Brisbane is on the cusp of getting its first $3 million suburb - August 2017

Teneriffe is on the cusp of becoming Brisbane’s first $3 million suburb.

Already firmly cemented as Brisbane’s most expensive suburb after becoming the first to break the $2 million median, data from PriceFinder shows Teneriffe’s median price has skyrocketed by 41 per cent up to $2,685,000, based on 10 sales so far this year. House prices have grown a staggering 71.8 per cent over the past two years.

Local agent Matt Lancashire, principal of Ray White New Farm, says it’s fast on its way to breaking the $3 million median.

“Given the way sales are happening in Teneriffe right now along the riverfront, after this (September) quarter there is a very strong chance that it will nudge over $3 million…there’s been some very strong results that are due to settle soon,” Mr Lancashire says.

“It’s only a matter of time. And I predict that Teneriffe will finish 2017 with an overall median breaking that $3 million mark too.”

While a median price of $3 million is big news in Brisbane, it’s small fry in Sydney, where a whopping 78 suburbs now boast a median house price of $2 million or more.

Which is why Mr Lancashire believes Brisbane’s inner city suburbs still have a lot of value left in them.

“This is the closest comparable to the eastern suburbs in Sydney or Melbourne and realistically if anyone is shifting from down south, they want the inner city cosmopolitan vibe that is only two kilometres to the GPO and full of great restaurants, bars and cafes,” he says.

“What you can get in Brisbane compared to what you pay in Sydney is incredible.”

Houses, rather than apartments, are few and far between in Teneriffe, which means that when they do come on the market, they’re fiercely fought over.

“There’s such a finite amount of houses in Teneriffe; there’s the Catalina houses, then the houses on top of Teneriffe Hill. That’s it. That’s why the median keeps moving up so fast, because we’re dealing with a small amount of property…supply there is incredibly limited,” Mr Lancashire says.

“If you want to buy a riverfront home with a north-east aspect (in Teneriffe) there’s only 27 homes there. It is a simple economics supply and demand shortage,” Mr Lancashire says.

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Source: Domain