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Brisbane’s house prices have seen the steepest annual climb in 13 years as the city’s property market comes to grips with relentless Covid-19-induced demand for property.
In 2021 the city experienced a once-in-a-generation property boom that resulted in almost 400 suburbs joining the million-dollar club.
If you’re looking to buy, you’ll be pleased to know that you can get more bang for your buck in Brisbane compared to Sydney and Melbourne.
So whether you’ve been saving up for your next investment property or your new home, knowing the most expensive suburbs and Brisbane’s most affluent areas might be helpful for you.
1. Teneriffe – $2.5m
Teneriffe maintains its spot as the most expensive suburb in Brisbane into another quarter.
With few houses in this inner city location, the median house price comes in at a whopping $2.5 million.
However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $686,000.
Despite being an industrial town in the past, the proximity to the city and riverside views has made it ideal for affluent, young Australians.
Renters could expect to spend on average $900 per week for a house and $560 per week for a unit in the area.
2. New Farm – $2.24m
With a median house price of $2.24 million, New Farm properties aren’t the most expensive in the country but they do sit right near the top of Brisbane’s list.
Property investors might also be interested to know that the average house rent is $850 a week, more than all the other suburbs on this list.
Units in New Farm also don’t come cheap with a median unit price currently at $720,000 and $430 per week rent.
3. Chandler – $2.16m
The next suburb on Brisbane’s top 10 list is Chandler with a median house price that currently sits at $2.16 million, with a rent of $726 per week.
Despite being in the City of Brisbane, Chandler is an outer city suburb with large blocks and doesn’t offer many options for those looking to buy or live in units.
4. Hamilton – $2.1m
Over the past quarter, the median house price has gone up to around $2.1 million, from $1.55 million.
Houses now fetch an average of $750 per week in rent.
Houses in Hamilton are more affordable than in some other suburbs on the list even though the area is highly sought after by those looking to live by the water.
A unit in Hamilton is much more affordable at a median $552,000 and $460 per week rent.
5. Ascot – $1.94m
Ascot is an Inner North East suburb that’s known for its affluence after once being the most expensive suburb in Brisbane.
Ascot offers a selection of historic and old world-style homes.
Many families choose to live in the area to make the most of the state school catchment zone.
The median house price is currently $1.94 million and $522,500 for units.
The suburb’s rent prices are also high at an average $950 per week for houses and $415 per week for units.
6. Hawthorne – $1.85m
Hawthorne has climbed a couple of spots up the list of Brisbane’s most expensive suburbs thanks to its $1.85 million average for houses and $600,000 for units.
The suburb is suitable for professionals, couples, and families with its access to parks and cafes, and proximity to the city.
Rent prices for Hawthorne property average $900 per week for a house and $450 per week for a unit.
Based on five years of sales, Hawthorne has seen a compound growth rate of 40.7% for houses and 17.4% for units.
7. Fig Tree Pocket – $1.75m
Fig Tree Pocket is perfect for those wanting endless greenery, access to golf courses, and a rural feel despite being only 8km from the city centre.
You’ll find houses on large blocks of land and a median house price of $1.75 million, or an average $715 per week.
Units aren’t as common in Fig Tree Pocket since the area is more suitable for families.
8. Pullenvale – $1.7m
Pullenvale is another Brisbane suburb that has climbed the wealthy list over the past quarter.
The suburb doesn’t offer any units but does have houses with large acreages.
It’s a little further out from the city compared to other suburbs on this list though, about 16km west. It’s perfect for families that are looking for a big backyard and access to great schools.
The median price for houses in the area is $1.7 million, fetching rent of around $1,100 per week.
9. Bulimba – $1.7m
Bulimba is a very popular area for those looking to live by the river. Property listings get an average of 609 visits, way more than what’s normal for Queensland.
The close proximity to the city and cottage-style properties make it ideal for both young professionals and families.
The median house price has climbed to $1.7 million (from $1.5 million last quarter) and the median unit sale price is roughly unchanged at $649,000.
Houses in the area get an average $900 per week while units go for around $522 per week.
10. St Lucia – $1.62m
As with many of the suburbs on this list, St Lucia sits on the river, making it highly sought after.
St Lucia is home to the University of Queensland, making it popular with university students, but thanks to the Covid-19 pandemic, the university suburb has been pushed lower down the list yet again.
But the university isn’t the suburb’s only drawcard.
It is also one of the most established suburbs in Brisbane, popular with professionals, retirees and families.
The median house price is $1.62 million, fetching $620 per week in rent.
Meanwhile, the median unit price is $507,500 with $440 per week in rent.