Teneriffe is a historic riverside inner suburb of Brisbane, just 2.5 km from the Brisbane CBD (central business district). It borders Fortitude Valley in its north-west, Newstead in the north and New Farm in its West and South.
The suburb has a significant role in Australia’s history. It was once an important wool trading hub and was the location of Australia’s largest submarine base during World War II. The suburb gets its name thanks to James Gibbon, who was one of the first European landowners to purchase land. The area reminded him of Mount Teide in Tenerife, Canary Islands. Gibbon built Teneriffe House in 1865 and the single storey building still stands today on what is known as Teneriffe Hill.
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Brisbane’s inner city real estate market is powering ahead and this includes Teneriffe. The Real Estate Institute of Queensland (REIQ) Housing Market Review for the June quarter revealed Teneriffe was Greater Brisbane’s star performer for quarterly growth, revealing a 13.4% increase in median value.
Just this year, Teneriffe joined the elite $2 million real estate club, indicating this price or greater is the median property price in the suburb.
Based on five years of sales, Teneriffe has seen a compound growth rate of 3.9% for houses and -0.7% for units.
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The historical wool stores and factories of Teneriffe have been converted to wool stores and factories, making the area a riverside industrial hub. There are a number of heritage listings in the area, many of them former wool stores. The Teneriffe Woolstores precinct is now a popular dining and recreational spot.
There are plenty of transport options in Teneriffe. Buses provide high-frequency transport in the area. The riverside location means you can take a CityCat from Teneriffe and cruise down Brisbane River. Meanwhile, the CityHopper is a free ferry service that will take you through the city. Both ferries link to bus and railway connections, CBD attractions and new residential developments.
The trendy and affluent neighbourhood has set up a young, bustling community who live in chic apartments and enjoy active social lifestyles. The Woolstores are now highly sought-after refurbished spaces and mainly utilised for loft apartment living. Meanwhile, many of the Queenslander style homes have also been preserved and renovated.
Teneriffe’s riverside location makes it a great spot for outdoor recreation. There are plenty of parks and community gardens, giving residents a clean and green environment. This atmosphere has attracted mainly professionals, singles and young families with kids. The suburb and surrounding area has also some of Brisbane’s best schools, like Bulimba State School in Teneriffe.
Average children per family: 1.5
Average people per household: 1.9
Median weekly household income: $2,461
Median monthly mortgage repayments: $2,300
Median weekly rent: $510
Market Data (as of the period ending Nov 2019)
- Flat, unit or apartment: 87.3%
- Separate house: 10.8%
- Others (semi-detached, row or terrace house, townhouse)
- Rented: 55.3%
- Being purchased: 27.7%
- Others (fully owned) 14.5%
The suburb makes the most of its heritage The Teneriffe Woolstores precinct is where you’ll find top-notch venues, including some of Brisbane’s best pizza, ice cream and breakfast. A prime example of past meeting present is the old Engine Room from 1917, which had been built by the Brisbane Stevedoring and Wool Dumping Company for the Woolstores buildings and also used as a submarine servicing site during World War II and has since been converted into a cafe and restaurant.
In July each year, the Teneriffe Festival is held as a bold celebration of the suburb’s community, history. In 2017, the Festival attracted 50,000 people, enjoying musical performances and street acts, local restaurants and food vendors, market stalls and displays, a large dedicated Kids World and dozens of community group stalls.