Brisbane gets its first $3 million suburb

The inner-city suburb of Teneriffe in Brisbane has officially become the first suburb in the city to top the $3 million median price mark.

The exclusive suburb managed to climb above the milestone after another strong period of growth where values rose 16 per cent in the past 12 months, according to PropTrack.

Data from indicates some of the highest-priced sales in Teneriffe this year were a house at 81 Chester Street, which sold for $5.9 million, a house at 38 Beeston Street, which obtained $5.05 million and a house at 20 Teneriffe Drive for $4.775 million.

Teneriffe joins Sunshine Beach as Queensland’s second $3 million suburb following some impressive sales in the exclusive precinct.

PropTrack data shows that the housing market across Brisbane has had a strong 12 months, rising 24.3 per cent.

Brisbane now has six suburbs with a median house price of more than $2 million, led by New Farm and Hamilton. 

New Farm’s median house price has risen 11 per cent in the past year, while Hamilton’s has surged 47 per cent over the same period of time.

Ray White New Farm selling agent Ben Percival said the local market had been incredibly strong recently despite some of the headwinds.

“Teneriffe is a pretty exciting place at the moment,” Mr Percival told

“Over the last two years it’s been the strongest part of the market and since everything has started to slow down with interest rate rises, the old heritage buildings here have been outperforming anything.”

Brisbane’s 10 most expensive suburbs

SuburbMedian house price12-month increaseNumber of sales
Teneriffe$3 million16.1 per cent22
New Farm$2.35 million11.4 per cent51
Hamilton$2.215 million46.7 per cent85
Chandler$2.13 million29.1 per cent22
Ascot$2.125 million36.2 per cent68
Burbank$2.005 million31.4 per cent11
Pullenvale$1.855 million32 per cent47
Hawthorne$1.8075 million23 per cent102
Bardon$1.7915 million39.7 per cent122
Bulimba$1.79 million30.4 per cent106
Source: PropTrack Market Trends Suburbs report for September

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.