Your guide to Brisbane’s property market
Your guide to Brisbane’s property market
Emma Norris - 29 May, 2021
From the sun-soaked lifestyle to the friendly locals, there always been plenty of incentives to settle down in Brisbane. Typically, ‘exciting property market’ has not been one of these things — with Brisbane being fairly middle of the road when it comes to both property prices and returns.
However, that has recently changed, with Queensland’s capital emerging as the unexpected dark horse (or, golden child!) of Australia’s post COVID-19 recovery. Brisbane’s property market has seen unparalleled growth in 2021, and that upwards trend is likely to continue in the foreseeable future.
So, if you’ve been thinking about staking your claim in the Sunshine state — whether that’s as an investor or owner-occupier — may now be the time. Read on for everything you need to know about buying a property in Brisbane — from how much it costs to buy a home in Brisbane to the best places to buy.
Fast facts about the Brisbane property market
Brisbane’s property market prices
The current median property price across all properties in the Greater Brisbane region is $548,260. As of April 2021, median house prices in Brisbane were $607,969, compared to $503,265 the following year. This is the highest it has ever been and $14,737 more than just a month earlier. The average median value of a house in Brisbane is $607,969, while units have a median price of is $400,866.
Brisbane’s property market trends
Brisbane’s property market is typically known for being quite stable and slow-moving. However, a perfect storm of conditions (including lower interest rates, wage growth and the COVID-19 pandemic) have led to a stratospheric rise in property prices. A recent report predicts Brisbane house prices will continue to skyrocket to 16 per cent through 2021, before slowing to 8 per cent property price growth in 2022.
Brisbane’s average rental yield
A higher vacancy of properties that were previously used for Airbnbs for Brisbane visitors has led to reduced rental rates in Brisbane. SQM data shows that the average rental yield for a house in Brisbane in 2021 is 4 per cent. That’s compared to around 5.2 per cent for units, bringing a stronger return.
Brisbane’s average capital growth
Brisbane’s average capital growth has simmered along at around 3.7 per cent for the last ten years. However, like many of Australia capital cities, this growth has increased exponentially in recent years. Brisbane is predicted to lead the way for capital growth in Australia, experiencing a remarkable 20 per cent boost in the next two years.
What’s so special about Brisbane?
From a spectacular city skyline along its famous river to beautiful beaches, Brisbane truly has it all. Despite being Australia’s third largest capital city, it offers the laidback charm you’d expect of a country town. There’s plenty of variety when it comes to property too, with everything from high-rise apartments to freehold townhouses and renovated character homes (as well as those in need of renovation!) on offer.Here’s everything you need to know about what makes Brisbane so unique.
Population
Brisbane is home to one Australia’s fastest growing populations. While most other capital cities slowed as a result of COVID-19, Brisbane saw the highest growth rate of 1.9 per cent from 2019 to 2020. This is likely due to higher interstate migrations —with many people relocating from other cities in the height of COVID-19 for a more idyllic work from home lifestyle. The city has also seen a natural increase of births minus deaths during that period, sitting at 16,966 people. By 2022, Brisbane’s population is expected to soar to almost 2.5 million people.
Layout
The greater Brisbane area is quite expansive and spread out. From the history-rich streets of Ipswich to the impressive valleys of Somerset, there’s a great deal to explore — and you’ll likely need a car to do so. However, Brisbane’s CBD itself is extremely walkable — with a stroll along the river talking you through the heart of the city. The iconic, heritage-listed Story bridge stretches of the river, connecting Fortitude Valley in the North to Kangaroo Point in the South.
Infrastructure
A city designed with function in mind, Brisbane already offers world-class infrastructure. From the ever-growing TransLink public transport network to the new runway at Brisbane airport, both local and domestic travel (and international, when the COVID-19 situation allows) are easy. Some major infrastructure upgrades are in process in Brisbane to facilitate the city’s population growth. The upcoming Brisbane Metro and Cross River Rail transport networks will take some of the pressure off the existing public transport system, while the impressive Brisbane Live stadium will likely work wonders to stimulate economic growth.
Economy
Brisbane has an innovation-led economy, driven by industries like healthcare, professional services and retail. It has an estimated economy of around $182 billion, but this is expected to climb to over $217 billion by 2032. As one of Australia’s fastest-growing cities, it is a key contributor to the overall national economy.
Like most of Australian cities, Brisbane suffered significant loss to the economy in peak of the COVID-19 crisis — particularly in the retail and tourism sectors. However, by late 2020, the local economy had started to bounce back, with major retail areas already at 58 per cent of its full capacity for foot traffic.
Culture
While it may not be quite as multicultural as Sydney or Melbourne, Brisbane still has plenty going for it. The cultural epicentre of the city, Southbank, is bursting with exciting rooftop bars, breweries, restaurants and art experiences. The city’s rich Indigenous history can be seen throughout the city’s vibrant streetscapes and installations at the world-class galleries and museums. Music and sport are big in Brisbane too, with two major stadiums to get in on the action. Queensland’s capital is also unbeatable when it comes to day trips, with everything from the Tamborine Mountain hinterlands to the pristine waters of Moreton Island right on your doorstep.
FAQs
Learn more about the buying and investment opportunities in Brisbane.
What are the best suburbs to live in Brisbane?
There’s no one, correct answer to the best place to buy a property in Brisbane. It all depends on your budget, ideal lifestyle and whether you’re looking for somewhere to start a family or invest for the long haul. However, there are certain Brisbane suburbs that are consistently ranked highest for liveability — based on factors like safety, infrastructure, location and accessibility.
Here are some of Brisbane’s top spots to live, work and play.
Toowong
This riverside inner suburb is an enviable place to live, thanks to its convenient location and thriving cafe scene. With developments underway, it will also eventually be a home to a $450 million city centre. While the area is quite self-sustaining, there’s also easy access to the city via public transport.
Mount Gravatt
From plenty of great school options to a growing dining scene, this Southside suburb of Mount Gravatt has a little bit of everything. While it’s a walkable area with plenty of room to move, it also well-connected to the Brisbane CBD.
South Brisbane
This area has been named Brisbane’s most lifestyle-friendly suburbs and it’s not hard to see why. Situated on the southern banks of the Brisbane River, it boasts idyllic views of the city skyline and water. It’s directly connected to the CBD district via Kurilpa, Victoria and Goodwill bridges, with a short commute time of 11 minutes by public transport. For young professionals looking for an exciting life, there are few better places to be.
Corrinda
Located 9 km South-West of Brisbane is the family-friendly suburb of Corrinda. This leafy, green and quiet area features a good mix of larger, old family-style homes and luxury living along the river. With plenty of shops, dining options and sport facilities, there’s no shortage of ways to keep the family entertained.
What are the most affluent suburbs in Brisbane?
If you’re searching for the richest suburb in Brisbane, look no further than the riverside suburb of Teneriffe. Located right in the heart of the city, you’re more likely to find modern, high-rise apartments than mansions here. However, the few houses that do exist here come with an eye-watering pricetag of $1.86 million. Even the apartments are far above Brisbane’s average, with a median of $555,000. The area has certainly come a long way from its industrial past.
The second most affluent suburb in Brisbane is Hamilton. Also located along the river, this upscale, residential area has a median house price of $1.5 million. It’s one of Brisbane’s fastest-growing areas, with a year-on-year price growth of 9 per cent. An apartment is slightly more affordable in the area, with a median of $495,000.
What are the safest suburbs in Brisbane?
Overall, Brisbane is a safe, 24/7 city with low crime rates. However, like all big cities, crime does happen and certain areas are safer than others. There are many postcodes in Brisbane that have had zero reported crimes over the last few years — which is great news, as data shows that safety is one of the highest priorities for locals when buying a home. These suburbs include Rochedale, Cannondale, Rocklea and Berrinba. Most of these areas are quieter, with lower populations — away from the hustle and bustle of the CBD.
What are the cheapest suburbs in Brisbane?
If you’re looking to buy a home in Brisbane on a tight budget, you’re in luck. Despite prices being on the rise in 2021, 92 suburbs in greater Brisbane have a median of under $400,000. There’s no affordability crisis in sight here!
In fact, a home in Brisbane’s cheapest suburb, Ellen Grove, will only set you back $300,000. This relatively new area is located approximately 20 km South-West of the CBD, and is home to modern, development complexes. However, prices are steadily climbing, with a house in Ellen Grove selling for a record high of $330,000 last year.
If you’re looking for an apartment, the areas of Fortitude Valley and Clayfield are also affordable for units, with median prices of $331,000 and $347,000 respectively. For those looking for a mix of affordability and liveability, Rocklea is a strong choice. Not only is it one of Brisbane’s safest suburbs and located in close proximity to the CBD, but it has a median house price of only $405,000.
Is buying an apartment in Brisbane a good investment?
With Brisbane positioned for a strong post COVID-19 recovery and immense future growth, there’s no better time to buy. But, is an apartment going to give you the best bang for your buck? It all depends on your situation and long-term goals. It’s worth noting that there is an oversupply of apartments (particuarly high-rises) in Brisbane, but that doesn’t necessarily mean it’s a dealbreaker.
If you are looking to break into Brisbane’s property market on a limited budget, an apartment can be a good investment — particularly as rental yields for units is still outperforming houses. However, if you can stretch a little further and are looking for a solid long-term investment, a house or townhouse in one of Brisbane’s fastest-growing outer suburbs may be a better bet.
Looking to buy in Brisbane? No matter whether you’re looking for a unit or house or to live and invest, it’s best to speak to an experienced mortgage broker. They will be able to help you compare your options and ensure you find a property that best meets your individual needs. eChoice can connect you to hundreds of Brisbane’s best mortgage brokers to help you navigate the process with confidence and clarity.
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