A run down 1901 colonial Queenslander at Woolloongabba sells for almost $1 million but should "come back beautifully" with plenty of money and effort.
If you bought in these suburbs 10 years ago – you’d be laughing all the way to the bank.
In a decade, median house prices in South Brisbane, Newmarket and Wishart have more than doubled in value, according to Domain Group data.
Others including Macgregor, Cannon Hill, Northgate and Sunnybank fell just short of doubling in price.
In 10 years some Brisbane suburbs have more than doubled in value. Photo: Supplied
However, Propertyology managing director Simon Pressley said there was more to it than raw price growth.
“These are generally suburbs where owners have above average incomes, and have most likely spent a lot of money on their homes,” Mr Pressley said.
“While someone in South Brisbane may have bought for $500,000 and now their home is worth $1 million, they might have spent $800,000 on the home,” he said.
Mr Pressley said, while further from the CBD, Sunnybank’s cultural links proved to boost property value.
“Obviously Sunnybank is very popular within the Asian community looking to buy near family and friends,” he said.
Seven of the 10 of the biggest growth suburbs are located within five-kilometres from the CBD, showing its popularity with homeowners.
Domain Group chief economist Andrew Wilson said most growth had occurred in past three years.
“Most of these areas – in the mid to high end – were seen as undervalued and have been pushed now into a higher price bracket,” Dr Wilson said.
“Low interest rates over the past few years has been the middle of Brisbane’s market blossom and get recognised,” he said.
Brisbane LGA’s median house price is $521,915, while Australia’s national house price median is $731,188.