While 14 suburbs in Brisbane are now over the $1 million median house price point, at the same time a recent CoreLogic Housing Affordability Report found that the cost of housing, as compared to household income in Brisbane, has decreased from 2011. The drop is down 0.2, from 5.9 times the median annual household income in 2011, to 5.7.
At the average market entry price point, with commutes around 50 km into the Brisbane CBD, there are 65 suburbs in the Greater Brisbane region with a median house price around $375,000. There is still great buying here as four bedrooms and two bathroom homes are still available at this price point. As compared with Melbourne where there are seven suburbs at this median price point and only four in Sydney. And when it comes time to sell, these more affordable suburbs are more likely to enjoy sustained demand because so many buyers are being priced out of the more expensive suburbs.
For those of you with a little more to invest, there are 262 suburbs in Greater Brisbane at around the $650,000 median price point. Greater Melbourne offers 183 suburbs while Greater Sydney has 142. To live in these suburbs and commute into the CBD, residents will travel on average approximately three times further in Sydney, and twice as far in Melbourne than the 7 km distance from the CBD in Brisbane.
Unlike Sydney which is fast becoming ‘less liveable’ because of congestion problems and lack of infrastructure, Brisbane has been investing in upgrading their maze of highways thereby adding significant value to Brisbane’s ‘liveability’. When you invest in a more affordable suburb with the right timing, your property can benefit from planned infrastructure upgrades, new shopping centres and schools, which brings in more jobs, residents and growth in property values.
For those of you looking to invest seven figures in Brisbane, here are the top 10 $1 million median price point suburbs:
1. New Farm $1,620,500
2. Ascot $1,500,000
3. Hamilton $1,340,000
4. Hawthorne $1,205,000
5. Pullenvale $1,150,000
6. Highgate Hill $1,140,000
7. West End $1,132,500
8. Wilston $1,112,500
9. Bulimba $1,065,000
10. Rochedale $1,040,000
(List Source Domain Group)
