Brisbane’s Super-Rich Market Explodes with New Farm and Teneriffe Leading the Charge
Brisbane’s inner-city prestige property market has undergone a dramatic transformation, with New Farm and Teneriffe cementing their status as the state’s most sought-after addresses. New research confirms that ultra-wealthy buyers have driven a staggering 688 per cent explosion in Brisbane’s $5 million-plus home sales over the last five years.
The surge has redefined what constitutes a “prestige” property in the capital. Jordan Navybox, managing director of Cohen Handler Queensland, told realestate.com.au that the threshold has shifted from $2 million two years ago to closer to $4 million today. “I have not experienced a year as strong as the past financial year for Brisbane’s prestige market,” Navybox said.
Record-Breaking Sales on the River
The financial year 2026 has seen some of the most eye-watering transactions in the city’s history. A rundown riverfront home at 17 Julius Street in New Farm, formerly owned by Graya co-founder Rob Gray, sold for a new Brisbane record of $25 million. Buyers Jeff Wasley, managing partner at Chemist Warehouse, and his wife Tanya have already demolished the existing structure to replace it with a new build.
The Wasleys also spent $12.5 million around the same time for another Graya build in Hamilton. In Teneriffe, a restored heritage home at 2-6 Mackellar Street, known as ‘Teneriffe House’, traded for $18.775 million. Just down the road, a New Farm property at 26 Elystan Road fetched $18.5 million.
These sales highlight a broader trend where Brisbane’s blue-chip riverfront precincts are attracting cashed-up buyers. Ray White economist Atom Go Tian noted that many of the top-end buyers are self-made entrepreneurs from finance, technology, and fashion sectors.
Teneriffe Claims the Top Spot
While New Farm dominates the headlines, Teneriffe remains the most expensive suburb in Brisbane for 2026. Data from whichrealestateagent.com.au places the median house price in Teneriffe at approximately $3.7 million. Other blue-chip suburbs driving the market include New Farm, Ascot, and Hamilton.
A separate report from LinkedIn cited Ray White’s 2025 Luxury Report, which indicated Teneriffe’s median house price could be as high as $4.15 million, reflecting a 23.2 per cent growth in the past year alone. The suburb’s appeal is driven by a combination of scarcity, riverfront locations, and lifestyle amenities.
McGrath Estate Agents national head of research Michelle Ciesielski reported that nearly a quarter of prestige homes sold across the city are now at a ‘super prestige’ price point of $5 million or above. In the past six months alone, at least 10 homes sold for more than $10 million, predominantly in inner suburbs like New Farm and Teneriffe.
Scarcity Drives Prices Higher
The market is being fuelled by a lack of stock rather than just demand. Michelle Ciesielski noted that while there are fewer ‘super prestige’ homes hitting the market, they are taking longer to sell, with the average days on market rising to 84 days compared to 54 days a year ago.
Prestige property prices are currently trending 2.1 per cent higher than last year, with McGrath predicting a modest 2 per cent rise in 2027. The scarcity of quality riverfront and elevated-view homes in suburbs like Hawthorne and Bulimba is pushing values to new heights.
As the city continues to attract interstate migration and high-net-worth individuals, the gap between Brisbane and Sydney or Melbourne at the very top end is closing quickly. For locals, the message is clear: the inner-city riverfront is no longer just a place to live; it is a global investment destination.
