first_imgThis home at 78A Chester Street, Teneriffe, sold for $3.25m in May.BRISBANE is on the verge of hitting its first $3m suburb, just months after breaking through the magic $2m mark.Latest CoreLogic market trends data, exclusive to The Courier-Mail yesterday, showed Teneriffe has taken just three months to power from being the state’s first $2m suburb to sitting on the edge of $3m. Teneriffe is just 2km from the Brisbane CBD.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoThis as the median sale price for houses sold in Teneriffe rose a whopping 34 per cent in a single quarter to teeter on $2.75m.Demand in the area was so strong that half the 18 houses sold there in the year to May were worth more than $2.75m and half were below it. The suburb, just 2km from the Brisbane CBD, has seen median house prices rise 144.4 per cent in three years, the highest rate of growth in the state over that period. Teneriffe hit the $2m median in February this year, but homes like this one at 78A Chester St have sold above that mark.If the prestige market holds this trend going into the Spring selling season, Brisbane could also be looking at a possible second $2m median suburb before the year is out.South Brisbane, which has nursed an apartment boom for the past two years, also has Queensland’s second highest median house price, after hitting $1.69m in the latest report.Belle Property agent Ivo Kornel, whose recent sales in Teneriffe include 78A Chester Street that went for $3.25m, said the last three months were “amazing”.“It’s a rush to get hands on real estate right now. People know right now it’s still relatively affordable,” he said.Teneriffe’s prices were climbing because houses coming on market were no longer renovators but new or already renovated luxury homes, he said.“I still think it’s really cheap there. I just got back from Sydney and real estate like Chester St would be $10-15m there. There are a lot of eyeballs on Brisbane at the moment. A lot of Sydney buyers come here and think this is an absolute bargain. I reckon I could sell that one now and make (the new owner) a profit.”last_img read more