Wondering when is the best time of year to sell a house in Melbourne or Sydney? Perhaps you’re thinking about where your next port of call should be? According to the experts, Brisbane is Australia’s next big property hotspot. Here’s why.
Brisbane is Australia’s lifestyle capital
Brisbane is home to seven of the top 10 most liveable suburbs in Australia, according to recent data from the ABS. The suburbs were ranked based on proximity and accessibility to schools, parks, beaches and the CBD, by car or public transport.
Brisbane’s suburbs in the top five – South Brisbane, Dutton Park, Spring Hill, and Kangaroo Point – are all a 10-minute drive or less to the city, while it takes an average of 18 minutes by car to get to St Kilda West (the number-one ranked suburb in Australia).
Likewise, the median house price in St Kilda West is $2.6 million – a million more than the median cost of property in South Brisbane.
So not only do Brisbane suburbs offer great accessibility, but their properties are comparatively affordable too.
Brisbane offers a chance to get on the housing ladder (or downsize)
While many aspiring first-home buyers are struggling with multi-million dollar mortgages, recent data compiled by Domain reveals that buying a modest home in Brisbane will set you back between just $300,000 and $450,000.
The top 10 most affordable suburbs within the Brisbane local government area (LGA) have a median house price under $450,000, while houses in the city’s cheapest suburb, Ellen Grove, sell for less than $300,000 (despite being just a 30-minute drive from the city).
Looking further away from the city area, 92 suburbs in the Greater Brisbane area – which includes Ipswich, Moreton Bay, Redland, and Logan – have a median value below $400,000.
Given its relative affordability, Brisbane offers plenty of opportunities for snapping up a great deal on a home – whether you’re new to the property market or a seasoned investor.
Brisbane’s gains are set to continue
While experts have tipped the Sydney and Melbourne property markets to cool off or even see negative growth this year, property in Brisbane is slated to continue its solid performance through 2018.
CoreLogic’s head of research, Tim Lawless, told news.com.au that an improved job market and an increase in migration could equal higher price growth in Brisbane in 2018.
Brisbane suburbs with the biggest growth potential this year are Carina and West End, according to Lawless.
“After five years of solid price growth, Carina’s median price steadied in 2017, to be up just 0.5 per cent to $660,000. There were only 96 houses sold in Carina in 2017, compared to 136 the year before.
“We believe there to be good buying opportunities in Carina in 2018, as it’s sought-after for its good road infrastructure and quality schools. There’s lots of big blocks and development potential.
“West End will always be a good property decision as it sits in the Brisbane State High School catchment area, but houses are in limited supply in West End. So buyers have to move quick as they often miss out,’’ said Lawless.
It’s also predicted that alongside price growth, listing numbers will continue to rise – meaning greater choice and more lucrative investment potential for buyers.
Thinking about selling your home? Book a free, no-obligation property appraisal with one of our agents, or get a free online property value estimate.