ONE Brisbane suburb is about to reach a median house price of $2 million.
With strong sales figures kicking off 2017, the real estate’s peak industry body REIQ expects the median house price to soon jump from $1.95 million to $2 million in Teneriffe.
Belle Property residential sales consultant Beth Leach said the reputation and standing of the 4005 postcode was “growing exponentially”.
The suburb looks over the Brisbane River, 2.5km northeast of the capital city, and borders New Farm, Newstead and Fortitude Valley.
“It is distinctive because it is a riverside peninsula, rich in community, amenity, excitement and culture,” Ms Leach said.
The tightly held market often saw just 1 per cent to 1.25 per cent of the available houses in the area on the market at any time, said Ms Leach.
“What was noticeable this year, in particular, was the voracious appetite of buyers as soon as the Christmas ham was finished.
“We hit the ground running. It (was) rather an immediate and resounding response for the marketplace, which has helped achieve outstanding sales results in units and houses at the start of 2017.”
An REIQ spokeswoman said New Farm and Teneriffe represented the apex of Brisbane’s blue-chip suburbs.
She said five years ago the median house price in New Farm was $1.215 million, compared with $1.6 million now, and $1.075 million in Teneriffe, compared with $1.95 million now.
“Over the past five years Teneriffe has been by far the most popular suburb,” the spokeswoman said.
“It’s little wonder they are popular areas.”
Originally Published: http://www.couriermail.com.au/