How has the Brisbane Prestige Market Performed over the last 5 years in Brisbane?

Published May 22, 2023

The Brisbane property market exhibited particularly strong growth since Covid hit Brisbane in 2020, but which of the premium suburbs have been the biggest winners when it comes to median house price growth ?

Teneriffe and New Farm had the highest median prices in 2022 and they were also the highest growth suburbs with 78% & 85% median price growth since 2018. On the lower end, Bulimba & Clayfield exhibited the lowest growth of the top 12 suburbs at 43% (Bulimba) or more. Teneriffe is the only suburb with a median price above $3m and most of that growth has occurred since 2020 when Teneriffe’s median price was 1.925m.

When looking at number of sales, Teneriffe exhibits far less sales than some other suburbs with a higher proportion of housing stock, like Paddington or Clayfield. Across most suburbs, there was a spike in sales activity in 2021 although 2022 saw a drop in activity across most suburbs. As shown in the final column, Hamilton & Kangaroo Point saw continued high activity in 2022 although many suburbs had less sales in 2022 than in 2018, indicating a return to a more normal market.

Because median prices increased significantly over the period, we saw increased activity in sales over $2m over the time period although 2021 again saw a spike in prestige sales due to the strong market conditions. Some suburbs, like Pullenvale & St Lucia, saw a particularly strong increase in the number of sales over $2m. At the lower end, Ascot & New Farm have seen good growth, albeit from a higher base, at 94% & 88% increase in the number of sales above $2m to 35 & 32 sales respectively.

New Farm & Teneriffe exibited the highest percentage of sales over $2m in both 2021 and 2022, at over 67%. Balmoral showed one of the lowest percentage of sales over $2m at 18% in 2021 and 30% in 2022. The below table shows the spike in activity we saw since covid.

Hamilton saw increased activity levels in both 2021 & 2022 with a 249% and 151% uplift over the 2018 levels in 2021 & 2022 respectively. There are some suburbs, like Ascot, New Farm, Teneriffe & Hawthorne that saw lower sales activity in 2022 than they did in 2018. This is indicative of the low stock levels that we keep hearing about, which has made it increasingly difficult for buyers to get a deal done in this market, even though prices have relaxed slightly since the peak in mid-2022, when interest rates were lower.

If you’re looking to buy or sell in this market and you’d like some further assistance, please feel free to reach out at chris.andersen@raywhite.com or 0424 682 636.