House prices have soared 245 per cent in the last 30 years. Find out what your home was worth in 1990 compared to now.
House prices have soared 245 per cent in the last 30 years. Find out what your home was worth in 1990 compared to now.

Interactive: How much your home was worth 30 years ago

Brisbane's highest median house price has soared more than four-fold over three decades and, with it new, blue-chip suburbs have evolved and others have been heavily downgraded.

The most notable rising stars are New Farm and Teneriffe which were not even in the top 10 most expensive suburbs 20 years ago but are now sought-after areas.

New figures from CoreLogic, commissioned by Aussie, have given a fresh perspective on how Brisbane's property market has evolved and the inner-suburbs now in vogue after being shunned in the 1990s.

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Teneriffe and New Farm have gone from the outhouse to the penthouse and now sit first and sixth respectively on the table of the highest-median house prices across Brisbane.

At the end of 2020, Teneriffe ($1.79 million) nudged out Ascot ($1.614 million) for top spot followed by Chandler ($1.589 million), Hamilton ($1.493 million), St Lucia ($1.409 million) and New Farm ($1.401 million).

By comparison Teneriffe's median house price in 1990 was $137,213 compared to Ascot ($203,484, Chandler (184,063, Hamilton ($172,896, St Lucia ($209,442) and New Farm ($141,220).

New Farm homes cost on average $141,000 in 1990.
New Farm homes cost on average $141,000 in 1990.

New Farm never factored on most expensive suburb radar until 2010 when it sneaked into ninth place ($990,558).

Across the board, Brisbane's median house price has risen 245 per cent over the past 30 years. By the end of last year it was $523,000 compared with $151,259 in 1990.

In recent years the median prices have surged within a 5km radius of the CBD but before the turn of the century, the fringe suburbs were the place to invest.

In 1990, Robertson ($326,675), Anstead ($301,555) and Burbank ($290,006) held the top three most expensive median-priced suburbs while Brookfield ($253,347) and Upper Brookfield ($214,059) were sixth and 10th respectively.

Three decades on and just two suburbs, Upper Brookfield (eighth, 1.273 million) and Brookfield (10th, 1.25 million), have held their place in the top 10 most expensive median-priced Brisbane suburbs.

Brisbane's median house price is trekking to pass $600,000 by the end of 2020 and Aussie home loans CEO James Symonds believes the market could be further ignited when international borders reopen.

Australia's borders have been closed for a year because of coronavirus and will remain closed until at least June 17, Health Minister Greg Hunt recently announced.

However, Mr Symonds said investors and home owners need to keep an eye on the date we again allow international arrivals as it will adversely impact an already white hot market.

"It can be counter-intuitive to open borders because as soon as you have migration and university students coming, the real estate market will get even hotter," Mr Symonds told The Sunday-Mail.

"It adds another layer of demand and people say the market place is too hot as it is.

"I argue that in six, 16 and 26 months it is going to be even hotter as we open the borders to allow more migration and university students to come to Australia."

Auchenflower homes were on average $151,000 in 1990 compared to $1.1 million today.
Auchenflower homes were on average $151,000 in 1990 compared to $1.1 million today.

CoreLogic's head of research Tim Lawless said a second wave of demand will not be immediate, but nevertheless would eventually occur.

It would also have a positive impact on rental properties, with temporary migrants, such as international students and visitors, looking for short to long term accommodation.

"If you open up international borders again, you get another surge in population growth," Mr Lawless said.

"We will first see inner city apartment markets tenancy demand shore-up and stabilise and the progressively see that permanent migration trend flow through to additional purchasing demand and a second wave of price surges.

"We already have an increase in demand being fuelled by low interest rates and an economy that is outperforming forecasts against a really low supply backdrop with listing numbers about 20 per cent down on what they were a year ago and demand 35 per cent up."

Brisbane house prices have soared by 245 per cent in the last 30 years. Picture: Marc McCormack
Brisbane house prices have soared by 245 per cent in the last 30 years. Picture: Marc McCormack

The gentrification of inner-Brisbane, in particular New Farm, transformed unattractive suburbs into real estate magnets that lured strong commercial and private investment and wealthy neighbourhoods, Mr Lawless said

"If you think back to the 1980s and 19902, urban renewal wasn't even thought of but progressively we have seen a lot of these inner city precincts undergo a very structured urban renewal process and along with that came a whole bunch of capital investment to rejuvenate the housing stock," he said

"New Farm is one of the best examples of a suburb that has undergone urban renewal."

Originally published as Interactive: How much your home was worth 30 years ago


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