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Brisbane is on the verge of hitting its first $3m suburb, just months after breaking through the magic $2m mark.

Latest CoreLogic market trends data, exclusive to The Courier-Mail yesterday, showed Teneriffe, just 2km from the Brisbane CBD  has taken just three months to power from being the state’s first $2m suburb to sitting on the edge of $3m.

This as the median sale price for houses sold in Teneriffe rose a whopping 34 per cent in a single quarter to teeter on $2.75m.

Demand in the area was so strong that half the 18 houses sold there in the year to May were worth more than $2.75m and half were below it. If the prestige market holds this trend going into the Spring selling season, Brisbane could also be looking at a possible second $2m median suburb before the year is out.

South Brisbane, which has nursed an apartment boom for the past two years, also has Queensland’s second highest median house price, after hitting $1.69m in the latest report.

Teneriffe’s prices were climbing because houses coming on market were no longer renovators but new or already renovated luxury homes, said Belle Property agent Ivo Kornel.

“I still think it’s really cheap there. I just got back from Sydney and real estate like Chester St would be $10-15m there. There are a lot of eyeballs on Brisbane at the moment. A lot of Sydney buyers come here and think this is an absolute bargain. I reckon I could sell that one now and make (the new owner) a profit.”

Source: www.realestate.com.au

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