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Brisbane’s 5 most affordable suburbs within 15km of the CBD

Image: Steve Christo

Image: Steve Christo

With Melbourne and especially Sydney becoming increasingly less attractive to first-time investors due to skyrocketing property prices, Brisbane is shaping up as a viable alternative for those prepared to look north.
The Queensland capital has the dual appeal of comparatively low median property prices—of the capitals, only Adelaide’s and Hobart’s lower—combined with solid growth potential over the coming years.
Industry analyst BIS Shrapnel predicts Brisbane will be the only capital city market to experience any increase in house values in real terms (accounting for the rate of inflation) over the next three years, forecasting 13% growth in that period and 6% growth for its units.

So which inner Brisbane suburbs—those within about 15kms of the CBD—are the most affordable to buy into? And do they offer much in terms of growth potential for your investment?
We take a look at CoreLogic RP Data’s figures to find out.
Rocklea
The southern suburb of Rocklea, home to the Brisbane Markets, comes in with an enticing median house price of $353,030, according to CoreLogic RP Data.
It should be noted, however, that Rocklea, which is close to the Brisbane River and one of its major tributaries, Oxley Creek, is also one of Brisbane’s most flood-prone suburbs. Its median house price plummeted almost 24% in the 12 months following the city’s 2011 floods, according to data from realestate.com.au.
Nevertheless, it’s seen solid price recovery since, with a growth rate in median house prices of 10.8% in the 12 months to 31 May, based on CoreLogic RP Data.
Rocklea also has the highest gross house rental yield—the annual income earned through a property when rented out divided by its sale price or market value—of all the top 5 most affordable suburbs, at 5%.

Keperra
Keperra in Brisbane’s north-west has a median house price of $439,015.
It’s about 10kms from the CBD but is serviced by its own train station on the Ferny Grove line, and also boasts a 27-hole championship golf course, shopping centre and several parks.
Keperra residential property is a blend of post-war weatherboard and public housing along with newer developments. It’s seen solid house value growth since 2012 and a median growth rate of 8.14% in the year to 31 May, based on CoreLogic RP Data.
Tingalpa
Tingalpa is about 11kms due east of the Brisbane CBD and, like Keperra, has some older-style post-war weatherboard and chamferboard cottages along with newer estates. It’s also within an 8km radius of Moreton Bay.
Kianawah Park is contained within Tingalpa, as is Carmichael Park, a multi-sports field venue. There’s also a state school, supermarket and family-friendly hotel. Of the five suburbs, Tingalpa has the highest percentage of couples with children as part of its overall mix of household structures.

Tingalpa’s median house price is $478,686, although its 12-month median house growth rate to 31 May was the lowest of the five suburbs at 3.37%, again by CoreLogic RP Data figures. Nevertheless, since 2011 house prices have been on a slow but steady incline in this suburb.
Salisbury
One stop further south along the Beenleigh train line from Rocklea is Salisbury, with a median house price of $485,570. It’s home to Russ Hall Park (also known as Salisbury Recreation Reserve), a multi-function sports and recreational space, as well as a section of the Toohey Forest Conservation Park (see Nathan, below).
Salisbury contains a blend of traditional Queenslander homes, older post-war style residences and newer developments, many of which are freestanding and on decent-sized allotments.
Of the five suburbs, Salisbury has the lowest figure for the average number of days properties take to sell from listing based on CoreLogic RP Data figures – 33 days, compared with 71 in Rocklea, the highest.
Nathan
Nathan is just one suburb over from Salisbury heading east, and is home to Toohey Forest Conservation Park, the foundation campus of Griffith University and the Queensland Sports and Athletics Centre.
Its median house price is $487,265, and of the five suburbs it’s furthest away from the Brisbane CBD.
With Toohey Forest taking up much of the suburb, Nathan is relatively sparsely populated. Only 10 properties sold there in the past 12 months looking at CoreLogic RP Data numbers, compared with 129 in Tingalpa, so sales figures are less reliable.
Affordable suburbs for units
CoreLogic RP Data lists Holland Park West, Gordon Park, Kedron, Tingalpa and Moorooka as the most affordable suburbs in inner Brisbane for units. Median unit prices range from around $347,000 to around $351,000.
Capital gains for units in these suburbs over the 12 months to 31 May ranged from 3.2% in Gordon Park to 12.5% in Tingalpa. And CoreLogic RP Data reports Brisbane shares with Darwin the equal-highest gross rental yield for apartments of all the capital cities.

Queensland University of Technology (QUT) property economist, Professor Chris Eves, has raised concerns the city’s inner-city apartment market could falter next year due to oversupply.
He notes the increase in newly built apartments in the Brisbane CBD, South Brisbane and West End in particular, but suggests established (i.e. not off-the-plan) units in middle and outer inner-fringe suburbs with good schools, transport and city access—which would certainly include Tingalpa and Moorooka at least—are at less risk of oversupply.

<small?> Source:mywealth.commbank.com.au

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Ipswich

Are these Australia’s cheapest blocks of land?

Are these Australia’s cheapest blocks of land

Just when we thought we had found the cheapest – a patch of dirt for $4.94 a square metre near the Queensland and NT border – we found another one.

And this “dirt cheap” vacant block is on the market for $2.08 a square metre – less than a 2L bottle of milk!

The fully fenced rural block of land has town water available and “power close by” but is only suitable for horses or recreation, hence the price.

Are these Australia’s cheapest blocks of land 1

It is listed with LJ Hooker Gayndah.

In Camooweal, yes that one near the border, a “drovers dream” is listed at 54 Cronin Street for $10,000.

With 2024sq m of vacant land that works out to be $4.94 a square metre — less than a beer at the local pub or a foot-long sub on discount day.

Are these Australia’s cheapest blocks of land 2

To help you wrap your head around that, that block of land would cost you over $1 million in Ipswich.

A recent report by property services group Oliver Hume found that Ipswich had the best value dirt in southeast Queensland, with land averaging $507 a square metre.

That is nearly half the price of vacant land in Brisbane, where buyers can expect to pay an average of $970 a square metre, so that block of land in Camooweal would set you back almost $2 million in the big smoke.

Bronwyn Finch of Jays Real Estate Mount Isa is marketing the Camooweal vacant block, which is located off the Barkly Highway.

Are these Australia’s cheapest blocks of land 3

Camooweal had a population of 208 at the time of the 2016 Census, with the average resident aged 36.

“It is walking distance to the local shop and garage, and you can wave at the tourists as they go past,” Ms Finch said.

“I sold another block about a year back, same deal for about $8000.”

Ms Finch said the cheap blocks were usually purchased by retirees looking for a spot to park their van between trips.

Are these Australia’s cheapest blocks of land 4

She noted it would be a tough ask to get a car park in Brisbane for the same price.

“It is quite close to the Gregory River, which is beautiful, and Adels Grove, our premiere tourist attraction out here, is about an hour away.

“That’s close for us. That’s a daily commute in the city.”

Are these Australia’s cheapest blocks of land 5

Meanwhile in Mungallala, a tiny outpost on the Warrego Highway west of Mitchell, is a 1012sq m vacant lot of land that is on the market for $6000, or the nearest offer.

That’s $5.92 a square metre – less than a cup of coffee in Ascot.

It is listed with Ray White Charleville agent Glenda Fill.

“There has been a new house built in the town in the last two years,” she said.

“It is very small town off the Warrego Highway and had a population of 136 in 2016.

“It is an hour and a quarter from here (Charleville) so it’s a bit closer to the coast than we are.”

And in Westwood, which is about half an hour from Rockhampton, the beef capital of Queensland, is an 1800sq m block for $9000.

There is also another 1174sq m lot for $8000, and the 962sq m lot, which was listed for $6000, has sold.

Are these Australia’s cheapest blocks of land 6

“Blocks are not serviced and would suit ‘off grid’ living,” the listing says.

“There is no town water in Westwood – households rely on tank or underground (bore) water.

“No town sewerage (septic or bio), Westwood has electricity – no current supply to this estate.”

Marketing agent John Neumann of Discover Real Estate said “it’s a bargain” with a “rural outlook”.

“There is a rail line nearby, a mining one,” he said. “I think there is a pub, a post office and a police officer there.

“It is only about 50km from Rockhamption and it is on the western highway to the mining belt.”

Mr Neumann said he had already had some interest in the lots, mostly from grey nomads looking for a base and people keen to “go off-grid”.

He said he had even had inquiries from uni students looking to get a leg – or toe – on the property ladder.

Westwood had a population of 174 during the 2016 census.

It was the first new town proclaimed in the Queensland Government Gazette, after the state became a separate colony back in 1859.

Are these Australia’s cheapest blocks of land 6

 

 

Source: www.qt.com.au

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Brisbane

‘The margin will never be this close again’: Brisbane’s waterfront secret where property is still affordable

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 3

Think “Brisbane waterfront” and Moreton Bay darlings Wynnum and Manly quickly spring to mind.

But only 30 kilometres northeast, on the other side of the airport and a similar distance to the CBD, another bay-front suburb, Sandgate, appears.

The photogenic village topped Domain’s best performing Brisbane suburb list in 2018 with 18.8 per cent median house price growth.

Despite this overall rise in housing value, data-savvy local agent Jacqui McKeering makes the case that Sandgate’s waterfront properties are still undervalued compared to southside bay designer homes.

Ms McKeering, of Jim McKeering Real Estate, says Sandgate waterfront still remains great value because family groups have to buy further back to get more features.

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 1

“When the price-to-rateable-land-value gap narrows, you are getting a bit of a bargain,” she says.

“A simple calculation to illustrate this point shows the market value of Sandgate waterfront properties not that much greater than the rateable land value; on average 32 per cent greater.

“In fact one waterfront property sale, back in 2017, sold for 15 per cent less than the rateable land value, yet one block back and without bay view properties have a greater gap of 42 per cent.

“One particular [non-waterfront] property sold as high as 66 per cent greater than the rateable land value.

“The outtake here is there is plenty of money to be made on Sandgate waterfront properties.

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 2

“I do believe the margin between waterfront properties and the neighbouring streets will never be this close again.”

Flinders Parade, which runs along the foreshore of Sandgate and into Brighton, plus Eagle Crescent and Shorncliffe Parade, are the waterfront property strips in focus.

Ms McKeering says a lot of people have been buying these older houses and renovating and that at the moment there is some choice in “real cheapies” from about $900,000 to about $1.35 million.

“I know someone who bought for $1.4 million in 2017 with a $1.8 million renovation budget,” she says.

“When you see that sort of money coming into an area, it tells me people are seeing long-term capital value in this area.”

‘The margin will never be this close again’ Brisbane’s waterfront secret where property is still affordable 3

Fellow Sandgate agent Tamara Wecker of RE/MAX agrees suburb 4017’s waterfront properties are priced and selling considerably under their comparable Brisbane market values.

“When compared to Wynnum and Manly,” Ms Wecker says, “absolutely; I mean you can live in the Taj Mahal in Sandgate for about $1.5 million.”

She is seeing buyer migration from Sydney and “a little bit from Perth” because of affordability, and thinks Sandgate’s strict rules, which prohibit multi-unit developments on its waterfront, is a further drawcard.

“People tend to think of Wynnum and Manly but here you can have a premium home and lifestyle only 30 minutes from the city,” Ms Wecker says.

“To be honest, it has been a bit of a secret because we are off the highway so you have to have a reason to come here, but that is changing in the past 18 months.

“We are getting more inquiries from people, even from Brisbane, who just did not know about us.”

Mark Crew has been selling Sandgate housing since 1990 and thinks people have woken up to how great a suburb it is in the past 18 months.

The Professionals’ agent has reported strong interest from Sydney buyers “looking for a better family lifestyle”.

He estimates 25 to 30 per cent of Sandgate buyers this year have come from the neighbouring suburbs of Shorncliffe, Deagon and Brighton; people who want to upgrade but stay in “the village”.

“It is 31 minutes to the CBD and you can be walking on the waterfront with your kids after work and we’ve got excellent schools too,” Mr Crew says.

Regarding Sandgate’s waterfront property market and its value, he says three factors should be considered.

“There are few waterfront properties for sale, land is scarce and over the past 20 years there has been a lot of change to the houses themselves, a lot of renovation and/or raising older three-bedroom cottages and transforming them into often substantial five-bedroom luxury houses,” he says.

“So these houses on their waterfront blocks are, quite rightly, going to fetch more in sale prices when they do one day return to the market; and that is showing.”

 

 

Source: www.domain.com.au

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Brisbane

Cheap Units In Brisbane Suburbs

Cheap Units In Brisbane Suburbs

Twelve suburbs in Brisbane have a median unit price of just under $400,000, according to Domain’s June House Price Report.

Ten out of these 12 suburbs are in the inner city, the report said.

Bowen Hills, Fortitude Valley, Albion, and Spring Hills are all within three kilometres of the Brisbane CBD. The median unit prices in these suburbs are below $400,000, the figures showed.

East Brisbane, Coorparoo, Clayfield, Nundah, Taringa, and Kedron also offer some of Brisbane’s cheapest unit values, according to the report.

Bowen Hills is the cheapest suburb to buy a unit, with prices falling 13.7% in the past 12 months, the figures showed.

Here are Brisbane’s cheapest suburbs to buy units by median price, according to Domain:

SuburbMedian priceYoY % growth5-year % growth
Bowen Hills$362,500-13.70%-18.80%
Runcorn$368,2504.80%-11.60%
Richlands$370,000-2.00%9.50%
Clayfield$375,0004.20%-2.10%
East Brisbane$378,000-7.40%-5.50%
Coorparoo$382,000-7.70%-2.30%
Nundah$385,000-6.70%-6.10%
Taringa$385,000-14.40%-4.90%
Kedron$387,000-3.30%6.30%
Fortitude Valley$392,000-6.80%-8.90%
Albion$397,500-10.00%-10.70%
Spring Hill$398,000-8.50%-2.70%

In Greater Brisbane, the median unit price fell 8.6% over the year to June, according to the report.

The capital city’s unit prices are “sitting at 2013 levels”—down from their peak in 2015, according to Domain research analyst Eliza Owen.

However, prices are expected to bottom out this year, with the end of the downturn in the unit segment in sight, Owen said.

“Unit listings are also moderating, which should reduce downward pressure on prices,” she said.

 

 

Source: www.yourinvestmentpropertymag.com.au

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