Setting your budget: What your money buys in Brisbane’s inner city
Many property investors are considering the leap into Brisbane’s inner-city, encouraged by the lowest interest rates on record and a market that’s gaining momentum. But with thousands of properties on those websites there can sometimes be too much info. Once you have a handle on suburb and size they’re terrific, but for that big picture overview of the inner-Brisbane market here’s some ideas:
You’ll firstly notice we didn’t start the price ranges at $100,000 or $200,000. There are a handful of studio apartments in the $200,000’s but typically Brisbane’ inner-city no longer has a lot to offer for under $300,000 and if this is your budget you may need to consider the middle and outer ‘burbs. But from $300,000 there’s a choice of near city one bed apartments, usually without a carpark, and of course as you move further from the city the options expand. The 2km radius (suburbs like South Brisbane, Milton and The Valley) sees space improve. From mid $300,000’s or thereabouts carparks are included as standard, and you’ll find something a little more modern. And as you near the 5km radius there’s a scattering of 2 bed apartments, maybe a little tired but with plenty of renovation opportunity in those 70’s and 80’s walk-up brick buildings for high $300,000’s to low $400,000’s.
This remains the busiest segment of inner-Brisbane’s real estate market. It’s no surprise more than half of inner-Brisbane property is medium and high density (usually apartments) and the majority are 2 bedroom. And most of them are now priced somewhere in the $500,000’s. You’ll find a wide selection of 2 beds with ensuites throughout the inner-city. You’ll get change from $500k for those with less popular neighbourhoods, compromised views (agent talk for an outlook onto a rail line or major road!), high maintenance buildings (often most evident in high body corp fees) or closer to the 5km mark in Taringa, Clayfield or Annerley.
If you’re happy to do without the ensuite half a million will often buy a brand new 2 bed apartment in our inner-city or one with a larger size and/or with good views. There’s still some older houses on the $500,000 shopping list, but in this price range they commonly need major work. Smaller houses and some ‘location-challenged’ ones will make your list, but if you can spend $600,000 you’ll find a tidy house in places like Lutwyche, Morningside or Greenslopes.
Vacant land also sells around this price in near-city suburbs if you can find it.
Remember when being a millionaire used to be something special?! Real estate agents will still pick you up in their European car for your $1m viewing, but the choices aren’t what they used to be. Premium apartments with 3 beds and the good views of the city and sometimes the river. Good near-city houses, not usually the ones with views, but good sizes and condition and in streets you’ll be proud to call home. As you move to low $1,000,000’s you can choose from spacious Queenslanders on bigger lots in Wilston and Norman Park or modern, in-fill contemporary houses on 405m2 in suburbs like Red Hill and Bardon.
Brisbane’s inner-city continues to evolve and many neighbourhoods attract new demand as their amenities improve – whether that’s transport, food and entertainment options, or new housing supply and renovations. Prices of most types of residential property have risen over this past year but not in a uniform pattern as buyers see more appeal in some suburbs than others.
In the same way investors want to know there’ll be good tenant demand, and more than ever we now see landlords taking the time to consider their purchases and locations from the eyes of a prospective tenant. Please let us know if our Property Management team can help with some of this market insight to better inform your property search.