Recent onthehouse.com.au research has revealed that Teneriffe is Queensland’s new number one destination for million-dollar houses, stealing the crown from New Farm, which took the top spot in 2014.
The highest new entrant in the state’s $1 million+ suburb list is Ransome, with a 38 per cent increase in million-dollar houses from 2014 to 2015 resulting in a sixth-place position.
The suburb with the biggest increase in its million-dollar status within the Top 10 was Hawthorne, which documented a 43 per cent increase during the same period.
Waterline Crescent in Bulimba retains its number one position as QLD’s most property-rich street, with four other streets from last year’s Top 10 making a second appearance.
Five new streets made up the remaining places including three streets from New Farm alone.
Queensland has seen the biggest increase in properties reaching a $1 million price tag compared to other states.
While the greater Brisbane area as a whole has not seen strong performance in the last quarter, the inner suburbs of Brisbane and Gold Coast suburbs present increased value opportunities.
Table 1 demonstrates QLD’s top ranking streets based on the number of houses worth over $1 million dollars:
Calculated on a percentage basis (houses valued over $1 million), Table 2 table demonstrates QLD’s top ranking suburbs for number of million-dollar houses:
While the Top 10 suburb list offered up similar suburbs from last year, the most important thing to note is the increase in properties reaching the million-dollar milestone.
This year, more than half of all suburbs in the Top 10 are worth over $1 million, which wasn’t the case in 2014.