The 10 best affordable suburbs in Brisbane 2024

There are plenty of great locations in Brisbane where you can buy a home for less than $600,000. Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Rising Stars: Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time.

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The 10 best affordable suburbs in Brisbane

• Bellbird Park
  
• Bowen Hills (Unit)
  
• Cleveland
  
• Eagleby
  
• Goodna
  
• Milton (Unit)
  
• Nundah
  
• Petrie
  
• Springwood
  
• Wavell Heights
  

Bellbird Park

Ipswich City in Brisbane’s south-west attracts consistent demand because it provides affordable options as Brisbane becomes increasingly pricey. Bellbird Park is a sought-after Ipswich suburb close to all the infrastructure provided by the Springfield master-planned community, including a university campus, medical facilities and major shopping. Buyer demand and prices have risen recently in Bellbird Park, while vacancies below 1% provide a further indication of the area’s popularity.

Bowen Hills (Unit)

As more and more buyers opt for apartments for lifestyle and affordability
reasons, locations like Bowen Hills are becoming more popular. The ability to buy in the $400,000s on the doorstep of the Brisbane CBD – with ready access to amenities and lifestyle – has appealed to several buying cohorts. With vacancies below 1% and typical yields above 6%, Bowen Hills is attractive for investors.

Cleveland

The Redland City component of the Greater Brisbane area has been under-rated in the past, but it is now attracting more demand for its relatively affordable bayside lifestyle. Cleveland has good infrastructure and commuter train links to central Brisbane. The dwelling mix includes canal and residential. Vacancies are low and the growth record is strong. Units are selling quickly here, with prices typically in the $500,000s.

Eagleby

Logan City, between central Brisbane and the Gold Coast, has become a sought-after market for affordable dwellings with good infrastructure; including road and rail links north and south. The M1 is being duplicated to relieve traffic congestion which benefits Eagleby, which sits close to the intersection of the Logan Motorway and Pacific Motorway (M1). Eagleby is a neighbour of the nerve centre suburb Beenleigh, which offers lots of amenities.

Goodna

This is a well-located suburb, which attracts buyers for its affordability, transport links (both rail and motorway) and proximity to employment opportunities, as well as major retail. Goodna’s long-term capital growth is a strong 8% per year, but the median house price is still well below $500,000. For investors, vacancies are under 1%, rental yields are strong and buyer activity is rising.

Milton (U)

This is one of the best-situated suburbs in Brisbane, with ready access to the Brisbane River, the CBD, the cultural facilities of South Bank and Suncorp Stadium for major sports events and concerts. The Legacy Way Tunnel has made it easier to move around the city. Units dominate this market, with prices typically in the $400,000s. Low vacancies and rising sales volumes provide evidence of solid demand from tenants and buyers.

Nundah

This well-located and well-connected suburb has become popular for young buyers, particularly for its affordable units and lifestyle elements. The median house price is above $1 million, but units are less than half that (and units are selling typically in 16 days, twice as fast as houses). Road and rail connections are good, it’s close to the Brisbane Airport and the nearby Australia TradeCoast is Brisbane’s biggest economic development area.

Petrie

Price growth has averaged almost 10% per year in the past decade, but the median remains in the $600,000s. Petrie is popular for its good basic infrastructure, including rail links to central Brisbane. Since the University of the Sunshine Coast campus opened, it has brought an additional element to the local economy and lifestyle. It may also explain
vacancies close to zero. Dwellings sell within three weeks here.

Springwood

This well-situated southern suburb has become so popular that average days on market are 19 for houses and 12 for units. Its location on the Pacific Motorway halfway between Brisbane and the Gold Coast is pivotal, as well as proximity to Griffith University, Logan Hospital and major green spaces. It’s one of a growing number of suburbs where the house market is performing well but the unit market is doing better.

Wavell Heights

The middle-ring northside suburbs comprise one of the strongest market sectors in the Greater Brisbane area and Wavell Heights is typical of the locations with rising popularity. Its long-term capital growth rate is above 10% per year and houses now typically cost more than $1 million. The transport links are good, both road and rail, the airport is nearby and there are major green spaces in the area.

The best affordable suburbs in Brisbane

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Source: www.canstar.com.au. Prepared on 22/01/2024. Based on a selection of suburbs’ median prices, growth and rent figures provided by Hotspotting by Ryder. Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium for the 10% deposit scenarios. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. Monthly repayments calculated based on the average variable interest rates of 6.5% (20% deposit) and 6.8% (10% deposit) and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $600,000 over.

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