Brisbane is a thriving metropolis known for its sunny weather, beautiful beaches, and relaxed lifestyle.
Despite its laid-back reputation, Brisbane is also home to some of the most luxurious and exclusive suburbs in Australia.
After booming through 2020 and 2021 with prices rising by 45.3%, Brisbane housing values fell -8.9% from their peak in May 2022 through to the recent trough in January 2023.
But now the Brisbane housing market has clearly turned the corner with prices rising consistently and are now up 10.5% since January 2023 – making it one of the hottest property markets across the nation.
If you’re looking to buy, you’ll be pleased to know that even today, 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, knowing the most expensive suburbs and Brisbane’s most affluent areas might be helpful for you.
Here are the top 10 most expensive suburbs in Brisbane, with help from Domain and realestate.com.au data.
1. Teneriffe – $3.74m
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 $3.74 million thanks to a huge 23.6% increase over the past 12 months.
And even units in Teneriffe are more expensive than the rest of Brisbane with a median of $742,000.
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 could expect to spend on average $1,500 per week for a house and $692 per week for a unit in the area.
2. Chandler – $2.92m
The next suburb of Brisbane’s top 10 list is Chandler with a median house price that currently sits at $2.92 million.
There isn’t much data on the average rent prices, which came in at $726 per week in late 2022, potentially because vacancy rates are so tight at around 0.20%.
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.
3. New Farm – $2.62m
With a median house price of $2.62 million, New Farm properties aren’t the most expensive in the country but they do sit right near the top of Brisbane’s list.
Property investors might also be interested to know that the average house rent is $1,100 a 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 $790,000 and $530 per week rent.
4. Ascot – $2.44m
Ascot is an inner northeastern 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 $2.44 million and $570,000 for units.
The suburb’s rent prices are also high at an average $1,125 per week for houses and $550 per week for units.
5. Hawthorne – $1.96m
Hawthorne has climbed a couple of spots up the list of Brisbane’s most expensive suburbs thanks to its $1.96 million average for houses and $675,000 for units.
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 $1,050 per week for a house and $545 per week for a unit.
Based on five years of sales, Hawthorne has seen a compound growth rate of 12.3% for houses and 12.5% for units.
6. Hamilton – $1.9m
Over the past quarter, the median house price in Hamilton has dipped slightly to around $1.9 million.
Houses now fetch an average of $950 per week in rent, which is $200 per week higher than 12 months ago.
Houses in Hamilton are more affordable than 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 $530,000 and $580 per week rent.
7. Pullenvale – $1.85m
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 to the 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 $1.85 million, fetching rent of around $950 per week.
8. Bulimba – $1.85m
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 $1.85 million (from $1.5 million in late 2022) and the median unit sale price is also higher at $800,000 (up from $649,000 recorded 12 months ago).
Houses in the area get an average $950 per week while units go for around $630 per week.
9. St Lucia – $1.68m
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 since the Covid-19 pandemic, the university suburb has been pushed lower down the list of Brisbane’s most expensive suburbs.
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 $1.68 million, fetching $800 per week in rent.
Meanwhile, the median unit price is $570,000 with $550 per week in rent.
10. Fig Tree Pocket – $1.57m
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 $1.57 million, or an average $840 per week.
Units aren’t as common in Fig Tree Pocket since the area is more suitable for families.
How much could Brisbane home prices rise in 2024?
Brisbane house prices are likely to deliver another solid year in 2024 increasing by 7-8%.
This will be underpinned by overseas migration and the fact that SE Queensland receives the largest share of interstate migration causing a significant undersupply of properties.
Of course, these are just averages and some locations will outperform others considerably, particularly Brisbane’s inner and middle ring gentrifying suburbs.
At the same time, Brisbane rents are likely to skyrocket in 2024 due to a shortage of rental houses and apartments.
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