New Farm and Teneriffe lead income growth Residents living in the city's inner eastern suburbs have enjoyed the fastest income growth in Brisbane over the past two decades, according to new figures. New Farm and Teneriffe have topped the list of suburbs with households that have experienced the fastest income growth since 1991. They were followed by suburbs within postcodes 4006 (Bowen Hills, Fortitude Valley, Herston and Newstead) and 4171 (Balmoral, Bulimba, Hawthorne). While the suburbs may not have recorded the greatest income growth, they experienced the fastest, according to figures compiled by SQM Research. In 1991, the average weekly income was $546 per household in New Farm and Teneriffe. Weekly incomes increased to an average of $1224 per household by 2011. By 2006 residents living in the 4005 postcode were pocketing about $1800 each week, well above the national average of $1025. Within five years, the average weekly wage rose 33 per cent to $2404 per household. The national average weekly income increased just 20 per cent to $1234, during the same period. Wages in Brisbane increased 4.9 per cent per annum in the past five years, compared to 3.7 per cent statewide. ""It's evident that both inner Brisbane and east Brisbane are excelling when it comes to income growth,"" Louis Christopher of SQM Research said. ""It's not altogether surprising as ... this area is renowned for stylish restaurants and bars, as well as high-class, quality resident accommodation, attracting higher income earners who seek out a trendy locality close to the CBD. ""With a higher proportion of higher income earners migrating to this region, income growth has been strong over the past two decades and can explain why this region has come out in front."" The postcodes with the fastest income growth are all located within 10 kilometres of the CBD, and have all undergone a gentrification of sorts with the introduction of apartments or inner-city townhouse redevelopments that have attractied a new demographic. That was the case in postcode 4170 where new apartment and townhouse developments have popped up in Cannon Hill and Morningside. In the 12 months to June 2013 Brisbane City Council approved the construction of 585 new apartments in the inner-east, with a total value of $197.8 million. Property analyst Michael Matusik said fast income growth promoted property price growth, which in turn attracted more high income earners to an area. When assessing an area we look at ten key variables, one of which involves income. The higher household incomes, low unemployment and above average income growth can lead to higher resale prices and weekly rents,"" he said.