The richest streets in Brisbane, revealed

Brisbane’s property market might not match the sky-high prices seen in Sydney and Melbourne, but over the past few years, the sea-change shift effect has seen its population boom, with even our richest property buyers flocking northwards.

And it has put some of the city’s most affluent streets on the map.

Brisbane’s house prices boomed through 2020 and 2021 with prices rising by 45.3%, before falling 8.9% from their peak in May 2022 through to the recent trough in January 2023.

But the downturn didn’t last long.

Within 9 months the property prices in Brisbane had recovered to their peak and now have gained even more ground.

Today, Brisbane property values are at a record high of $873,987, having increased 16% over the past 12 months.

Why is the market so robust, you might ask?

Well, there has been significant internal migration (particularly northwards from Victoria and NSW) into Queensland with Australians looking for more affordable property in lifestyle suburbs.

And the property market is prosperous as a result.

Interstate migration and the sea and tree-change effect are particularly being felt in Noosa, where high sales volumes and the highest price gains in Queensland, with the region’s median house price, has risen yet another 18.9% over the past year to a new $2.2 million median.

This trend has brought people from all walks of life to Brisbane’s property markets.

And instead of stressing about the cost-of-living crisis, they’ve been splashing eye-watering sums of money on property across Brisbane during the past 2023-24 financial year.

Most expensive streets in Brisbane

Here is a list of the top 10 Brisbane streets with jaw-dropping properties and eye-watering property prices that some of Australia’s wealthiest people own property, based on the highest house sale prices for the 2023/24 financial year.

Source: Domain Group

It was New Farm, with a median house price of around $2.8 million, which saw the biggest property sale for the financial year.

The four-bedroom, four-bathroom property at 89 Welsby Street in New Farm sold for a record-breaking $18 million on April 11, making news headlines across the country.

Meanwhile, a NZ-inspired mansion on London Road in Chandler sold for more than $12m — setting a new sale price record for the suburb.

The remainder of the most expensive streets in Brisbane are scattered around various suburbs throughout the city.

Unsurprisingly, some of Brisbane’s well-known affluent suburbs of Chandler, Hawthorne and Hamilton also make the list.

Elsewhere, outside of Brisbane, the remainder of Queensland also fetched record prices.

Noosa, the Sunshine Coast and Gold Coast are other areas where property prices have been particularly strong.

Most notably, a property in Witta Circle in Noosa fetched the record as Queensland’s largest sale of the 2023/34 financial year with a recorded price of $30 million.

Brisbane’s property market outlook for the remainder of 2024

Currently, the team at Metropole's Brisbane office is finding property investor activity to be strong, particularly for houses, and not only coming from locals but from interstate investors who see a strong upside in Brisbane property prices as well as favourable rental returns.

However, it is important to note that there is not one Queensland property market, nor one southeast Queensland property market, and different locations are performing differently and are likely to continue to do so.

Houses remain a firm favourite of prospective home hunters, with demand rising post-lockdown and it remains significantly elevated compared to last year.

However, apartment demand has been sliding and, in general, apartments in Queensland are a higher-risk investment than houses, particularly due to a high supply of apartments that are unsuitable for families or owner-occupiers.

While some locations in Brisbane have strong growth potential, the right properties in these locations will make great long-term investments, and certain submarkets should be avoided like the plague.

Digging deeper into the data for some Brisbane properties – bearing in mind there are multiple markets within markets – has far outperformed others.

It really is a tale of two cities – while some properties over-perform, others underperform.

However, the expert consensus is that strong population growth and tight supply will continue to push property prices upwards as we move through this next stage of the property cycle.

Major banks expect property price growth to be as high as 10% in Brisbane in 2024.

And that is even in the face of the Reserve Bank continually hiking interest rates in order to get on top of Australia’s soaring inflation levels.

But Brisbane’s property market recovered quickly and has continued on its upward trajectory.

Our Metropole Brisbane team has noticed a significant increase in local consumer confidence with many more homebuyers and investors showing interest in a property.

At the same time we are getting more inquiries from interstate investors there we have for many, many years.

So, Brisbane is likely to be a strongly-performing property market throughout the remainder of 2024 and into next year.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.