A joint study by Aussie Home Loans and CoreLogic has revealed the most affordable suburbs across Brisbane, with the Ipswich, Somerset and Redland regions dominating the top 20 for houses.
Topping the list with the lowest median house value in Brisbane is Russell Island at $214,991, followed by Toogoolawah ($220,605) and Laidley ($233,853).
CEO of Aussie, James Symond said “The most affordable suburbs in Brisbane are unsurprisingly located on the city’s outskirts, with Logan dominating the top 20 for the most affordable apartments, followed by suburbs Ipswich.
“While within 10km of the CBD property is comparatively more expensive, there are pockets of good affordability, with five suburbs at a median house value below $600,000. Spring Hill is the winner in apartment affordability near the CBD, offering a median value of just $339,682,” he added.
There are much cheaper options 20km from the city, with two suburbs at a median house value under $300,000 (Woodridge and Gailes) and a further four suburbs with a median house value under $400,000. Woodridge also tops the list for the most affordable units 20km from the CBD, averaging just $196,471.
Mr Symond said while distance from the CBD played a big part in the values, Brisbane’s improvements in its road network had lowered travel times for many commuters to and from the city which would flow through to values.
“Value growth over the last 10 years has been hugely variable across the top suburbs, with units in Bundamba the only one racking up double digit growth in the last decade, while Karana Downs was the worst performer with a 50.6 per cent drop in value since 2009, with most of that decline in the last 12 months.
“The continuing growth in population across South East Queensland augurs well for the long term future of the housing market and there are strong opportunities for both owner occupiers and investors,” said Mr Symond.
“If you’re saving up to buy your first home or investment property, now’s a great time to speak with an Aussie Broker. Our report reveals some quality affordable housing in suburbs across Brisbane and the wider state. Couple with our current record low interest rates, buying a property could be more achievable than you know,” added Mr Symond.
All customers who attend a free appointment with an Aussie Broker before 30 April 2019 will go in the draw to win $15,000*. To view the full Aussie/CoreLogic Most Affordable Suburbs report, visit www.aussie.com.au/mostaffordablesuburbs or contact an Aussie Broker for your free copy.
*T&Cs apply, see aussie.com.au/promotions for details.