Brisbane welcomes $2 million suburb, record $1 million suburbs

The March quarter has brought Brisbane LGA’s first $2 million suburb, as Teneriffe reached a median house price of $2.075 million, and a record number of $1 million-plus suburbs as 15 suburbs (including Teneriffe) hit the median milestone, up from 10 suburbs in the December quarter.

House prices annually have grown 4 per cent in Brisbane LGA, taking the annual median to $650,000.

REIQ CEO Antonia Mercorella said the Brisbane house market had once again proven itself to be a solid performer.

“This market consistently performs well for property owners, while maintaining its affordable status,” she said.

“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.”

Looking at the five-year trend, from March 2012 when the median house price was $509,999, the Brisbane LGA median house price has grown 27.5 per cent.

The quarterly house price eased, with the median contracting 2.9 per cent to $642,000.

Brisbane LGA welcomed 15 suburbs to the million-dollar annual median suburb list in March quarter:

• Ascot ($1,412,500)
• Bulimba ($1,150,000)
• Chelmer ($1,053,000)
• Clayfield ($1,050,000)
• Fig Tree Pocket ($1,050,000)
• Hamilton ($1,165,000)
• Hawthorne ($1,200,000)
• Highgate Hill ($1,162,500)
• New Farm ($1,615,000)
• Paddington ($1,005,000)
• Robertson ($1,077,000)
• St Lucia ($1,185,000)
• Teneriffe ($2,075,000)
• West End ($1,080,000)
• Wilston ($1,150,000)

A three bedroom house at 42 Orchard Street, Hawthorne (above) has been listed for between $1 million to $1.1 million.

It was last sold in 2008 for $658,000 and again in 2006 for $560,000.

Similarly a five bedroom house at 24 Addison Avenue, Bulimba (below) has been listed for over $1.47 million.

It was last sold in 2010 for $1.5 million and again in 2006 for $1.35 million.

The unit market over the past 12 months has begun to show signs of easing, with the annual median unit price falling 1.9 per cent to $445,000.

However, that slight easing doesn’t represent the whole story for Brisbane’s unit and townhouse market.

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There are suburbs that have done well this quarter, including Albion (up 5 per cent since December), Bulimba (up 26.8 per cent this quarter), Indooroopilly (up 18.5 per cent), New Farm (up 7.5 per cent), Rochedale (21.1 per cent), Taringa (4.8 per cent) and Toowoong (up 3.2 per cent since December).  

Brisbane LGA suburbs where units have done well over 12 months and five years include:

• Annerley
• Balmoral
• Bridgeman Downs
• Coopers Plains
• Coorparoo
• Darra
• Greenslopes
• Highgate Hill
• Manly
• Manly West
• Mount Gravatt
• Norman Park
• Red Hill
• Richlands
• Rochedale
• Toowong
• Wakerley
• Wynnum

Units are becoming more popular with Queenslanders. CoreLogic has reported that 17 per cent of Queenslanders live in an apartment, just behind New South Wales’ 22 per cent and ahead of Victoria’s 15 per cent.

“The REIQ is confident the long-term future of apartments is secure and particularly in the inner-city where such exciting projects as Queen’s Wharf and the Howard Smith Wharves are adding to the night-time economy of inner Brisbane,” she said.

“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,” Ms Mercorella said.