Brisbane Bargains – Investors Digging for Gold in Outer Suburbs
Savvy investors are continuing to enter the Brisbane property market attracted by rising property values and skyrocketing rents. With house prices hitting record highs in many markets, investors will be delighted to hear that Brisbane still has several cheap and cheerful suburbs that are ripe for the picking.
Brisbane’s median house price has reached $1 million, which is almost double that of units at $505,000. Population growth and affordability continue to drive Brisbane’s property market, with house prices expected to grow by at least 4% in 2024. Brisbane remains more affordable for investors compared to other major Australian cities like Sydney and Melbourne. As the demand for housing continues to outstrip supply, investors can expect property prices to remain robust this year. Deception Bay, Ellen Grove, and Clontarf are three of the ‘best bang for your buck’ suburbs that have real estate and finance experts excited in 2024.
Deception Bay
Deception Bay is about 32 kilometres north of the CBD, located in the Moreton Bay Region. Framed by a patchwork of mountain ranges, coastlines, and pristine waters, Moreton Bay has skyrocketed in popularity over recent years. Deception Bay has likely remained affordable due to misconceptions about the safety and living conditions in the suburb. The median price in Deception Bay is $595,000 for houses and $390,000 for units. The vacancy rate is currently just 0.86%, while the average rental yield is 4.32%. Moreton Bay offers affordable homes, excellent public transport options to Brisbane, and proximity to Brisbane’s CBD and airport. It’s everything people love about living in a capital city, without the hefty price tag.
Ellen Grove
Due to its proximity to schools, cafes, transport links, and a stable economy, many professionals are now choosing to move to Ellen Grove. The landscape surrounding Ellen Grove is broken up into smaller residential areas, with leafy streets and parks dotted throughout. The suburb is well positioned near the Logan, Centenary, and Ipswich Motorways, enhancing connectivity. Currently, the median sales price of houses in the area is $550,000 which is comparatively lower than other Brisbane suburbs, earning Ellen Grove the title of Brisbane’s most affordable suburb. Ellen Grove is currently undergoing significant gentrification which has likely contributed to the previous lower median sales price for the suburb.
Clontarf
Located at the southern end of the Redcliffe Peninsula, Clontarf is highly desirable among family buyers due to its transport links to Brisbane, sprawling beaches, and waterfront parks. Clontarf is one of the region’s oldest and most established suburbs and it has needed a freshen up. The median house sale price is $720,000 which is still well below the Brisbane average.
Pre-purchase building inspections provide a safety net for investors
Despite the hype around these bargain suburbs, it is important that investors thoroughly investigate a property before parting with their hard-earned cash. A pre-purchase building inspection carried out by a qualified building inspector can provide a much-needed safety net for investors.About the author
This blog was prepared by Andrew Mackintosh, 40 year veteran of the building industry and the Director and Principal Building Inspector at Action Property Inspections. Fully accredited QBCC Master Builder since 1983, Andrew is a proud member of the Institute of Building Consultants with an excellent reputation for quality and scores of awards to his name as a building inspector. Andrew’s focus has been empowering buyers to make smart investment decisions through Action Property Inspections – which has been among Brisbane’s most trusted inspection companies for over 25 years and 20,000 South East Queensland property inspections. We hope this article helps with your research and invite you to get in touch if you have any questions.
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