The 10 best affordable suburbs in Brisbane 2023
Find out which suburbs in Brisbane made the top 10 list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Brisbane where you can buy a home for less than $604,628. This was the cut-off price we used for our ‘Bright Star’ suburbs in the Queensland capital. (For more on why we chose this see our full report.)
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 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. Check out our list below.
The 10 best affordable suburbs in Brisbane
- Annerley (Units)
- Bellmere
- Bethania
- Crestmead
- East Brisbane (Units)
- Goodna
- Raceview
- Slacks Creek
- West End (Units)
- Woolloongabba
Annerley (Units)
With a median house price of $1,095,000, well-located Annerley is expensive for many buyers. But units are popular (132 unit sales versus 101 house sales in the past year) and the median price is less than half that of houses. Annerley is popular for its transport links and access to the Queensland University and Princess Alexandra Hospital. Proximity to the main 2032 Olympics venue enhances its growth prospects.
Bellmere
This affordable suburb, which sits alongside Caboolture in the Moreton Bay Region in the far north of Greater Brisbane, has been a notable performer, with good price growth in the past year, an excellent long-term capital growth rate and strong rents, underpinned by vacancies below 1%. This suburb has four schools and Caboolture Golf Course. The D’Aguilar Highway connects to the M1 Bruce Highway.
Bethania
This suburb, part of the affordable offering in Logan City, is on the train line linking Brisbane to the Gold Coast and has ready access to the Pacific Motorway. The median price has grown strongly in the past year but remains just over $500,000. The vacancy rate is 0.6% and rents have risen strongly in recent years. The Logan River is close, so it’s wise to check flood maps.
Crestmead
This affordable suburb is part of the Park Ridge/Logan Reserve precinct, one of the leading new-growth areas within Logan City, situated between central Brisbane and the Gold Coast. Its median house price jumped 27% in the past year but remains just over $500,000. This location is particularly well served by schools and green spaces – and there is major commercial investment in the area also.
East Brisbane (Units)
Proximity to the main Olympics venue is expected to boost nearby East Brisbane, where apartments cost less than half the level of local houses. And while the median price for houses has dropped recently, the median price for East Brisbane units has jumped in the past year – and vacancies are below 1%. East Brisbane is the site of Anglican Church Grammar and Coorparoo Secondary College.
Goodna
With more than 200 house sales in the past year, Goodna is popular for its affordability, nearby jobs nodes and train links to Brisbane. Residents are spoilt for retail choices, with multiple shopping centres. The median price rose almost 29% in the past year. It’s popular with investors also, with 5% rental yields and a vacancy rate of 0.9%. It’s wise to check the flood maps.
Raceview
Almost 300 residential sales in the past year indicates strong demand for this suburb of Ipswich, which has been a stand-out market in recent years for buyers seeking affordability. Raceview is cheaper than the new master-planned community homes in the nearby area. Despite extensive new development in the area, the vacancy rate remains below 1%. It’s close to the Ipswich CBD and the Cunningham Highway abuts the suburb.
Slacks Creek
This Logan City suburb is popular with both buyers and renters, with proximity to major shopping, transport links, extensive green spaces and big facilities like Logan Hospital and the Griffith University campus. Prices have continued to rise in the past year, against the general Brisbane trend, but remain affordable. The vacancy rate is 0.4% and rents are likely to keep rising.
West End (Units)
This inner-city suburb thrives on proximity to desirable facilities, including the Brisbane River waterfront and all the cultural facilities in South Brisbane. Green bridges over the river provide access to additional amenities. Houses are expensive (median $1,575,000) but units are well under half that level and have become the most common dwelling type (376 annual sales versus 55 house sales).
Woolloongabba
If research into previous Olympic hosts holds true for Brisbane, suburbs close to the main venues will have the biggest growth. The Gabba will be the nerve centre for the big 2032 event. This inner-city suburb has had previous oversupply issues, but currently, the vacancy rate is 0.8%. Median prices are $1,375,000 for houses and $510,000 for units (which have recorded good growth in the past year).
The best affordable suburbs in Brisbane
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Suburb | Median price | 10% Deposit | |||
---|---|---|---|---|---|
Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ |
|||
With FHB concession | No FHB concession | ||||
Annerley (U) | $465,000 | $56,127 | $64,549 | $2,429 | 20.30% |
Bellmere | $555,000 | $77,868 | $78,938 | $2,899 | 24.20% |
Bethania | $510,000 | $63,665 | $71,649 | $2,664 | 22.20% |
Crestmead | $515,000 | $65,341 | $72,460 | $2,690 | 22.40% |
East Brisbane (U) | $515,000 | $65,341 | $72,460 | $2,690 | 22.40% |
Goodna | $465,000 | $56,127 | $64,549 | $2,429 | 20.30% |
Raceview | $480,000 | $57,927 | $66,903 | $2,507 | 20.90% |
Slacks Creek | $535,000 | $71,967 | $75,624 | $2,795 | 23.30% |
West End (U) | $580,000 | $84,778 | $86,188 | $3,030 | 25.30% |
Woolloongabba (U) | $510,000 | $63,665 | $71,649 | $2,664 | 22.20% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. 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 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
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