Brisbane housing the most affordable on the Eastern seaboard with three suburbs showing a median house value less than $300,000 within 20km of the Brisbane CBD
Australia’s third largest city, Brisbane, is presenting substantially more affordable options than Sydney and Melbourne, with its median house value just over $515,000, according to a report by Aussie Home Loans and CoreLogic.
Brisbane house values are approximately 50 per cent lower than Sydney and 25 per cent lower than Melbourne, representing an attractive option for home buyers currently ‘locked out’ of the big two markets.
Chief Executive Officer of Aussie, Mr James Symond, said “The most affordable options to buy a house across the Brisbane metro area tend to be the Redland Bay Islands or suburbs located within the Ipswich council area”.
Within the Brisbane council area, the most affordable suburb is Ellen Grove which is located on the western fringe of the council about 18km from the CBD, with a median house value of $270,508.
Mr Symond said “For those buyers looking at values closer to the CBD, the southern suburb of Rocklea is the most affordable location within 10km of the Brisbane CBD with a median house value of $390,713 and mean loan value of $190,766”.
The next most affordable suburb, based on median house values within 10km of the Brisbane CBD, is more than $100,000 higher than Rocklea. Tingalpa is located 10km to the east of the CBD with a median house value of $517,910.
Extending out to 20km from the CBD provides more affordable options, with three suburbs showing a median house value that is less than $300,000. The Ipswich suburb of Gailes has a median house value of just $253,580.
Research Director of CoreLogic, Mr Tim Lawless said “Many parts of Brisbane represent great value for the home buyer and we expect more people moving across the border from the South to gain entry to the property market in the city”.
To view the report, please click here.
For further information: Tim Allerton City PR 0412 715 707