Qld’s top suburbs: $4m median price looms as Brisbane resurges
Queensland is closing in on its first $4m suburb, with a Brisbane suburb claiming top spot by breaking into the elite $3m-plus club.
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Queensland is closing in on its first $4m suburb, with latest data showing a new Brisbane suburb has already overtaken the state’s former top spot to break into the elite $3m-plus club.
PropTrack data found four Qld suburbs have hit the prestigious $3m median price level in the past year – a trend that began with Sunshine Beach in January 2022, with Teneriffe joining the club in September, Mermaid Beach in October and now New Farm in January 2023.
PRD chief economist Dr Diaswati Mardiasmo said given low stock, limited building conditions and high demand, it would not take as long for the highest Qld suburban median property price to hit $4m.
“I’m not surprised by this data at all,” she said. “In places like New Farm, Teneriffe, houses are very hard to come by … It’s really attracting a different demographic now – young high net worth professionals and a lot of the downsizers because it offers them the lifestyle they want.”
“It’s like being in the CBD but in a nicer area,” she said. “Because of the amount of supply that is lagging, I wouldn’t be surprised if we close in on $4m quick. It’s attracting top dollar and there are a lot of buyers looking.”
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BuyersBuyers co-founder Pete Wargent said the pandemic saw a big shift towards Queensland “and there is only a very limited supply of houses in those areas”.
“I’m biased as I lived in New Farm and loved it. It’s a great suburb with all the amenities,” he said. “Also many old properties have been replaced with large new executive homes, so this has probably pulled the median price higher. The wharf development at Howard Smith Wharf has only improved access to entertainment and the city.”
The first Qld suburb to break the $3m mark, Sunshine Beach, has since fallen away from the $3m pack – with its median 12-month sales price dropping to $2.65m.
The state’s new leader is now Teneriffe ($3.4m median price), followed by Mermaid Beach ($3.3m) and New Farm ($3m) – a Brisbane resurgence that real estate agent agent Heath Williams of Place New Farm said was long overdue.
“We’ve always represented exceptional value. When you look at a price comparison of what you can get in Sydney for $3m versus Brisbane, it’s clear – $3m in Paddington, NSW, will probably get an unrenovated terrace and, if you’re lucky, a carpark. We’ve been undervalued for such a long time.”
“Some of these houses are selling for prices you couldn’t build for. For the average renovation cost, $1m used to be big, but let’s call it $2m now if you want an architectural design. So $2m to build plus $2m the cost of buying the block, that’s $4m and that’s conservative.”
Among homes for sale in New Farm is that of Carolyn Randle, whose renovated 1890s property has five bedrooms, three bathrooms, and a double garage on a 503sq m block.
“We were initially attracted to New Farm because of its proximity to the city, the river and having the beautiful New Farm Park at our doorstep was an added bonus. We loved that shopping and some amazing restaurants were all within walking distance, which meant on the weekends we rarely used the car.”
She said the home had been “painstakingly renovated to a very high standard by the previous owner and the attention to detail was incredible”.
“Although we’ve had so many wonderful memories in this home it is time to downsize. Our children have left and we feel that it is time for another family to enjoy living here as much as we have.”
New Farm resident Clare Hurrell’s tri-level resort-style home in New Farm is also for sale, several years after she moved up from Sydney drawn by the New Farm “vibe”.
“Even though you are inner city, it’s got that friendly community vibe about it. There is a lovely age demographic in the suburb with older people who have lived here all their lives, to the younger crowd who love inner city living, and families who have made the suburb their home.”
Her 84 Heal Street five bedder has four bathrooms, and a double garage on a 506sq m block and is among the most sought after properties having completed a recent renovation.
“The house was fully renovated in 2021,” she said. “It was lifted and additional floor space was added to the build along with a rooftop area taking advantage of the city views and fireworks when they are on.”
“The house was designed with a Mediterranean feel about it, lots of earth tones used throughout it gives it a very relaxed holiday feel from the moment you step through the front door, even though you’re located in the inner city.”
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