Teneriffe property market booms as lifestyle demand surges

What a difference a letter makes. Teneriffe, 2.5 kilometres north of the Brisbane CBD, was apparently named after the largest of the Canary Islands, the exotic Tenerife, a Spanish island off the Moroccan coast. But, while its founders’ spelling was awry and it’s literally a world away from its namesake, the suburb has become equally seductive.

And savvy buyers are wise to it. According to the latest Domain House Price Report, the median price of units rose 11.4 per cent over the year to $964,000. That’s significant in light of the 2021 census, which revealed that 88.4 per cent of its housing stock consisted of apartments, while a standalone house, such as the featured property, is relatively rare – and highly prized.

Fronting onto the Brisbane River, Teneriffe nestles between three other suburbs on the move, the buzzy Newstead and Fortitude Valley, and the calmer New Farm with its iconic Queenslanders. Qld 4005 was once a hub of commerce, but, at the turn of the century, its abandoned woolstores re-emerged as smart apartments celebrating sunlight and high ceilings. In response to the newbie invasion, its streets spawned eateries that cater to a youngish demographic, with a median age, according to the census, of 37.

The precinct is bound by the fabled Brisbane River Walk. Poised above the water, it’s perfect for a weekend stroll punctuated by a stop at a cafe or a microbrewery such as Green Beacon Brewing Co. But the Teneriffe Walk, starting at the ferry terminal (City Cats deliver you to the CBD in 10 minutes), is even better for exploring – think bush, city vistas, boardwalks, edible treats and intriguing lanes and byways.

The highest vantage point, bush-clad Teneriffe Hill, offers district views, but the manicured and expansive New Farm Park is favoured by locals for picnics and family celebrations. On the water, it’s awash in lilac when its many jacarandas burst into bloom. And the nearby monolithic Brisbane Powerhouse, repurposed in the early noughties, is abuzz with live performances and community events.

Diners are spoilt for choice. Vertigo at the Powerhouse caters to the adventurous, if not their digestion. Donning safety harnesses, diners are suspended 17 metres aloft. “Push your limits, dine on the edge,” says the promo.

On solid ground, Teneriffe offers a cosmopolitan smorgasbord, from whole foods to fine foods, generously sprinkled among the former wool stores. Sippy Tom proudly supports local producers, while Samson & Sophie Cafe & Deli is a rustic cafe with an all-day breakfast. At Kin cafe, the peanut butter iced matcha is proving a hit. And Barko & Co, as the name hints, is pooch paradise.

Donnie’s Brisbane is a go-to for New York-style pizzas, while Rita’s Tequila & Taqueria, “a little risque and spicy in all the right ways”, serves Mexican fusion. Zero Fox boasts a Japanese and Korean-style kitchen, while Hikari, “radiance” in Japanese, presents sashimi and dumplings on communal tables. Henley’s Bar & Kitchen blends pan-Asian street foods with cocktails.

On one of those rambles, delve into the New Farm Antique Centre, again in an old wool store. Like the suburb itself, it’s filled with treasures waiting to be discovered.

Agent lens

with Heath Williams, Place Estate Agents New Farm

What’s special about Teneriffe as opposed to its better-known neighbours?

It’s a small, exclusive suburb and, compared with its neighbours Newstead, Fortitude Valley and New Farm, it’s relatively quiet, yet it has all the convenience those others offer. Buyers are looking for amenity and walkability to cafes, restaurants, the river and the Brisbane Powerhouse down by the water for entertainment. They are not asking for anything too flashy in terms of surfaces and finishes, but rather something that stands out from the pack. This home, being free-standing, is not too typical here. Architect-designed, it is warm and inviting, with a real soulful quality.

For sale in Teneriffe

Top Offers Close November 19th at 5pm

271 Harcourt Street, Teneriffe QLD 4005

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View property

Indoors and out become one in this leafy sanctuary with four-metre-high ceilings, walls of glazing and clerestory windows. This inspired renovation of a 1890 weatherboard Queenslander retains its original charms, such as tongue-and-groove internal cladding and sash windows, while a modern rear extension combines them with lashings of light, warm timber joinery and a striking dark marble island. It all adds up to a calming, Zen-like ambience.