Brett Warren , National Director – Metropole Group
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Brisbane continues to be one of Australia’s strongest capital city housing markets and is likely to remain so throughout 2024, with dwelling values continuing to go from strength to strength.
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As of September, Brisbane’s median house price sits at $966,382, up 2.5% quarter-on-quarter and 14.1% year-on-year.
Median prices for capital city units are equally as strong, rising 5% over the quarter and 19.4% over the year to a new median of $653,325.
But if you’re looking to buy, you’ll be pleased to know that even today, 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.
Here are the top 10 most expensive suburbs in Brisbane, with help from Domain and realestate.com.au data.
1. Teneriffe – $4.15m
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 $4.15 million, after a 23.2% increase over the past 12 months.
And even units in Teneriffe are more expensive than the rest of Brisbane with a median of $842,000.
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 $1,525 per week for a house and $720 per week for a unit in the area.
2. Chandler – $3.23m
The next suburb on Brisbane’s top 10 list is Chandler with a median house price that currently sits at $3.23 million.
There isn’t much data on the average rent prices, which came in at $726 per week in late 2022, potentially because vacancy rates are so tight at around 0.20%.
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, with no data currently available.
3. New Farm – $2.77m
With a median house price of $2.77 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 $1,200 per 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 $825,000 and $595 per week rent.
4. Hamilton – $2.6m
Over the past quarter, the median house price has gone up to around $2.60 million.
Houses now fetch an average of $1,100950 per week in rent, which is $150 per week higher than 12 months ago and $350 more than 2 years ago.
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 of $591,500 and $620 per week rent.
5. Ascot – $2.4m
Ascot is an inner northeastern 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 $2.40 million and $655,000 for units.
The suburb’s rent prices are also high at an average of $1,200 per week for houses and $575 per week for units.
6. St Lucia – $2.07m
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, meaning that now students have returned, the area has come back to life and the suburb is climbing up the ‘expensive suburbs’ list once again (from 9th place last year).
And 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 $2.07 million, fetching $780 per week in rent.
Meanwhile, the median unit price is $630,000 with $600 per week in rent.
7. Hawthorne – $2.03m
Hawthorne has climbed a couple of spots up the list of Brisbane’s most expensive suburbs thanks to its $2.03 million average for houses and $720,000 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 $1,100 per week for a house and $565 per week for a unit.
Based on five years of sales, Hawthorne has seen a price growth rate of 9.1% for houses, but units are down 10.4%.
8. Pullenvale – $1.91m
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 $1.91 million, fetching rent of around $962 per week, putting the suburb in joint-8th place with Bulimba.
8. Bulimba – $1.91m
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 $1.91 million (from $1.5 million in late 2022) and the median unit sale price is also higher at $824,000 (up from $649,000 recorded 18 months ago), putting the suburb in 8th place with Pullenvale.
Houses in the area get an average of $1,000 per week while units go for around $650 per week.
10. Fig Tree Pocket – $1.83m
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 $1.83 million, or an average $850.
Units aren’t as common in Fig Tree Pocket since the area is more suitable for families.
How much could Brisbane home prices rise in the next year?
Brisbane house prices are likely to deliver another solid year in 2024, increasing by 10%, and should deliver continued strong growth in 2025.
This will be underpinned by overseas migration and the fact that South-East Queensland receives the largest share of interstate migration, which has led to a significant undersupply of properties.
The expert consensus is that this strong population growth and tight supply will continue to push property prices upwards as we move through this next stage of the property cycle.
But, like all locations, Brisbane is a tale of two cities – while some properties over-perform, others underperform, as a property investor correct selection of location as well as the right property in that location is critical.
At the same time, Brisbane rents are likely to keep rising strongly through the balance of 2024 due to a shortage of rental houses and apartments.
