Brisbane Grows in Appeal for Home Owners
The median price for a house in Brisbane is $510,000, making the Brisbane market more affordable than Sydney or Melbourne.
The data comes from RP Data figures that looked at 210 suburbs in the greater Brisbane area.
RP Data found that home buyers had their choice of sixteen suburbs if they wanted to live within a ten kilometre radius of the Brisbane CBD and pay $510,000 or less. These suburbs included Northgate, Carina, Stafford and Kedron. In Melbourne, just four suburbs within a ten kilometre radius of the CBD were as affordable, while in Sydney there were none.
As can be seen on Realestate.com.au, many houses appear for sale in the greater Brisbane area priced between $500,000 and $550,000. Within this price range, it is possible to purchase a three bedroom home just seven kilometres from the city in the suburb of Stafford.
By comparison, in Sydney $509,000 would pay for a one bedroom Kent Street apartment in the city.
According to John McGrath of McGrath Real Estate, the Brisbane property market is likely to grow because the greater city area is an increasingly appealing location in which to live.
McGrath said that Brisbane was even attracting property buyers from Melbourne and Sydney because of its affordable housing prices and inviting lifestyle.