New data from Domain shows the top 20 most expensive suburbs based on their median house price. Despite Brisbane’s largely flat property market, there are still select suburbs where buyers are prepared to pay big bucks for the right luxury house.
New Farm again tops the list at $1,462,500, followed by the north-east riverfront suburb of Bulimba with a median price of $1,305,500.
Family-favourite Auchenflower in Brisbane’s west took the third spot with a median house price of $1.275 million.
The western suburbs continued to dominate the top 20 as Chelmer and St Lucia took the next two spots, with median house prices of $1,209,500 and $1,162,500 respectively.
Other top performers included Fig Tree Pocket (median price $1.12 million), the perennially popular Paddington (median price $1.115 million), and outer-western hideaway Brookfield (median price $1.085 million).
Despite topping the list, the result for New Farm actually represents a 13 per cent decrease in median house price. Its median house price was $1.7 million last year, compared to $1,462,500 this year.
Matt Lancashire, principal at Ray White New Farm, says the slight dip comes down to a lack of stock.
“I just think people haven’t sold. People have held,” he said. “Stock is really tight through our area, and people come in and they underestimate it.
“It’s always been the first market to heat up, and the last to cool off. [For] a lot of people, the first market they look at when they come from down south is New Farm, Newmarket, Tennerrife. But what they work out pretty quickly that there’s not a great deal available for sale.”
However, Mr Lancashire is quick to note that this lack of stock speaks to the quality of life in the area, thanks to the countless amenities and close proximity to the CBD.
“Once you move to New Farm, it’s a really hard area to leave,” he said. “You’ve got cafes, restaurants, shops, boutiques, everything that you need and you literally do not need your car.”
One of the other big success stories in this year’s results was western suburb Auchenflower, which jumped from 12th place with a median house price of $1.11 million up to third place at $1.275 million. The result is an 11.4 per cent increase year-on-year, and a staggering 57.4 per cent increase over five years.
This leafy suburb plays host to the Wesley hospital, the historic Milton State School, and a recently constructed park. Place West principal Andrew Degn says it’s this wide variety of amenities that makes the suburb such a tantalising choice for buyers.
“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.
“Basically within a very short walking distance, and a flat walk, you’ve got all those amenities. Auchenflower’s population has grown because of that. Milton State School has actually grown in size for more accommodation for kids and families.”
Mr Degn said the suburb features many character-protected colonial homes, with an entry-level house going for anywhere between $850,000 to $900,000. Moving up the ladder, the blocks get larger, often larger than those found in inner-city suburbs like Paddington and Red Hill.
The people buying in the area are mostly owner-occupiers and are often attracted to these houses as they represent the opportunity to renovate, add value, and create a safe tax-free investment.
Top 20 most expensive suburbs
1. New Farm – $1,462,500
2. Bulimba – $1,305,500
3. Auchenflower – $1,275,000
4. Chelmer – $1,209,500
5. St Lucia – $1,162,500
6. Fig Tree Pocket – $1,120,000
7. Paddington – $1,115,500
8. Brookfield – $1,085,000
9. Clayfield – $1,047,500
10. Balmoral – $1,025,000
11. Hawthorne – $1,015,000
12. Rochedale – $1,009,444
13. Hendra – $1,007,000
14. Ashgrove – $970,000
15. West End – $945,000
16. Bardon – $935,000
17. Indooroopilly – $925,000
18. Graceville – $912,000
19. Grange – $910,000
20. Camp Hill – $905,000
Source: Qld Property Investors