As Brisbane property prices continue to rise, many people are finding that buying a home is becoming completely out of their reach. The Urban Developer’s latest Brisbane housing market insights revealed Brisbane’s housing prices are set to outperform all other Australian capital city during the next 12 months.
Brisbane house prices have increased by a staggering 30.4% in the past year, with median house prices now $792,000.
Across greater Brisbane, the hottest suburbs for price growth were found at Point Lookout on North Stradbroke Island up 44.2% to a median of $692,9111. This was followed by Thornlands also part of the Redlands where prices increased 34.5% in 2021.
However, Domain’s data shows not every suburb in Queensland recorded the same huge price increases, there are still a number of suburb where the median house price is under $200,000!
So, if you thought property prices were too high for you to get your foot into the property market, below are some cheap suburbs worth looking at if you’re open to making a move:
- Tara is the cheapest in the state with a $111,000 median house price;
- Mount Morgan comes in next with it’s median price at $125,000;
- Blackall out near Longreach comes in around $139,000;
- Monto is just a bit higher at $140,000;
- Moura is seeing median prices around $147,500;
- Dysart and Home Hill are both around $149,000, with Blackwater and Charleville $150,000;
- Murgon located inland from Noosa sits around $169,000;
- Gayndah and Ingham are both showing median prices of $180,000; and
- Charters Towers finishes the list at $187,500
If you are thinking these may be great as investment properties, you may need to think again.
According to REB’s Robert Chandra “despite areas being ‘cheap’, their low median house and unit prices alone aren’t enough alone to warrant a good investment opportunity.
‘Cheap’ property may always be ‘cheap’ so don’t get lured into thinking you’re getting a bargain. Also, don’t expect investment-level returns from secondary locations and properties because not all locations are created equal.
Some suburbs will be more popular than others, some areas will have more scarcity than others and over time some land will increase in value more than others. That’s why it’s important to buy your investment property in a suburb that is dominated by more homeowners, rather than a suburb where tenants predominate.
You’ll find suburbs where more affluent owners live will outperform the cheaper outer suburbs where wages growth is likely to stagnate moving forward. This is because the more established suburbs with better infrastructure, shopping, and amenities tend to be close to the CBD and the water and that’s where the wealthy want to and can afford to live, and they’re prepared to pay a premium to live there.
Overall, by focussing your research on what those often overlooked owner-occupiers are doing, you may just find an investment that outperforms the market and delivers strong value and growth over the long term.”
Remember, if you need any help or advice, we are just a phone call away.
All the best, Simon.
Sources: REB & The Urban Developer