Brisbane property prices have seen a 0.4% increase in house values and a 0.7% drop in unit prices in 2018, according to research from CoreLogic.
Data shows the median house price for greater Brisbane is sitting at $532,000.
The report highlights there has been a substantial decline in the number of suburbs offering a median property price below $300,000.
Affordable housing, however, can still be found in Brisbane, with a range of suburbs offering options for entry-level buyers.
Antonia Mercorella, Chief Executive of the Real Estate Institute of Queensland, says “We have so many affordable options in really high growth suburbs. Many are still within a 12km to 15km radius of the city, which is pretty mind-blowing compared with Sydney and Melbourne.”
So where are Brisbane’s most affordable suburbs? Read on to find out.
Brisbane property prices: Units within 10km of the CBD
While the rule of thumb that closer to the CBD higher the price holds true in Brisbane, good value can still be found within 10km from the CBD.
Units in Milton, Moorooka, and Bowen Hills have a median price range of $363,000 to $368,000.
Units in Clayfield, Spring Hill, East Brisbane, Everton Park, and Fortitude Valley have median prices in the $380,000 to $390,000 range.
Brisbane property prices: Houses within 10km of the CBD
Data shows that house prices are significantly more expensive than units, but affordable options can still be found in some suburbs.
The suburb of Keperra is the most affordable, with a median house price of $530,000.
Chermside, Chermside West, Everton Park, and Stafford Park also offer good value, with median prices ranging from $580,000 to $600,000.
Zoran Solano, a Buyers Agent in Brisbane, says that Milton, Moorooka, Clayfield, Everton Park, and Fortitude Valley have seen a large amount of new development activity in the past five years, and as a result, units have seen their price softening. “Now is a great time to pick up a bargain in this market but be warned as the recovery of this market might take some time,” he says.
Brisbane property prices: Units 10-20km from the CBD
The suburb of Zillmere features one of the most competitive median unit prices across Brisbane at $325,000. Runcorn, Richlands, and Calamvale have units within the $365,000 to $370,000 median price range.
Eight Mile Plains ($382,000) and Capalaba ($394,500) are also worth bearing in mind when looking for competitive pricing.
Brisbane property prices: Houses 10-20km from the CBD
The lowest median price for a house in this radius goes to the suburb of Inala at $365,500.
The suburbs of Acacia Ridge ($400,000), Durack, Strathpine, and Thorneside ($432,000 – $437,500) also offer affordable value not too far out from the CBD.
Rental yields in this area slightly higher than those close to the CBD, making them an attractive option for investors with entry-level budgets.
Read more: How to complete a Queenslander Renovation
Brisbane property prices: Units 20-30km from the CBD
When looking for the most affordable units 20-30km from Brisbane, Moreton Bay is the go-to area. The best price for a unit can be found in Kallangur, 25km from Brisbane, with a median price of $290,000 per unit.
Excluding Kallangur, units in Moreton Bay have a median price range of $365,000 to $382,500, including suburbs such as Dakabin, Griffin, Mango Hill, Redcliffe, and Woody Point.
Brisbane property prices: Houses 20-30km from the CBD
Surprisingly, houses are typically more affordable than units 20-30km out from the CBD. Median house prices range from $330,000 to $344,000 in the Logan City suburbs of Kingston and Bethania, and the Ipswich suburbs of Bundamba, Goodna, Redbank Plains, Collingwood Park.
The Ipswich suburb of Riverview also boasts the cheapest median house price at $245,000.
Nick Kruger, principal of Your Haven Realty, is a proponent of investing in Ipswich real estate. Most of the affordable houses can be found in areas such as Bundamba, Goodna, Redbank Plains, Collingwood Park, and Riverview.
Mr. Kruger points to Riverview as having the cheapest median house price in greater Brisbane ($245,000). A three-bedroom house being leased for $290 a week was recently up for sale, asking for offers above that median price.
As well as being a “good figure for an investor”, Mr Kruger said that, “At that price point, for a three-bedder on a 600 sqm plus block so close to Redbank Plaza and within 5 minutes walk of sought-after schools, I definitely [believe] it’s ideal for first home buyers or young families”.
Chris and Tiffany Campbell recently bought in Bundamba for $315,000. “Bundamba has a bad wrap; I’m not sure why,” Mrs. Campbell said. “The street we live in is so quiet and full of beautiful, old Queenslanders, and you can see the growth potential.”
Currently renovating the property, they are looking to turn a profit as they did two years earlier in North Ipswich where the house they bought and renovated made more than $100,000.
Read more: how much should your renovation cost?
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