Brisbane’s time in the sun just beginning: Why affordability will reignite the market

Brisbane CBD, Brisbane River, Brisbane stock imageIt’s a sad fact that there are no suburbs within about 50 kilometres of the Sydney CBD with a median house price of less than $500,000.

Head north to Queensland, however, and the Sunshine State capital still boasts middle-ring suburbs with house medians under the half a million dollar mark – no wonder interstate migration is booming.

Domain Group data shows there are still 17 suburbs in the Brisbane City Council area with median house prices under $500,000, with some just nine or 10 kilometres from the CBD.

And if you include the surrounding Greater Brisbane council areas of Logan, Moreton Bay and Ipswich, the number of affordable suburbs skyrockets.

Real Estate Institute of Queensland northern suburbs zone chair Jason Bond said Brisbane’s north offered affordable price points for first homebuyers as well as access to number of facilities.

“Boondall has so much going for it, including being home to the Brisbane Entertainment Centre, and St Joseph’s Nudgee College – one of Brisbane’s leading private boys’ schools. It is also within close proximity to the n Catholic University campus and Virginia Golf Club, as well as the airport,” he said.

Bracken Ridge, which has a median price of $495,000, was less than 20 kilometres from the CBD, as well as recording strong price growth, he said.

Mr Bond said the suburb was also the beneficiary of the state government’s $140 million transport upgrade, which will reduce commuting time by as much as 10 minutes. Related: Five of the best Brisbane parkside homesRelated: Morningside bargain passes inRelated: Banks making it harder to buy off-the-plan: Brisbane

“This area has undergone extensive development over the past 18 months and while locals are looking forward to an end to construction and the myriad of trucks and cranes around the place, the suburb is really undergoing a transformation,” he said.

“Bracken Ridge offers older-style homes on larger blocks. It’s a great opportunity for first homebuyers to get into the market and they can look forward to capital growth over the coming years.”

Sydney-based Right Property Group director and buyers’ agent Steve Waters has been buying in Brisbane for the past three years because of its affordability compared to southern capitals.

He said he’s not surprised by the recent growth in interstate migration because that is what always happens when the property price gap between Sydney and Brisbane becomes uncomfortably wide.

“We have been saying for two years that this moment will come. It’s history repeating itself. It does it every single cycle without fail,” Mr Waters said.

“It happens every cycle when the ‘affordability issue’ kicks into the southern states, especially Sydney.

“People say, ‘Enough is enough. Let’s move to Brisbane. It’s sunnier, there’s a better lifestyle, and we can literally get double the bang for our buck’.”

And Mr Waters said that Brisbane’s time in the property sun was just beginning because affordability always matters – regardless of your income.

“Affordability is always the key. I don’t care whether you earn $10 million, $100,000 or $10,000, at some point you will reach your affordability threshold,” he said.

“Gone are the days when Brisbane was considered an outpost. It’s not. There’s a lot of good things that Brisbane has to offer, such as infrastructure, potential jobs growth and affordability.”

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