year were a house at 81 Chester Street, which sold for $5.9 million, a house at 38 Beeston Street, which obtained $5.05 million and a house at 20 Teneriffe Drive for $4.775 million.

Teneriffe joins Sunshine Beach as Queensland’s second $3 million suburb following some impressive sales in the exclusive precinct.

PropTrack data shows that the housing market across Brisbane has had a strong 12 months, rising 24.3 per cent.

Brisbane now has six suburbs with a median house price of more than $2 million, led by New Farm and Hamilton. 

New Farm’s median house price has risen 11 per cent in the past year, while Hamilton’s has surged 47 per cent over the same period of time.

Ray White New Farm selling agent Ben Percival said the local market had been incredibly strong recently despite some of the headwinds.

“Teneriffe is a pretty exciting place at the moment,” Mr Percival told realestate.com.au

“Over the last two years it’s been the strongest part of the market and since everything has started to slow down with interest rate rises, the old heritage buildings here have been outperforming anything.”

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