Investors are getting more bang for their buck in Greater Springfield compared to their inner city cousins.
Many Brisbane properties are less value for money when compared with those of Greater Springfield.
A two bedroom, one bathroom apartment at New Farm settled for $520,000 in May, a price not unusual for the area.
Presently, Ray White Springfield principal Steve Hodgson has a four bedroom, two bathroom Springfield Lakes home listed for $517,500.
It includes a pool, spa, and three living spaces, and is almost thirty-years the New Farm home’s junior.
“If you went somewhere like Bulimba … you’d probably be looking at around $800k or $900k for a similar house,” Mr Hodgson said.
Recent Housing Industry Association data revealed now is the ideal time to buy, as demand for property is expected to grow.
Queensland needs at least 40,000 new homes a year to keep up with demand, but only 30,500 were built on average each year for the past five years.
The REIQ said while sales activity had dipped slightly in the last quarter, the year on year trend was up slightly and the median house price was up 6.3 per cent.
LJ Hooker Springfield Lakes principal and director Ann Kilburn said the reasons to purchase in Greater Springfield were “black and white”.
“You’re getting a newer product for a similar price and you’re not having to do renovations, everything is brand new and it’s covered by warranty,” Mrs Kilburn said.
Brookwater marketing executive Ben Brotherton said you could even get more for less with the areas luxury homes.
“When you compare Brookwater’s higher end homes to Brisbane suburbs such as New Farm or Ascot, you’re getting much better value for money.”
Median house prices by suburb:
Springfield: $382,000
North Lakes: $450,888
Augustine Heights: $515,000
Chermside: $571,000
Woolloongabba: $665,000
Toowong: $750,000
New Farm: $1,300,000
Newstead: $2,765,000