Revealed: The ugly duckling Brisbane suburbs that are now million dollar gold mines

The number of homes fetching $1 million or more in Brisbane has jumped by nearly a quarter in just a year — and where they are selling the most may come as a surprise.

Jason and Kerry Fenton with their sons, Harvey, 11, William, 14, and Jackson, 12, at the home they are selling in Wavell Heights. Picture: Tara Croser.

THE number of homes fetching $1 million or more in Brisbane has jumped by nearly a quarter in just a year — and where they are selling the most may come as a surprise.

Suburbs that were once considered ugly ducklings 10 years ago are now hot commodities and commanding seven figure sums, new research from Place Advisory reveals.

Wavell Heights tops the list of suburbs where the volume of homes sold for $1 million or more has grown the most over the past decade, followed by Holland Park, West End and Gordon Park.

The suburb of Wavell Heights has since the strongest growth in $1 million-plus home sales in the past decade, according to a new report.

The research shows there has been a whopping 379 per cent increase in $1 million-plus home sales in the past decade.

The Wavell Heights house price record was recently broken when a new Hamptons-style home at 87 Benecia Street sold for $2.227 million.

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Brisbane plumber Jason Fenton bought his first house in Wavell Heights in 1999 for just $180,000.

This property at 87 Benecia St, Wavell Heights, sold for a suburb record of $2.227 million.

“It was a pretty quiet suburb then, not a lot of growth in the area,” Mr Fenton said. “It was kind of the poorer cousin to Nundah and Kalinga and still very affordable.”

A decade later, Mr Fenton bought in the suburb again — this time with his wife and three sons.

“The kids schooling brought us back here,” he said. “Our eldest was going to Nudgee College, so my wife and I were looking for a house.

This property at 10 Zeehan St, Wavell Heights, is for sale.

“We were renting at Gordon Park when this home came up in Wavell Heights so we snapped it up.

“Three or four months after, I was mowing the lawn and saw a guy come out of 10 Zeehan (across the street) with a suit on. I thought; ‘I’d like to get my hands on that house’, so I walked over and said; ‘Is that for sale?’ and bought it on the spot on the lawn.”

The Fentons are now selling the property at 10 Zeehan Street after building a new, five-bedroom Hamptons-style home on the 670 sqm site.

Inside the property at 10 Zeehan St, Wavell Heights.

“Wavell Heights was always a bit of a sleeping giant,” Mr Fenton said.

“My wife and I got in just at the right time as it’s now just completely exploded.”

Marketing agent Matthew Jabs of Place - Newmarket said Wavell Heights was particularly popular with families because of its proximity to schools and large homes on big blocks.

“The whole suburb was developed in the ‘50s and ‘60s, so there are a lot of post-war homes in elevated positions that can be knocked down and rebuilt,” Mr Jabs said.

And while prices have grown significantly over the past decade, Wavell Heights is still good value compared to similar suburbs given its position, within 10km of the CBD.

“A similar house in the equivalent suburb on the southside is a couple of hundred thousand dollars more,” Mr Jabs said. “I still think it’s good value, especially given it’s very close to the airport, the CBD and road infrastructure.”

This property at 119 Nursery Rd, Holland Park West, goes to auction today.

THE BRISBANE SUBURBS WHERE $1M SALES HAVE SKYROCKETED

Suburb Increase in $1m-plus sales over 10 years

Wavell Heights 23.67%

Holland Park 20%

West End 16%

Gordon Park 16%
Seven Hills 14.5%

Carindale 11.14%

Sherwood 10.67%

Chapel Hill 10.25%

Camp Hill 9.82%

Tarragindi 9.8%

(Source: Place Advisory)