Queensland’s property market is witnessing a significant shift, with the margin between the most expensive and affordable suburbs in Brisbane now standing at a staggering $2.63 million. The days of securing property under $400,000 in the city are swiftly fading, with only one suburb, Russell Island, maintaining a median house price below that mark at $392,000.
Recent analysis has unveiled the most affordable suburbs in Brisbane for both houses and units, shedding light on the affordability spectrum in the region. Queensland hosts three of the cheapest house suburbs nationally, with prices ranging from $165,000 in Collinsville to $178,000 in Tara. The disparity in median house prices is stark, exemplified by the contrast between New Farm at $3.029 million and Russell Island.
Chris McGregor from Bay Islands Property notes the remarkable growth on Russell Island, with a surge in sales and escalating median prices. The island’s allure lies in its affordability compared to mainland offerings, attracting buyers from both interstate and Brisbane. However, the rapid demographic changes pose challenges, particularly in education infrastructure.
While house affordability dwindles, Queensland dominates the list of top 10 cheapest unit suburbs in Australia, with prices starting as low as $211,000 in Woree, Cairns. Brisbane’s most affordable unit market is Logan Central at $350,000, illustrating the diverse affordability landscape in the state.
PropTrack’s Home Price Index reflects Brisbane’s escalating median house price, hitting a record high in November. The growth in regional Queensland is equally notable, underlining the broader trend of buyers seeking more affordable options outside the city.
According to PropTrack economist Paul Ryan, the housing market dynamics are shifting rapidly, outpacing wage growth and posing challenges for first-home buyers. The evolving landscape calls for strategic interventions to address affordability and supply constraints to ensure sustainable homeownership.
REBAA’s 2024 Market Update emphasizes the national concern around housing affordability, with Queensland witnessing robust demand across property segments. Despite challenges, the state’s affordability and rental returns continue to attract interstate migrants and investors, propelling the market forward.
As Brisbane’s property market evolves, certain areas are poised for exceptional growth, with Queensland leading in net interstate migration. The need for targeted policy interventions to enhance affordability and housing supply is imperative to ensure sustainable homeownership for Australians.
With housing affordability declining in most states, Queensland stands out for its resilience in the face of challenges. The state’s property market remains robust, driven by rising dwelling values and sustained buyer demand, setting the stage for continued momentum in the upcoming years.
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