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Queensland’s New Million-Dollar Hotspot

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.

 Teneriffe is Queensland’s new number one destination

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:

Table 1

Table 1

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:

Table 2

Table 2

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.



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About

Eliza holds a first class honours degree in economics from the University of Sydney and is a regular on Backchat on FBI Radio, and have been a guest speaker on Triple J’s Hack, 702 ABC Radio, Sky News and at TEDxYouth Sydney. Her property market commentary has appeared in The Guardian Australia, the Australian Financial Review, Pedestrian TV and the Daily Telegraph. Eliza specialises in Commercial property, construction and the residential property market.


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