New figures reveal Queensland’s capital, Brisbane’s affordable hot spots are half the price of those in Sydney. Wow.
The latest PRD nationwide Hot Spots report labelled Sydney’s “affordable’’ suburbs as having median house prices of more than $800,000, while in Brisbane they are about $400,000.
The report found that 16.1 per cent of suburbs within 20km of the Brisbane CBD had a median price of less than $500,000. And the majority of suburbs, 41.7 per cent were priced between $500,000 and $750,000, with only the small remaining percentage exceeding the million dollar mark.
PRD nationwide national research manager Dr Diaswati Mardiasmo said “Interestingly the under $500,000 market remains stable, potentially due to new unearthed suburbs becoming gentrified. Affordability is the big question.’’
While 16.1 per cent of the suburbs within 20km of the Brisbane CBD were under $500,000, in Sydney only 0.3 per cent and in Melbourne 7.5 per cent fell within that range.
“Buyers in Brisbane with a maximum of $500,000 can access triple (the number of suburbs than) Sydney and double Melbourne. You would need a budget of $1 million to $2 million to access most of Melbourne and Sydney.”
Dr Mardiasmo said in the past 15 months to March 2017 Brisbane’s LGA median house price grew by 4.8 per cent, with the western suburbs attracting the strongest house price growth.
Like everywhere else in Australia, the Brisbane property market is driven by demographics – where people want to live, how they want to live and how much they can afford.
Southern investors are flocking to Queensland as we see substantial investor opportunity here. The profile summaries of some of these Brisbane locations present strong demand and growth rates as well as demographics and economic drivers, with prices ranging from $400,000 – $600,000.
While there are second hand investment opportunities, take note of quality new residential developments that are occurring. And don’t overlook the opportunity to purchase a house and land package, townhouse or villa located in brand new estates near all the major facilities and services.
Investors should be mindful to buy an affordable, mainstream rental property, not lifestyle orientated stock that comes with emotional attachments.
Brisbane’s property market is ripe for investment – it’s economy is improving, population is growing, infrastructure is being added and property remains affordable.
Finding the right property is key, which is what we specialize in, here at RPM Queensland. We can assist you to navigate the market and show you how to take advantage of opportunities currently available.
Whether you are a first-timer or a seasoned Investor, RPM can help you formulate an investment strategy or review your existing portfolio. Contact us today for a chat about your investment goals and how we can work with you to make them happen. 1800 671 100 or email me firstname.lastname@example.org.