10 best suburbs in Brisbane to invest in 2024
Brisbane recorded the nation’s second-highest growth in median prices, both for houses and apartments. It was marginally behind Perth in both categories, as Brisbane staged a major recovery from an ordinary performance in 2022. We now expect it to go a step further and take the No.1 spot in 2024.
25 Mar 2024
Brisbane recorded the nation’s second-highest growth in median prices, both for houses and apartments. It was marginally behind Perth in both categories, as Brisbane staged a major recovery from an ordinary performance in 2022. We now expect it to go a step further and take the No.1 spot in 2024.
Brisbane’s top ranking in 2024 comes from scoring well on all five metrics (sales volumes, quarterly price growth, vacancy rates, rental growth and infrastructure spending). It’s in the top three in the nation in four of the five categories, and mid-table on the fifth. Its market had evolved in 2023 to the point where it overtook Melbourne in terms of the median dwelling price. We see the city continuing to progress in the year ahead. The 2023 edition of this report elevated Brisbane from an overall ranking of eighth in 2022 to second, and the results of the past year vindicated that prediction.
This means that Brisbane enters 2024 with a push from a range of influences: buyer demand is rising; a continued rise in prices in most suburbs in the latest quarter; low vacancy rates, and rents rising strongly. Perhaps the biggest impact will come from the metric on which Brisbane ranks No.1 in the nation: the impact of infrastructure developments. A big program of infrastructure projects creates activity and wealth throughout the local economy and generates jobs, and this inevitably translates into demand for homes. The wealth-creating program of developments already underway will grow as Queensland cranks up plans for hosting the 2032 Olympics.
The 10 best suburbs in Brisbane
- Bellbird Park
- Bowen Hills
- Cleveland
- Eagleby
- Goodna
- Milton
- Nundah
- Petrie
- Springwood
- Wavell Heights
Bellbird Park
Ipswich City in Brisbane’s south-west attracts consistent demand because it provides affordable options. Bellbird Park is a sought-after Ipswich suburb close to all the infrastructure provided by the Springfield master-planned community. This includes a university campus, medical facilities and a major shopping centre. 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
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, appeals to manyl buyers. With vacancies below 1% and typical yields above 6%, Bowen Hills also has appeal for investors.
Cleveland
Cleveland, located in Redland City as part of the Greater Brisbane region, has been under-rated in the past, but it is attracting more demand for its relatively affordable bayside lifestyle. Cleveland fronts Moreton Bay, has good infrastructure and a commuter train which links to central Brisbane. The dwelling mix also includes canal 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 Logan Motorway and Pacific Motorway (M1) is being duplicated to relieve traffic congestion, and it is a neighbour of the central hub suburb of Beenleigh, which offers lots of amenities.
Goodna
Goodna is a well located Eastern Ipswich suburb, which attracts buyers for its affordability, transport links (both rail and motorway), proximity to major employment networks and 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
This is one of the best-situated suburbs in Brisbane, with ready access to the Brisbane River, the CBD, and the cultural facilities of South Bank and Suncorp Stadium for major sports events and concerts. The Legacy Way Tunnel has also 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 usually sell in 16 days, which is twice as fast as houses. Road and rail connections are good. Nundah is also close to the Brisbane Airport and the nearby Australia TradeCoast, which 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. This includes rail links to central Brisbane and the University of the Sunshine Coast campus. It may also explain vacancies being 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 being the midpoint on the Pacific Motorway 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 housing 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 Greater Brisbane. Wavell Heights is typical of these 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), and the airport is nearby. There are also major green spaces in the area.
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| Suburb | Median price |
1-yr growth |
10-yr average annual growth (%pa) |
Vacancy rate |
Median rental yield |
Initial Outlay (no concessions) on 20% deposit |
Monthly repayments |
|---|---|---|---|---|---|---|---|
| Bellbird Park | $612,000 | 5.1% | 10.2% | 0.8% | 4.7% | $138,092 | $3,095 |
| Bowen Hills (Unit) |
$420,000 | -6.2% | 1.8% | 0.9% | 6.1% | $91,410 | $2,124 |
| Cleveland | $930,000 | 8.3% | 8.0% | 0.7% | 3.7% | $217,308 | $4,703 |
| Eagleby | $502,000 | 4.6% | 9.4% | 0.9% | 5.4% | $111,059 | $2,538 |
| Goodna | $460,000 | 2.2% | 8.0% | 0.8% | 5.3% | $100,978 | $2,326 |
| Milton (Unit) |
$445,000 | 3.6% | 1.2% | 0.8% | 5.6% | $97,411 | $2,250 |
| Nundah | $1,077,000 | -3.6% | 9.0% | 0.5% | 3.2% | $254, 918 | $5,446 |
| Nundah (Unit) |
$470,000 | 5.6% | 4.1% | 0.5% | 5.5% | $103, 370 | $2,377 |
| Petrie | $680,000 | -2.5% | 9.2% | 0.1% | 4.3% | $155, 005 | $3,438 |
| Springwood | $780,000 | 0.0% | 8.6% | 0.8% | 4.2% | $179, 926 | $3,944 |
| Springwood (Unit) |
$390,000 | 13.8% | 8.3% | 0.8% | 5.8% | $84, 233 | $1,972 |
| Wavell Heights | $1,160,000 | -3.3% | 10.1% | 0.5% | 3.2% | $276, 627 | $5,866 |
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 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, 2020-21), adjusted by the ABS Wage Price Index (Sep-2023) for each state.
Cover image source: Maythee Voran/Shutterstock.com
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This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.
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