Prices surge in some Brisbane areas as four suburbs gain $1m median

Saint Lucia, Samford Valley, Chelmer, and Auchenflower have joined (and in some cases re-joined) the likes of Ascot and New Farm as some of Brisbane's most sought-after suburbs.

Fourteen Brisbane suburbs now have median house prices above $1million, up from ten last quarter.

Domain Group chief economist Andrew Wilson said despite more suburbs joining the $1 million+ club, a low ceiling meant Brisbane prices remained relatively affordable.

"There's 78 suburbs in Sydney with median over $2 million dollars," he said. "It just shows the value aspect at the top of the market and the bottom, affordability is also about the top end."

"If you've got $2 million, gee whiz, you can get something great in Brisbane but in Sydney and Melbourne, not so much."

Agents in Auchenflower and Saint Lucia said they were pleased, but not surprised, by the findings.

Space Property Paddington principal Judi O'Dea said she had actually expected the Auchenflower median to be higher.

"Because there's larger land sizes, character homes and it's got city views in certain properties as well," she said. "There's just a feel of a lovely village about it."

Ms O'Dea said those who could afford to buy in the suburb often spent a little extra to make the most of their patch of Brisbane's inner west.

"The land per square metre is very important and very expensive, people invest in the land," she said. "There's lots of architecturally designed homes in this area."

Good schools and a relaxed lifestyle draw people to the suburb, Ms O'Dea said. "I've seen this area transition in the last ten years into something that is extremely valuable."

In Saint Lucia, Harcourt Graceville's David Gowdie said the suburb's steadily growing appeal with Chinese buyers and investors was sustainably growing the area's median and profile.

"It's a bit of an anomaly, but what we're finding is Chinese interest market in that market is huge," he said. "They want to live there and move in there."

Mr Gowdie is marketing 49 Dell Street, and said Chinese buyers had expressed the most interest in the property.

"We've had four people put in offers above $1 million and they were all Chinese," he said.

The overseas interest was driven by the University of Queensland's efforts to develop a dual living and education precinct in the surrounding streets, and Mr Gowdie said it was also driving local interest.

"[The university's master plan] is on the lips of everyone around the place," he said.

This story Prices surge in some Brisbane areas as four suburbs gain $1m median first appeared on The Sydney Morning Herald.