Brisbane million-dollar suburbs: New Farm the most expensive to buy into

New Farm is back at the top of the list of Brisbane’s most expensive suburbs.

New data from the Domain Group shows New Farm has the highest median house price in all of Brisbane, at $1,620,500.

The suburbs nearest to it are old blue blood favourites, Ascot (median price $1.5 million) and Hamilton (median price $1.34 million) but for the modern millionaire, New Farm holds more appeal, local Belle Property director Ivo Kornel says.

“It’s the most liveable suburb in Brisbane,” he says. “It doesn’t matter what your situation, New Farm has something for everyone … it’s that wonderful mix of people, places and amenities, which gives it a vibrancy that other suburbs just don’t have.

“Once you’ve had a taste of that, it’s tough to move away from New Farm. That’s why so many people are willing to pay top dollar to be here.”

While entry level properties start at at $1.25 million to $1.3 million, properties near the median price of $1.62 million are actually few and far between, Mr Kornel says.

“It’s a bit of a funny bracket; the majority of properties we sell often jump straight from entry level to the $2 millions … and for that you get something renovated and quite polished,” he says.

Mr Kornel has a house at 90 Villiers Street, within walking distance of the James Street precinct, listed for sale, looking for offers between $1.7 million to $1.8 million. 

It’s on 405 square metres of land and has four bedrooms.

In Wilston, three kilometres north of the CBD, the median house price is currently $1,112,500. Local Ray White agent Alistair Macmillan says though it has always been a desirable suburb, much of the more recent demand has been fuelled by the local primary schools.

“Proximity to St Columba’s Primary School and Wilston State School is top of pretty much everyone’s list,” he says.

With such a high median house price, entry level properties are fiercely contested in the area, Mr Macmillan says.

A three-bedroom gabled Queenslander at 17 Olney Street had 72 people turn up to its first open home, before it sold for $710,000.

“This is a very tightly held area and if you look at Wilston at any given time over the past five years, it has always been very limited,” he says.

“There is strong demand and a lot of competition for it which keeps the prices high.”

While most of Brisbane’s million-dollar median suburbs are located in the inner city, there are two outlying suburbs that made the top 10: Pullenvale and Rochedale. Rochedale, which has a median house price of $1,040,000, is the furthest from the CBD on the list. 

17 kilometres out and the last suburb in Brisbane before you hit Logan, this formerly sparsely populated farming community is now home to more million-dollar listings than Bulimba and Coorparoo.

Remax agent Cathy Cheng said it’s a perfect example of the “ripple effect”.

“Sunnybank and Eight Mile Plains have always been very popular with Asian people but a lot of the houses there are getting older. It’s also become more expensive,” she said.

“So they are looking a little further out and really like Rochedale because they can get a beautiful new home not far from the community and facilities that they know.”

Brisbane’s million-dollar median suburbs

1. New Farm $1,620,500
2. Ascot $1,500,000
3. Hamilton $1,340,000
4. Hawthorne $1,205,000
5. Pullenvale $1,150,000
6. Highgate Hill $1,140,000
7. West End $1,132,500
8. Wilston $1,112,500
9. Bulimba $1,065,000
10. Rochedale $1,040,000