Brisbane Property Spotlight
Petrie Terrace property and home loan guide
Petrie Terrace is one of Brisbane's smallest and oldest suburbs, with just 1,168 residents on the ridge west of the CBD. It's known for Caxton Street, Victoria Barracks and rows of 19th-century workers' cottages. Most homes are houses (76.0%), many of them small and heritage-listed. 55.3% are rented. For buyers, the age and size of the cottage and heritage rules tend to matter most.
Information last updated 3 November 2026
Market snapshot
| Houses | Units | Source | |
|---|---|---|---|
| Share of homes | 76.0% separate houses, 4.5% terraces and townhouses | 19.2% flats and apartments | ABS Census 2021 |
| Median weekly rent, 1 bedroom | – | $625 | RTA, postcode 4000, Jul–Sep 2026 |
| Median weekly rent, 2 bedrooms | – | $830 | RTA, postcode 4000, Jul–Sep 2026 |
| Median weekly rent, 3 bedrooms | $850 | $1,200 | RTA, postcode 4000, Jul–Sep 2026 |
In the 2021 Census, 42.3% of Petrie Terrace homes were owned outright or with a mortgage (ABS). Weekly rents are medians of new bonds lodged with the Residential Tenancies Authority (RTA) in the July to September 2026 quarter. They cover all of postcode 4000 (Petrie Terrace, Brisbane City and Spring Hill). Where too few bonds are lodged the RTA doesn't publish a median, shown here as a dash. Sale prices will be added once licensed figures are available.
Figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Living in Petrie Terrace
The suburb is named after the road Petrie Terrace, which honours the pioneer Petrie family headed by Andrew Petrie. Victoria Barracks was built between 1864 and 1874 and the Lord Alfred Hotel opened opposite in 1870 to attract soldiers. Petrie Terrace State School opened in 1868.
Baroona Hall was built on Caxton Street in 1883 and 1884. The Brisbane Arts Theatre opened in 1961. The old police depot became The Barracks shopping precinct in 2007 and 2008.
Transport
- The Barracks has a walkway to Roma Street station, which serves every suburban line.
- Buses run along Petrie Terrace and Milton Road.
- In 2021, 13.7% of working residents walked to work.
- Plan trips on the Translink journey planner.
Schools
Petrie Terrace has no mainstream school. Petrie Terrace State School is actually in neighbouring Paddington. Kelvin Grove State College is the nearest government high school.
Catchments change, so check the Queensland Government school catchment maps for any address before you buy.
Shopping and dining
Caxton Street is the main strip, with pubs, restaurants and the annual Caxton Street Seafood and Wine Festival. The Barracks has cinemas, restaurants and shops.
Parks and recreation
- Hardgrave Park is the local green space.
- Roma Street Parkland is a short walk away.
Lifestyle
Petrie Terrace suits people who want a cottage in the city with pubs and theatre at the door. It's young (median age 31) and 19.5% of households were group households in 2021. Game nights at nearby Suncorp Stadium bring crowds to Caxton Street.
Petrie Terrace
Did you know?
Built for the barracks
The Lord Alfred Hotel opened on Caxton Street in 1870, across from Victoria Barracks, to attract military customers.
A school in the wrong suburb
Petrie Terrace State School opened in 1868 but sits in neighbouring Paddington.
A festival since 1994
The Caxton Street Seafood and Wine Festival has been held on the Labour Day weekend since 1994.
Police depot to cinemas
The former Petrie Terrace Police Depot was converted into The Barracks retail precinct in 2007 and 2008.
Property types
Petrie Terrace is mostly small houses.
- Houses make up 76.0% of homes, many of them 19th-century workers' cottages.
- Units make up 19.2%.
- Townhouses and terraces make up 4.5%.
Many cottages are heritage-listed or in character overlays. Check the Brisbane City Plan before you plan any changes.
What lenders look at in Petrie Terrace
Petrie Terrace is old cottages on small lots. Here's what tends to come up with lenders.
Heritage-listed cottages
Many Petrie Terrace cottages are heritage-listed and others sit in character overlays. Listings can limit what you change. Valuers look closely at the condition of old timber homes.
Condition and valuation
Cottages from the 1800s can have stumps, roofs and wiring that need work. A building inspection before you're committed helps you and the valuer see the same picture.
Renovating or rebuilding
Construction and renovation loans pay out in stages and need a fixed-price building contract and approved plans. Talk to us before you sign with a builder.
Unit size
One LMI provider's public guidelines require a unit to have at least 30 square metres of living area, not counting the balcony or car space. Some lenders set their own minimum size or lend less on small units. Ask for the strata plan so you know the exact size before you sign.
Body corporate
Lenders look at body corporate levies and any special levies coming up. Read the sinking fund and recent meeting minutes before you're committed.
Postcode 4000
Petrie Terrace shares postcode 4000 with the CBD and Spring Hill. When we checked one LMI provider's public guidelines, 4000 wasn't on its excluded or single-industry postcode lists.
Lender and LMI policies differ between lenders and change often. This is a general guide based on public lender and LMI information checked 3 November 2026. We can check current policy for the property you're looking at before you apply.
Buying in Petrie Terrace
In Petrie Terrace the cottage itself shapes the loan. Small lots, old timber, heritage listings and limited parking can all affect valuation and renovation plans.
First home buyers
Units and small cottages are where most first home buyers start in Petrie Terrace. For cottages, budget for a thorough building inspection. For units, check the size and body corporate levies.
Getting pre-approval helps avoid surprises. For government schemes and grants, see our first home buyer page for current details.
Upgraders
Upgrading in Petrie Terrace usually means a renovated cottage or a move to a bigger house in Paddington or Red Hill. If you're buying an older home to renovate, talk to us early about construction finance.
Deposit and costs
On top of your deposit, allow for:
- transfer duty (stamp duty), with concessions for some first home buyers (see our first home buyer page)
- conveyancing and legal fees
- building and pest inspections
- body corporate searches for units and townhouses
- lenders mortgage insurance (LMI) if you borrow more than 80% of the property's value
Our calculators give you a starting figure.
Investing in Petrie Terrace
55.3% of Petrie Terrace homes were rented in 2021. Rents in the table cover postcode 4000, which is mostly CBD apartments, so they may not reflect cottage rents. Speak with your accountant about tax and ownership structure before you buy.
Lender considerations
In Petrie Terrace the heritage status and condition of a cottage often matter as much as your income. Checking the property against lender policy before you sign is one of the simplest ways to avoid a surprise at valuation. See investing in property for how we approach investment loans.
Thinking about buying in Petrie Terrace?
Talk it through with a Brisbane broker before you sign a contract. We can check the property you're looking at against lender policy.
Frequently asked questions
Is Petrie Terrace mostly houses?
Yes. In the 2021 Census 76.0% of homes were houses (many of them small cottages) and 19.2% were units.
Can I renovate a heritage cottage?
Usually, within limits. Heritage listings and character overlays control what you can change. Check the Brisbane City Plan and talk to a town planner before you buy.
Is there a train station?
Roma Street station is a short walk via The Barracks.
Are there schools in Petrie Terrace?
No mainstream schools. Petrie Terrace State School is in Paddington. Check the Queensland Government school catchment maps for any address.
Why don't the rents match cottages?
Rents are published by postcode and postcode 4000 is mostly CBD apartments. Look for suburb-level figures where you can.
What costs should I budget for on top of the deposit?
Transfer duty, conveyancing, inspections and lenders mortgage insurance if you borrow more than 80% of the value. Add body corporate searches for units. The calculators on our site give you a starting figure.
Nearby suburbs
General information only. This page provides general information and doesn't take into account your objectives, financial situation or needs. Consider whether it's appropriate for you and seek advice before making a decision. Market figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Time Home Loans Pty Ltd ACN 161 695 012, Credit Representative 529395 is authorised under Australian Credit Licence 384324.