Only one suburb left with homes under $300,000

PROPERTY News

Brisbane only has one suburb left where the median house price is under $300,000, new research by PRDnationwide reveals.

The analysis reveals Inala recorded a two per cent drop in house prices in the six months leading up to March 2011 – pushing the median house price below $300,000 for the first time in xx years. The Brisbane Market Update identifies the top ten most affordable suburbs and the top ten premium suburbs for both houses and units.
Josh Brown, PRDnationwide research analyst, said looking at the areas with the cheapest units and houses – nine out of the top ten in both markets recorded price decreases of up to 18 %. Three in four of the Top 10 most affordable unit suburbs are located in the north of the city – Kedron, Lutwych and Wooloowin.
“This region has undergone significant development over the past couple of years – in particular the Airport Link Tunnel and Busy Way,” said Mr Brown.
“This means when those suburbs start to witness price recovery – it could be accelerated due to coinciding with improved amenity and investor interest,” he said.
“Apartments in these areas mainly appeal to first home buyers and investors, given the affordable entry point, convenience and strong rents being achieved.” Looking at areas with the cheapest houses – topping the list were Inala, Acacia Ridge and Darra – all registering a median house price under $355,000.
“These regions attract buyers who have little reliance on the CBD and surrounds for employment,” said Mr Brown.
The top ten most expensive suburbs were also identified – with New Farm emerging as Brisbane's most premium suburb registering a median house price of $1.3 Million. The most expensive median unit price of $554,500 was recorded in Bulimba - it recorded 23 transactions over the six month period.
“The top ten premium unit suburbs are almost all within a five kilometre radius of the CBD in well serviced areas, with a high degree of amenity,” he said.