Brisbane suburbs go crazy: 18 hit $2m – five already past $3m

Brisbane now has 17 suburbs with house medians and one unit median over $2m.

Brisbane’s multi-millionaire suburbs have jumped from one in 2020 to a record 18 above $2m in November – five of which topped $3m as Queensland’s property boom escalates.

The November PropTrack market trends report found that five years after Teneriffe became the first to break the $2m mark, it’s still Brisbane’s most expensive suburb climbing 78.5 per cent to just over $3.5m, but four others have closed fast.

Chandler’s median has doubled in the period to hit $3.41m, followed by Burbank ($3.37m), New Farm ($3.05m) and Ascot ($3.02m).

Ray White New Farm principal Matt Lancashire said “the wealth moving through Brisbane is astronomical”.

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PropTrack market trends data in November. Source: PropTrack.

“It’s wild,” he said. “You look back in the rearview mirror and say how is it going to sustain it, but our market is driven by supply and demand. New listings to market are down by 50pc above $4m, buyer enquiries are up by 60 per cent, so it’s this perfect storm.”

Thirteen suburbs are now sitting on $2m-plus medians: Hamilton ($2.65m), Hawthorne ($2.6m), Pullenvale ($2.23m), Tennyson units ($2.2m), St Lucia ($2.17m) and Robertson ($2.13m), while Brookfield, Bulimba, Gumdale, Highgate Hill, Wights Mountain, Milton and Paddington were all between $2m-$2.07m.

26 Elystan Rd, New Farm, sold for $18.5m, with 10 registered bidders over $15m, three who went over $17.7m.

“What we thought was expensive five years ago is now considered extremely cheap,” Mr Lancashire said. “With the Olympics and infrastructure developments coming, high housing construction costs, and low stock, Brisbane will continue to grow.”

That red-hot intensity is playing out at auctions across the Queensland capital, including 26 Elystan St, New Farm, that sold for $18.5 million two weeks ago, attracting 10 registered bidders over $15m, and three who went over $17.5m – all on unconditional cash terms, Mr Lancashire said.

Place Estate Agents managing director Sarah Hackett said “Brisbane’s market has matured”.

“Along the river, opportunities are incredibly scarce. Absolute riverfront homes have become legacy assets; people hold onto them, and when one does come up, it attracts immediate attention.”

Sarah Hackett of Place Estate Agents and Matt Lancashire of Ray White New Farm have seen massive growth in demand for luxury homes across Brisbane.

Ms Hackett said the apartment market has also evolved as families and downsizers chase liveable, house-sized layouts with a connection to the river.

“The demand for that level of quality is only increasing,” she said. “It feels like a confident, self-assured market. Growth has been strong, but it’s being driven by genuine demand for lifestyle and location.”

“Brisbane is stepping into its next era, and the years leading up to the Olympics will only amplify the city’s appeal on the world stage.”

Interest continued apace from Sydney and Melbourne buyers as well as expats who recognise value across Brisbane and want a foothold ahead of the next growth phase, she said.

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