[1] Teneriffe was once an important wool trading hub and was the location of Australia's largest submarine base in World War II.

[4][3][5] In 2016, Teneriffe had a generally young and high-income demographic,[6] and in 2018 was one of Brisbane's most expensive suburbs with a median house price in 2017 of over A$2 million.

He purchased 48 hectares of land between Newstead and New Farm and named the property Teneriffe because it reminded him of Mount Teide in Tenerife, Canary Islands.

[9] Postal deliveries were often misdirected and as a result the western section of Bulimba, comprising the area now known as Teneriffe, was renamed before World War I.

However, the unofficial use of Bulimba as an address on the northern side of the river persisted for some decades, appearing on maps and in electoral rolls into the 1940s (although its Woolstore No.3 (Teneriffe Apartments) – 241 Arthur Street[13] use progressively declines).As wool exports from Queensland increased in the early 20th century, the economic importance of Teneriffe to the state also increased.

[9] Well known architects designed these large buildings to represent the commercial success Australian wool producers experienced in the early 20th century.

As container ships forced cargo shipments to the Port of Brisbane at the mouth of the river wool trading at Teneriffe ceased.

[30] In July each year, the Teneriffe Festival is held as a bold celebration of the suburb's community, history and glimpse of its future; In 2017, the Festival attracted 50,000 people who wandered the suburb's riverside streets and hidden laneways enjoying 25 musical performances and street acts, 40 local restaurants and food vendors, around 60 market stalls and displays, a large dedicated Kids World and dozens of community group stalls.