Connect with us

Brisbane

These are the suburbs where housing affordability meets liveability

suburbs

When it comes to buying a house, there’s a sweet spot between location and price – affordable yet liveable suburbs can be elusive.

Luckily, even though house prices are soaring, there are still middle-ring suburbs within 20 kilometres of capital city CBDs that hit that perfect balance, according to a new report by consultancy PRD.

PRD’s chief economist Diaswati Mardiasmo thinks she’s found some places you might not have considered in your house hunt so far.

“Property prices have gone up so much, and there’s lots of competition for first-home buyers, [but] it’s all about considering places you might not have thought about,” Dr Mardiasmo told The New Daily.

“If you can be a little bit more flexible, there are good suburbs out there.”

suburbs

What counts as liveable and affordable?

Dr Mardiasmo’s report ranked liveability based on crime rates, unemployment levels, and proximity to schools and other amenities.

It then judged affordability based on median house prices in each suburb, average home loan values in each state, and how much cheaper houses in those areas were compared to prices in CBD metro suburbs.

It’s worth noting these aren’t the most affordable suburbs on the market; they’re the places in each city that best combine liveability with affordability.

The value of future project developments was also considered, because it’s an indicator of growth potential.

Sydney most affordable for liveability

Using these definitions, Dr Mardiasmo found homes in liveable Sydney suburbs could be bought for 87 per cent less than median metro prices.

That compared favourably to Melbourne, at 47 per cent less than metro prices; Brisbane, at just 16 per cent less; and Hobart, at 57 per cent less.

“This is good news for first-home buyers, who may believe they have to sacrifice liveability aspects in gaining access into suburbs with a lower median property price than Sydney metro,” Dr Mardiasmo said.

PRD didn’t examine markets in other cities like Adelaide or Perth.

Brisbane holds ‘bang for buck’ title

Not everyone can afford to break into the Sydney property market, regardless of its relative abundance of liveable suburbs.

After all, the middle-income price bracket in Sydney is $1.5 million to $2 million, compared to $700,000 to $900,000 in Brisbane.

If Sydney is out of your price range, Dr Mardiasmo says Brisbane might be an option for you. It’s held PRD’s “bang for buck” title for 18 months straight.

That means Brisbane offers a lower-price entry point for first-home buyers, while also delivering good returns.

suburbs

Dr Mardiasmo said it’s all about trade-offs, with Hobart also offering good value for prospective first-home buyers.

“If you’re looking to satisfy all of the liveability criteria, then places like Brisbane and Hobart provide affordability. But if you want to stay within Sydney, it will depend on what you’re willing to sacrifice,” she said.

“If you’re willing to sacrifice a bit of liveability, like not being concerned if there’s a park nearby, then perhaps you can find places listed at less than $1 million.”

Brisbane 

Brisbane continues to offer the most bang for buyers’ bucks, with the suburb of Warner – 19 kilometres north of the CBD – offering the lowest prices of the top picks, with a unit median of $290,000.

Other top choices are spread across the north and south of the city, with Ferny Grove (12 kilometres away), Springwood (18.8 kilometres) and Rochedale South (19 kilometres) named as the best suburbs for house hunters. The latter two have medians below $550,000.

Less than 13 per cent of house sales in Brisbane since early last year have been below the $500,000 mark, the report shows.

Coorparoo and Taigum, about 3 kilometres and 13 kilometres away, rounded out the unit selection, with median apartment prices of $422,000 and $320,000.

The middle-outer ring of Brisbane has seen an uptick in both buyer and renter demand throughout the pandemic – with rental vacancy rates at record lows – as the rise of flexible working allowed more people to move away from the city centre, and interstate migration and record low-interest rates fuelled more buyer demand, the report noted.

 

Article Source: thenewdaily.com.au

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Brisbane

Best and Worst Suburbs For Rental Properties Revealed

rental properties

Australia’s rental Properties is tightening, finally reaching pre-Covid levels, however some suburbs are faring better than others.

The vacancy rate fell in May for the second consecutive month and now sits at 1.7 per cent. The last time rates were this low was February, 2020 according to research by Domain.

The report showed Sydney’s vacancy was at March, 2020 levels and Melbourne, while considerably high, was rapidly falling from its 5.4 per cent peak in December last year.

Adelaide and Brisbane had the lowest level of vacancy since the records began in 2017 while Canberra and Perth were close to record multi-year lows.

Worst places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Paramatta 4.6% Melbourne City 8.6% Brisbane Inner 3.4% Perth City 1.4% Adelaide City 4.7%
2 Auburn 4.4% Stonnington-East 7.8% Sherwood-Indropilly 2.5% Cottesloe-Claremont 1.5% Prospect-Walkerville 0.9%
3 Strathfield-Burwood-Ashfield 3.9% Whitehorse-West 6.1% Brisbane Inner-West 2.3% South Perth 1.1% Holdfast Bay 0.9%
4 Canterbury 3.9% Stonnington West 5.8% Nathan 2.2% Belmont-Victoria Park 1.1% Norwood-Payneham-St Peters 0.8%
5 Ku-ring-gai 3.2% Boroondara 5.6% Mt Gravatt 2.1% Canning 1% Burnside 0.7%

Best places for rental property owners

Rank Sydney Vacancy Melbourne Vacancy Brisbane, Gold Coast Vacancy Perth Vacancy Adelaide Vacancy
1 Camden 0.3% Yarra Ranges 0.2% Capalaba 0.2% Kwinana 0.3% Gawler-Two Wells 0.1%
2 Blue Mountains 0.4% Nillumbik-Kinglake 0.4% Caboolture Hinterland 0.3% Wanneroo 0.4% Marion 0.1%
3 Wyong 0.4% Maroondah 0.4% Nerang 0.3% Serpentine-Jarrahdale 0.4% Playford 0.2%
4 Gosford 0.6% Cardinia 0.4% Coolangatta 0.3% Cockburn 0.4% Tea Tree Gully 0.2%
5 Campbelltown 0.6% Mornington Peninsula 0.5% Wynnum-Manly 0.4% Swan 0.4% Salisbury 0.2%

^Source: Domain rental vacancy report, May 2021

Despite performing relatively poorly, Melbourne vacancy rate tightened more than any other capital, from 4.2 per cent in April.

Domain senior research analyst Nicola Powell said extended lockdowns in the state would impact the city.

“Vacant rental listings may increase in regions with a high proportion of people working in the hospitality and tourism sectors,” Powell said.

“Those who have had a significant reduction in hours may be forced to cut costs and move in with family or friends.

“Vacancy rates are also likely to remain particularly weak in areas with a higher proportion of short-term rentals as ongoing outbreaks affect interstate travel and sentiment towards travelling to Greater Melbourne.”

Home owners in Melbourne were trying to get ahead of the curb with the rate of homes selling before auction doubling.

Meanwhile, in a rare occurrence, house prices were on the rise in every capital city during May and 97 per cent of sub-regions.

 

Article Source: www.theurbandeveloper.com

Continue Reading

Brisbane

House Prices Up Again in Synchronised Upswing

House Prices

House prices are continuing to surge with prices up 14.3 per cent in a year as the national market has a rare “synchronised upswing”.

The only things that could slow the market are affordability constraints and tighter credit policies, according to Corelogic’s monthly home value index.

In May, dwelling values rose 2.2 per cent across capital cities, however, this was slightly weaker than March when prices increased 2.8 per cent, breaking a 32-year record.

Sydney had the strongest price growth at 3 per cent while Perth lagged behind at 1.1 per cent and the Melbourne market held on at 1.8 per cent as the state went into lockdown again.

Corelogic house prices: May

Month Quarter Year
Sydney 3.0% 9.3% 11.2%
Melbourne 1.8% 5.5% 5.0%
Brisbane 2.0% 6.2% 10.6%
Adelaide 1.9% 5.4% 11.8%
Perth 1.1% 3.8% 8.5%
Hobart 3.2% 7.7% 16.5%
Darwin 2.7% 7.9% 20.3%
Canberra 1.7% 6.5% 15.6%
Capitals 2.3% 7.1% 9.4%
Regional 2.0% 6.5% 15.2%
National 2.2% 7.0% 14.3%

^Source: Corelogic home value index May 2021

Corelogic research director Tim Lawless said of the 334 sub-regions analysed, 97 per cent recorded a lift in the past three months.

“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” Lawless said.

“Despite the consistently strong headline results, the underlying trends have shifted during the past year.

“The most expensive end of the market is now driving the highest rate of price appreciation across most of the capital cities, whereas early in the growth cycle it was the most affordable end of the market that was the strongest.

“It was the smaller capital cities that led the housing market out of the Covid-19 slump, but now Sydney has risen through the ranks to record the largest capital gain during the past three months with values up 9.3 per cent.”

However, the increased prices are continuing to put pressure on affordable housing in Sydney with the NSW productivity commission finding a lack of housing was limiting the number of workers available.

Lawless said that for now, Australia remains firmly entrenched in a housing boom and will continue to rise in 2021 but will slow down as affordability affects market participation.

 

Article Source: www.theurbandeveloper.com

Continue Reading

Brisbane

Brisbane Airport’s $1bn Third Terminal

Brisbane Airport

Brisbane Airport has unveiled plans to build a $1-billion third terminal that will connect its dual runways.

The proposed terminal will be a 250,000sq m integrated L-shaped building that services both domestic and international operations, positioned between the two runways.

While the airport’s design hasn’t been finalised it will be put before Brisbane Airport Development and Design Integrity Panel as well as up for community consultation before being signed off on.

Brisbane Airport Corporation (BAC) said the development would be marked for completion in 2032, however, the timeline would be moved forward if Brisbane was confirmed as the host of the 2032 Olympic Games.

“Brisbane Airport has been blessed with two great pieces of terminal architecture in the current domestic and international terminals,” a Brisbane Airport Corporation (BAC) spokesperson said.

“[The new terminal] will be a modern, sustainable green building that harnesses the best of Queensland—its sunshine—alongside engaging retail options and touchless, self-service operations.

“It will also open up new international route opportunities like we saw with Chicago and San Francisco pre-Covid.”

Brisbane, currently Australia’s third-busiest airport spanning a 2700-hectare site, recently completed the construction of its $1.3-billion, 3.3km second runway.

The new runway has now given the airport the largest aviation capacity of any city in Australia, allowing for up to 110 aircraft movements per hour, comparable to major international hubs like Singapore Changi Airport and Hong Kong International Airport.

Brisbane Airport Corporation is also set to spend another $2 billion on major projects over the next five years.

“The aviation industry is resilient and has weathered many storms,” head of infrastructure development Paul Coughlan said.

“Air travel will bounce back, as it did after the 11 September 2001 terror attacks and the global financial crisis. It has always rebounded, and it rebounds strongly.

“Now more than ever, it is crucial that we have the infrastructure and mechanisms in place to allow our great city and state to recover from Covid-19.

“As we emerge from the pandemic, Brisbane Airport will be in the best position possible to attract new airlines and new routes, connecting Brisbane to the world more than ever before.”

Along with a new northern integrated domestic and international terminal, BAC wants to connect the airport precincts together with a new Australian-first airport mass transit system.

As part of the Brisbane Airport 2020 masterplan, BAC is planning a mass transit system that could handle the forecasted 50 million passengers and 50,000 workers that will transit through the Airport precinct by 2040.

According to BAC, an elevated air-train transit system could handle 3200 passengers per hour and take no longer than five minutes.

 

Article Source: www.theurbandeveloper.com

Continue Reading

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

gold coast property management

Trending