Looking for an affordable property? Our list of the top 10 affordable suburbs in southeast Queensland right now might help you.
The southeast Queensland property market is forging ahead, despite the COVID-19 virus and related impacts on the Australian economy. Prices have increased over the past year in southeast Queensland, but there are still areas where bargains can be found, and if you have a long-term strategy, you can still expect solid capital growth over the next few years.
With mortgage rates still close to the lowest on record, there are opportunities for those with good savings and a level of employment security. In addition, the current ultra-low interest rates have created a unique environment where buying a house in many areas is cheaper than paying rent.
First home buyers are still active in the market and are competing with investors for low levels of stock. More affordable areas have been sharply in focus as the number of first home buyers in the market has recently surged to decade highs, and this trend is expected to continue.
RiskWise Property Research has undertaken an in-depth analysis of the housing market, identifying the top 10 affordable suburbs in southeast Queensland. The report clearly showed that detached houses represented solid buying opportunities for those with long-term strategies.
There are decent opportunities for buyers looking for houses with high land value as a proportion of the property, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer. There are cheaper suburbs in more distant or less favoured locations, but buying in the lowest quartile of the housing market can sometimes come with its challenges and risks.
The top 10 suburbs in southeast Queensland
The top 10 suburbs for affordable houses in southeast Queensland included a range of suburbs at around 70% of the median capital city house price for the state.
|Suburb||Postcode||SA4 Area||Distance from the CBD||Median Price||Median Capital City Price||1-Year Growth||5-Year Growth|
|Acacia Ridge||4110||Brisbane – South||13km||$469,508||$641,727||23.4%||27.5%|
|Bald Hills||4036||Brisbane – North||17km||$549,648||$641,727||16.3%||34.6%|
|Capalaba||4157||Brisbane – East||19km||$582,573||$641,727||23.9%||33.5%|
|Boondall||4034||Brisbane – North||13km||$603,710||$641,727||16.6%||30.4%|
|Wynnum West||4178||Brisbane – East||13km||$642,012||$641,727||14.8%||21.3%|
|Mount Cotton||4165||Brisbane – East||29km||$642,644||$641,727||15.1%||25.7%|
Boondall, Bald Hills, Strathpine, and Wynnum West, in particular, are all less than 20km away from the Central Business District and have all enjoyed price growth of more than 20% over the past five years.
While Nambour is close to 100km from the city centre, it is a popular lifestyle opportunity, especially for those working remotely, and houses can be bought for around $500,000.
COVID-19 has also helped accelerate work from home opportunities, meaning that owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being closely tied to employment hubs. Before COVID-19 hit, there was already a strong trend of sea and tree change, home buyers looking for the best of all worlds – lifestyle, accessibility to employment hubs and affordable housing. The pandemic has accelerated this trend.
In southeast Queensland, the areas that attract those lifestyle buyers include the Gold Coast and Sunshine Coast. So now is the perfect time to take advantage of the conditions before things change and the property market begins to move again.
This is particularly the case in southeast Queensland, which traditionally enjoys strong internal migration and will undoubtedly be the case once the borders are opened again, and things return to normal.
While opportunities are plentiful in the detached house market, risks are materially higher in the unit market, on average.
Interested in finding out what the top ten suburbs in another state are?
Check out the top 10 affordable suburbs in New South Wales
Check out the top 10 affordable suburbs in Victoria
Check out the top 10 affordable suburbs in South Australia
Check out the top 10 affordable suburbs in the Australian Capital Territory