From rags to riches: How this Brisbane suburb became an upmarket favourite

Teneriffe may be small but as far as liveability goes, it’s mighty. Excerpt from Domain article published June 2021

It’s hard to believe that just 30 years ago, Teneriffe was a derelict industrial zone, home to abandoned wool stores, dilapidated factories and crumbling wharves.

Today, it’s Brisbane’s most expensive suburb on a per-square-metre basis with walk-to-everything convenience, a ridiculously hip food and dining scene and a ferry service. Two kilometres north-east of the CBD on the Brisbane River, Teneriffe is also perhaps best known for its heritage-listed wool stores, converted into upmarket apartments that regularly sell for six-figure sums. It has transformed itself into a haven for prestige buyers.

For Angela Sclavos, a local resident of eight years, the eclectic architecture interspersed with established greenery and the diverse demographic are just two of many draw cards for the suburb. “I think people want to live in this suburb for the retail, the cafes, the restaurants, the parks and the river,” she says. “There’s certainly a lifestyle in this suburb that is incomparable to anywhere else in Brisbane and we’re so close to the city as well.”

CoreLogic recently published, ‘Million Dollar Markets’ 12 months to May 2021. Teneriffe appears as Brisbane’s most expensive house market with a median value of $2,063,937, and regionally, Sunshine Beach on the Sunshine Coast was most expensive, at $1,924,577.