This once-in-a-generation property boom resulted in almost 400 suburbs joining the million-dollar club.
Even as growth slowed in other parts of Australia, Brisbane’s housing market continued to perform strongly in the first half of 2022.
Only in the past month or two has Brisbane’s property market begun to slow - a significant lag from the price drops across the rest of Australia.
Even though the north-eastern state remains one of the country’s most robust, if you’re looking to buy, you’ll be pleased to hear 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, this list of Brisbane’s most expensive and affluent suburbs might be a helpful guide.
Teneriffe – $2.7m
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 $2.7 million - that’s a 20% increase in the past 12 months.
However, even units in Teneriffe are more expensive than the rest of Brisbane with a median of $700,000, up 7.7% in the past 12 months.
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 would expect to spend on average $895 per week for a house and $570 per week for a unit in the area.
New Farm – $2.35m
With a median house price of $2.35 million, New Farm properties aren’t the most expensive in the country but they do sit right near the top of Brisbane’s list.
Median house prices in the area have risen 18.2% in the past 12 months.
Property investors might also be interested to know that the average house rent is $850 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 $730,500 (up 9.8% over the past year) and $440 per week rent.
Hamilton – $2.23m
Over the past quarter, the median house price has gone up to around $2.23 million, from $1.55 million - or 48.7% in the past 12 months alone!
Houses now fetch an average of $800 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 $565,000 and $475 per week rent.
Chandler – $2.2m
The next suburb on Brisbane’s top 10 list is Chandler with a median house price that currently sits at $2.2 million.
That’s a whopping 36.7% increase over the past 12 months.
Meanwhile, median rental prices for houses in Chandler sit at around $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.
Ascot – $2m
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 $2 million and $525,000 for units - that’s a 29% and 2.5% increase respectively.
The suburb’s rent prices are also high at an average $1,000 per week for houses and $420 per week for units.
Bulimba – $1.812m
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 $1.812 million (up 36% in the past 12 months) and the median unit sale price is also up 14.4% to $752,000.
Houses in the area get an average $850 per week while units go for around $550 per week.
Pullenvale – $1.81m
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 $1.81 million - up 29.3% over the past year - fetching rent of around $1,100 per week.
Hawthorne – $1.80m
Hawthorne has climbed a couple of spots up the list of Brisbane’s most expensive suburbs thanks to its $1.80 million average for houses and $605,000 for units.
These new median prices are 25.8% and 16.7% higher respectively than this time last year.
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 $897 per week for a house and $450 per week for a unit.
Fig Tree Pocket – $1.78m
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 $1.78 million, or an average $705 per week.
Prices for houses in Fig Tree Pocket have risen 34.8% over the past 12 months alone.
Units aren’t as common in Fig Tree Pocket since the area is more suitable for families.
St Lucia – $1.699m
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 $1.699 million, up 19.2% and fetching $650 per week in rent.
Meanwhile, the median unit price has risen 0.5% to $517,500 with $450 per week in rent.