According to CoreLogic data released in November 2022, Brisbane’s median dwelling value is just over $715,000, making it one of the more affordable capitals in the country.
Roughly 220,000 people are tipped to leave the southern states for Queensland over the next five years, with housing affordability, employment opportunities, infrastructure projects, and lifestyle tipped as the main contributors.
Place Kangaroo Point Lead Agent Courtney Cauflield told Savings.com.au now is the perfect time to enter the Brisbane property market.
“Since last year, there is much less competition amongst buyers, and with interest rates continuing to rise, buyers should lock in their home loans now,” Ms Caufield said.
“Plus, with rental prices consistently rising, it’s better to own your own home than pay rent.
“For investors, buying now with the current interest rates instead of waiting for rises means you enter the market and can secure a fantastic yield.”
Here are a handful of suburbs tipped as ones to watch in 2023 by property experts.
Median price data sourced via Realestate.com.au and is accurate as at November 2022.
PRD Chief Economist Dr Diaswati Mardiasmo named Oxley as ‘one to watch’ given its proximity to both Brisbane and Ipswich.
“Oxley sits nicely tucked away behind the more expensive suburbs of Graceville and Indooroopilly, and has less ‘spotlight’ because of its location,” Dr Mardiasmo told Savings.com.au.
“It sits on the Ipswich motorway so it provides a half-way point almost between Brisbane and Ipswich.
“The suburb is located within close proximity to public transport, shops (Indooroopilly shopping centre), medical centres (Canossa private hospital) and education precincts (University of Queensland).”
- Median price: $840,000 for houses, $441,000 for units.
- Median rent: $550 p/w for houses, $435 p/w for units.
Alexandra Hills and Capalaba
Another added to the list by Dr Mardiasmo were neighbouring suburbs Alexandra Hills and Capalaba – located roughly 23km from the CBD.
“Alexandra Hills and Capalaba have not traditionally been the ‘go to’ suburbs for Brisbanites, hence they are hidden gems,” she said.
“The areas are going through massive gentrification right now with more houses/townhouses being built in the area, hence more supply available for first home buyers.”
Both suburbs have easy access to an abundance of shopping centres, parklands, and transport facilities, with plenty of state and private school options available within the Redland City Council. Alexandra Hills and Capalaba are also only a mere 5-6km away from the pristine waters of Raby Bay.
- Median price – Alexandra Hills: $735,000 for houses, $420,000 for units.
- Median rent – Alexandra Hills: $550 p/w for houses, $410 p/w for units.
- Median price – Capalaba: $780,000 for houses, $473,028 for units.
- Median rent – Capalaba: $575 p/w for houses, $412 p/w for units.
One of Ms Caufield’s top suburbs to watch in 2023 is Kangaroo Point – the riverside suburb on the edge of the CBD and beside Woolloongabba, the venue of the main 2032 Olympics stadium.
“Kangaroo Point is only a mere 2km to the city with plenty of major infrastructure and local projects on the way including a pedestrian footbridge to the botanic gardens, the Woolworths development approval, City Cat transport, and buses,” she said.
“It’s a suburb that’s perfect for all generations; first home buyers with affordable unit living, families with proximity to the best schools in Brisbane, and downsizers who love the walkability of the suburb.”
Property veteran John McGrath also recommends Kangaroo Point, a suburb with rich history and character.
“A momentary dip in property prices in the picturesque riverside suburb could be an opportunity for savvy buyers in 2023,” Mr McGrath said.
- Median price: $1.4 million for houses, $555,000 for units.
- Median rent: $600 p/w for houses, $525 p/w for units.
Mr McGrath has also named New Farm in the city’s inner north as one of his key picks for buying in 2023.
“Cars are optional in this popular riverside suburb located an easy walk away from the CBD,” he said.
“Famed for its namesake park, sprawling Queenslander homes and relaxed dining, it has long been favoured by professionals and families.
“Prices for both houses and apartments aren’t as bullish as they were at the end of 2021, potentially offering an entry point to this prestigious postcode.”
The suburb is home to the historic New Farm park, a farmer’s market, and even an art house cinema, while the North-West side connects to Fortitude Valley which is known for its nightlife.
The famous Brisbane Riverwalk runs alongside the suburb and provides a great way to get around by walking, running, or cycling.
- Median price: $2.6 million for houses, $743,000 for units.
- Median rent: $1,000 p/w for houses, $450 p/w for units.
Redbank Plains was revealed as one suburb to keep on the radar for 2023, according to national real estate agency Upside’s annual State of the Australian Property Market List 2023.
“Located in Ipswich, and one of Queensland’s fastest growing suburbs, Redbank Plains is approximately 34km from Brisbane’s CBD,” the report said.
“With an increasing median house price [up 33.8% in 2022] and an increase in new housing developments and infrastructure projects in nearby Ripley Valley, this is one to watch.”
Redbank Plains has a state of the art shopping centre located in the heart of the suburb which features a Coles, Woolworths, Aldi, Target, and Australia Post along with a variety of speciality stores.
It’s also serviced by two motorways within close proximity – the Ipswich Motorway and Centenary Motorway. Residents can also access rail services from Redbank station, Goodna station, and Springfield station.
- Median price: $500,000 for houses, $340,000 for units.
- Median rent: $435 p/w for houses, $330 p/w for units.
The last suburb to watch according to Mr McGrath is Woolloongabba, given its central location in the lead-up to the 2032 Olympic Games.
“Neighbouring Brisbane’s CBD, Woolloongabba has a mix of families and professionals thanks to its growing restaurant and nightlife scene, proximity to great schools, the city, and the iconic Gabba stadium,” he said.
Woolloongabba is also home to some excellent health services such as the Princess Alexandra Hospital and The Lady Cilento Children’s Hospital also right on its doorstep in South Brisbane.
While there are no schools within Woolloongabba itself, there are over 20 schools in neighbouring suburbs within five kilometres. Further, the Cross River Rail station will be just minutes by train to the new Albert Street Station in Brisbane’s CBD. Construction is projected to be completed in 2024 with services commencing in 2025.
- Median price: $1.33 million for houses, $510,000 for units.
- Median rent: $605 p/w for houses, $500 p/w for units.
Going back to Upside’s report, Hamilton was named as another suburb set for growth in 2023.
“Already an affluent riverside suburb, Hamilton is being transformed to accommodate the athletes village for the 2032 Brisbane Olympic Games and this is expected to fuel growth in what is already a popular suburb,” the report said.
“Existing industrial land is being rejuvenated, adding to a popular dining and hospitality precinct.
“Hamilton has seen 28.8% growth in the median house price in the past 12 months on the back of the announcement.”
Hamilton is known for its stunning river and city views, quiet streets, and close proximity to the CBD – roughly 7km. As the suburb is on the river, the City Cat can be a good form of public transport which stops in several locations between Hamilton and St Lucia including Bulimba, New Farm, the CBD, Southbank, Milton, and Toowong. The Doomben train line is also nearby.
For those who travel regularly, Hamilton is a mere 10 minute drive from the Brisbane Domestic and International Airport.
The suburb is also home to or near some of Brisbane’s most prestigious schools including St Margaret’s Anglican Girls School, Hamilton State School, St Rita’s College, and Ascot State School.
- Median price: $2.06 million for houses, $550,000 for units.
- Median rent: $825 p/w for houses, $490 p/w for units.
For Dr Mardiasmo’s last pick, she recommends Doolandella – a family friendly suburb located just under 20km from the Brisbane CBD.
“Doolandella has always been associated with being a more affordable suburb, almost a migrant suburb with some older houses,” she said.
“However it is now becoming more gentrified – new school, new service station with McDonalds, new townhouses, and also some new vacant lots.
“It’s also just behind Forest Lake so people can enjoy the Lake Parklands just a few minutes down the road.”
With plenty of public transport options and easy access to the Logan Motorway, Ipswich Motorway, and Western Freeway, Doolandella is one to watch for 2023.
- Median price: $700,000 for houses, $353,000 for units.
- Median rent: $520 p/w for houses, $390 p/w for units.
“East Brisbane is a suburb that’s always been overlooked, but still has such great value,” Ms Caulfield said.
“It’s so close to the city, the Woolloongabba Cross River Rail precinct, Mowbray Park Ferry, and Churchie Boys School. It’s great for both families and investors.”
Located 3km from Brisbane’s CBD, East Brisbane offers the pinnacle of inner-city fringe living. Residents have access to a variety of boutiques, cafes, restaurants, bikeways, and vast riverfront recreational green spaces.
East Brisbane also has a number of schools in the local precinct including Churchie, East Brisbane State School, Somerville House, and St. Joseph’s Primary School.
- Median price: $1.24 million for houses, $506,000 for units.
- Median rent: $700 p/w for houses, $440 p/w for units.
For those looking for a mix of suburbia and urban fun, Ms Caulfield recommends Bulimba.
“With the future Bulimba Barracks project, it’s a no brainer that this suburb will have great future growth,” she said.
“Right now it’s highly sought after for the family and downsizer market, with a number of local schools and the fantastic hub on Oxford street providing an active community atmosphere.”
Serving as the main strip to the riverfront, Oxford Street is home to Bulimba Village which boasts a range of health food markets, boutique stores, eateries, bookstores, bars, and beauty salons.
The suburb has been a long-time favourite for families and has also gained attention from young professionals who seek a suburban lifestyle while still being in close proximity to the inner city action. However, while Bulimba is only 9km away from the CBD, it can take up to 45 minutes in heavy traffic.
The Bulimba Barracks Project is projected to transform the area with a mix of residential, commercial, and retail spaces, creating a whole new hub for the area.
- Median price: $1.99 million for houses, $760,000 for units.
- Median rent: $850 p/w for houses, $550 p/w for units.
The Brisbane suburbs to keep an eye on if you’re a first home buyer
Have you got your heart set on buying your first home in Brisbane in 2023?
Here are the suburbs to consider, according to Dr Mardiasmo’s research.
|Suburb||Median price||Annual growth||Future projects|
|Suburb||Median price||Annual growth||Future projects|
While the above suburbs are not the cheapest by any means (most have a higher median price than the capital city metro), they have seen negative or lower growth in recent months, thus creating new opportunities for first home buyers e.g. higher affordability. Suburbs that do have a lower or on par median price than the capital city metro are in bold. Median prices capture sale transactions from 1st January to 30th September 2022.
Article source: www.savings.com.au