Teneriffe is a prestigious riverside suburb located approximately 2 kilometers northeast of Brisbane's central business district (CBD), situated along the Brisbane River. Historically, Teneriffe was a key industrial hub, home to wool stores and warehouses. However, in recent decades, the suburb has undergone significant gentrification and urban renewal, transforming into one of Brisbane's most sought-after residential and lifestyle precincts.
An interesting fact about Teneriffe is its iconic wool stores, which have been repurposed into trendy residential apartments, boutique shops, and award-winning restaurants. This transformation reflects the suburb's evolution from an industrial area to a thriving urban enclave.
Teneriffe is not an old money suburb but rather a mix of historical charm and modern sophistication. The growth of house prices in the suburb over the past decades has been substantial, driven by its prime location, luxurious amenities, and desirable lifestyle offerings.
Lifestyle
Teneriffe boasts an enviable lifestyle, characterized by picturesque riverside parks, trendy cafes, and vibrant cultural events. Residents enjoy access to several reserves and green spaces, including the popular Teneriffe Park and New Farm Park, where they can relax, exercise, and socialize.
Popular lifestyle activities in Teneriffe include walking, running, and cycling along the scenic Riverwalk and Teneriffe boardwalk. The suburb's bustling café culture is evident in its numerous specialty coffee shops and artisanal bakeries, where residents gather to socialize and enjoy gourmet treats.
Teneriffe hosts various events and festivals throughout the year, including food and wine festivals, art exhibitions, and community markets. Pets are also popular in the suburb, with many residents taking advantage of pet-friendly parks and walking trails along the river.
School Zones
Teneriffe is within the catchment area for several reputable public primary schools, including New Farm State School and Fortitude Valley State Secondary College. Nearby Catholic primary schools include All Hallows' School and St. Joseph's Primary School in Kangaroo Point.
For secondary education, students may attend Brisbane State High School or nearby private schools such as Somerville House and St. Joseph's College, Gregory Terrace. The closest school for students with special needs is the Lady Gowrie Child Centre, providing specialized education and support services.
Demographics
According to ABS census data, the median weekly household income in Teneriffe has shown steady growth from 2006 to 2021 $1,841 to $2,645, reflecting the suburb's increasing affluence. The percentage of families in the suburb is relatively high, with a diverse mix of professionals, families, and retirees. It should be noted that the average weekly incomes are well above the average monthly mortgage repayments.
Major demographic groups in Teneriffe include individuals of Anglo-Celtic descent, as well as a growing population of multicultural backgrounds. The suburb's average income compares favorably to the Australian average, indicating a relatively affluent demographic.
While the suburb's wealth is increasing significantly over time, it remains an attractive option for families and professionals seeking inner-city living with a high standard of living.
Employment
A significant percentage of Teneriffe residents are employed in professional and managerial roles nearly 70%, reflecting the suburb's proximity to Brisbane's CBD and nearby commercial precincts. This is the highest number in Brisbane, reflecting the wealth of the suburb.
The main employers in the area include financial institutions, technology companies, and creative industries.
The main industries of employment in Teneriffe include finance and insurance, professional services, and information technology. Many residents work in neighboring suburbs or commute to Brisbane's CBD for employment opportunities.
Emerging employment trends in Teneriffe include the growth of creative industries and digital technology sectors, driven by the suburb's vibrant arts scene and proximity to innovation hubs.
Transport
Teneriffe benefits from convenient transport options, with main bus routes connecting the suburb to Brisbane's CBD and surrounding areas.
The nearby Teneriffe ferry terminal provides regular ferry services along the Brisbane River, offering quick and scenic access to other parts of the city.
While there are no train lines or trams within Teneriffe itself, residents can access nearby public transport hubs for further connectivity. Private transport is also popular, with many residents owning cars for commuting and leisure activities.
Shopping Centre's, Restaurants & Facilities
Teneriffe has a high walk score, with various amenities within walking distance for residents. Local shopping precincts offer a mix of boutique shops, specialty stores, and essential services, while nearby James Street and Gasworks Plaza cater to broader shopping needs.
The suburb is home to numerous restaurants, cafes, and eateries, offering diverse culinary experiences from around the world. Popular dining spots include riverside restaurants along Vernon Terrace and trendy cafes in the heart of Teneriffe.
Local facilities in Teneriffe include fitness centers, yoga studios, and wellness spas, providing opportunities for health and wellness activities. Residents often engage in outdoor recreational activities such as kayaking, paddleboarding, and cycling along the river.
Teneriffe residents also enjoy access to various social clubs, art galleries, and cultural venues, contributing to the suburb's vibrant community spirit. A unique feature of the suburb is its proximity to heritage-listed sites and historical landmarks, offering residents a glimpse into Brisbane's rich architectural history.
Development
Dwellings in Teneriffe range from historic Queenslander homes to modern apartment complexes and luxury waterfront residences. Common developments in the suburb include boutique apartment buildings, mixed-use developments, and heritage conversions.
While knock-down rebuilds and renovations are prevalent, strict heritage regulations ensure the preservation of Teneriffe's historical character. Limited subdivision opportunities exist, with most new developments focused on infill projects and adaptive reuse of existing buildings.
Significant developments have occurred along the riverfront, transforming former industrial sites into premium residential and commercial precincts. The ongoing revitalization of Teneriffe's waterfront areas has contributed to the suburb's appeal and capital growth potential.
Capital Growth
Data from property sources indicates strong capital growth for houses, townhouses, and units in Teneriffe over the past decades. The suburb's prime location, luxurious amenities, and high demand for inner-city living have driven property prices upward.
Houses generally perform at 9%, with better pockets of the suburb for houses are often found along the riverfront, offering panoramic views and exclusive waterfront living performing at 11%. Buyers are attracted to Teneriffe's unique blend of historical charm and contemporary lifestyle, driving continued demand and capital growth in the area.
Factors driving capital growth in Teneriffe include its proximity to the CBD, waterfront location, and limited supply of premium properties. Main buyers in the suburb include affluent professionals, investors, and downsizers seeking luxurious inner-city living.
Cash Flow
The average cash flow for houses in Teneriffe is favorable, with strong rental yields of 2.6% reflecting the suburb's high demand for rental properties. Townhouses and units also offer attractive rental yields of 4%, particularly in sought-after locations near amenities and transport links.
Rental demand in Teneriffe is consistently high, with low vacancy rates for houses, townhouses, and units over the past decade. The COVID-19 pandemic has had minimal impact on rental demand, with continued interest from tenants seeking inner-city convenience and lifestyle amenities.
Common tenants of leased properties in Teneriffe include young professionals, executives, and expatriates drawn to the suburb's cosmopolitan atmosphere and proximity to employment hubs. The suburb's vibrant dining and entertainment scene, coupled with its scenic waterfront parks, make it a desirable destination for renters seeking a dynamic urban lifestyle.
Rental Demand
Average vacancy rates for houses in Teneriffe have remained low over the past 10 years, reflecting sustained demand for rental properties in the suburb. Similarly, vacancy rates for townhouses and units have also been consistently low, indicating strong rental demand across all property types. Both average close to 1.7%
Since the COVID-19 pandemic, vacancy rates in Teneriffe have dropped, with vacancies averaging 1%. The suburb's appeal to renters seeking quality accommodation and lifestyle amenities has contributed to its resilience in the rental market.
Driving forces behind rental demand in Teneriffe include its proximity to the CBD, vibrant dining and entertainment precincts, and access to public transport. Limited new construction and a shortage of rental stock have led to competitive rental market conditions, with rental prices remaining relatively high compared to surrounding areas.
Why You Require a Buyers Agent in Teneriffe
Competition for property in Teneriffe is fierce, with high demand and limited stock driving up prices. Stock levels are constantly low due to the suburb's popularity among professionals, investors, and downsizers, making it challenging for buyers to secure properties without professional assistance.
A buyer's agent can provide valuable expertise and guidance in navigating the competitive market, identifying suitable properties, and negotiating favorable terms. Additionally, they can offer insights into unique opportunities and hidden gems within the suburb, helping buyers make informed decisions and secure their dream property in Teneriffe.
Having a buyers agent in your corner is crucial to your success in Teneriffe. Having the knowledge, strategy, access and negotiation ability will ensure you save thousands on the way in and make potentially millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
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