If you’re ready for your first home, an upsize, a downsize, or like to secure an investment property in our inner-city, the choices can be a little overwhelming. Log onto the real estate websites and there are thousands of options! Sometimes that much info is not helpful.
In many of our sub-markets buyer demand is higher than its been for a long time and prices are sneaking up. So here’s a quick snapshot of what your money will currently buy, giving you a head start for your Brisbane home hunting!
Despite the apartment price downturn of the past 5 years (caused by the tsunami of new supply) there’s still only a handful of options in this price range unless you head out to the ‘burbs. In our CBD you can secure a tidy 1 bedroom apartment and it’s likely to have a reasonably spacious floorplan (yep “spacious” is a relative description – if you’re used to a suburban house it’ll still feel tiny!), building amenities like pools and gyms and be an easy walk to everything you need. Which is just as well as for this price it won’t usually include a carpark!
If you’re chasing some views/outlook or secure parking for your car there’s still good options close to the city centre. Check out Fortitude Valley and Spring Hill, where development through the early 2000’s gave us some excellent apartment options that are still a short stroll to work or play, and generate big rental demand from tenants. Our sales team currently has a 1 bed apartment for sale in the Valley (with a carpark and great garden aspect) for $260,000. And it’s rented at $370 per week.
Need two bedrooms? There’s some notable exceptions to this, but generally as you get further from our CBD home prices do get more affordable fairly quickly. So you will find 2 bed homes within the magic 5km radius and while they mightn’t be sparkling fresh, or even include all your wish-list items like an ensuite or airconditioning, renting out that spare room can be a huge help with the mortgage.
Try Toowong, Clayfield and Camp Hill for older style brick apartments. Usually in 2-3 storey walk-up buildings they’re famous for their roomy floorplans, low body corp fees and below-average looks! And a tip for the future-minded? Some of these are on large parcels of land where developers will one day come a’knocking. A big chunk of your price is for the raw land and that continues to rise in value.
The choices are starting to shrink, as buyer demand steps up a notch in this busiest of inner-Brisbane sub-markets. In the past 6 months we’ve seen a number of the better located 2 bed apartments push above half a million. And if you’re wanting views (city or river) or a near new building, there will be slim pickings below this mark. Curb your ambitions just a little though and there’s a broad choice of ensuited 2 bed homes with plenty to offer and only 10-15 years old.
Floorplan sizes were bigger back then and suburbs like West End, Kangaroo Point and Bowen Hills now have thriving cafe lifestyles that were only just getting started when these apartments were built. They’re now super popular neighbourhoods and you can still find well-located 2 bed apartments with lots of creature comforts for $500,000. Here’s a great example for sale in South Brisbane in an elevated location for $469,000.
If you’d really like a third bedroom you can just squeeze into this budget, with some apartment options in places like St Lucia, Morningside and Wilston. They won’t usually be in great condition and may be a little less attractive than their modern cousins. Developers rarely build 3 bed apartments (they’re harder to sell off-plan) so there’s not a lot of them in total.
Really holding on to the dream of a more modern home with all the bells and whistles?! If you can handle a bit of road or rail noise that can give you something like 10-15% more buying power.
Bees Nees Sales Consultant Brady Hope says the sub $500,000 market has seen a noticeable shift in demand this year. “It’s surprising lots of people but we don’t really have enough for sale any more. Lots of buyers have come into the market since the start of the year but they’re missing out on places, they’re making multiple offers, and this is pushing more homes above the half million.”
Houses in Red Hill, the Gabba and Coorparoo are now on your shopping list and, while they might be smallish or maybe cop some traffic noise, you will own your patch of land and usually have some character and opportunity to renovate. We sold this Ashgrove 2 bedder for its full asking price of $699,000 recently and with heaps of enquiry and multiple offers, it shows the demand for this type of home is running strong. You need to be ready to sign an offer at that first viewing.
Prefer a townhouse for a more modern home, but without the multi-level building? Suburbs like Annerley (we sold this fresh new 3 bedder for $735,000) and Auchenflower are not right among the rush of the city if a close-but-not-too-close location is more your style, many downsizers feel at home with this selection.
And of course there’s a big range of apartments available in Brisbane’s inner-city if you’re spending up to three-quarters of a million dollars. In the CBD and its immediate surrounds you’ll find larger, modern 2 bed apartments, often with good views and plenty of sex appeal. The range of 3 bed apartments is also much broader, although you won’t be drinking in a river outlook at this price.
You have a good choice of premium apartments in Brisbane with this budget, with modern offerings with views of Brisbane River and the city. The better and bigger 3 bedders may still be out of reach, but high quality apartments like this South Bank 2 bed (sold recently by Bees Nees for $890,000) have an especially inviting lifestyle.
House prices have continued to rise over recent years so premium homes in our inner-city are now all above this mark. While they won’t provide 4 beds with 2 storey living or views of the city lights, you will find a charming Queenslander in popular suburbs like Paddington or Bulimba and in quality streets where you’ll comfortably make your home.
Recent stats show Brisbane’s median home price is around $500,000 and, while our inner-city is our most expensive patch, the rewards are there for your Brisbane home hunting when you do your research. Is 2020 the year for your move?!
Please share your comments on the choice of homes in Brisbane’s inner-city!