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Best 5 Suburbs To Buy In Brisbane Under $700,000
113 Plays1 month ago
Struggling to find a house in Brisbane under $700,000? You're not alone. With property prices soaring, it's tough to navigate the market, but in this episode, we reveal five hidden Brisbane suburbs where you can still score a house or townhouse within your budget. We’ll break down each suburb, highlighting their growth potential, affordability, safety, and insider tips that could give you the edge. Whether you’re a first-time buyer or just curious about Brisbane’s real estate gems, this guide will help you take that first step toward homeownership.
Stop guessing about your buying power! Get a FREE personalised home buying assessment with Hunter Galloway. Call 1300 088 065 or visit huntergalloway.com.au
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Transcript
Rising Property Prices in Brisbane
00:00:00
Speaker
Are you struggling to find a home in Brisbane for under $700,000? Property prices have soared in recent years. In December 2019, the median house price in Brisbane was $577,000. Fast forward to today, it's over $840,000.
Affordable Suburbs Under $700,000
00:00:12
Speaker
But don't worry, I'm going to show you five hidden suburbs where you can still buy a house. Yeah, that's right, a house or a townhouse for under $700,000.
Growth Potential in Brisbane Suburbs
00:00:19
Speaker
We'll deep dive into each of these suburbs, breaking down why these areas are not just affordable, but also packed with potential future growth.
00:00:25
Speaker
and give you an insider's tip on a couple of them that you might not have heard of. Unlike other videos that's thrown a couple of Logan or Ipswich suburbs, this is purely for Brisbane suburbs. You can know exactly where you can find the perfect house without breaking the bank.
Navigating the Australian Housing Market
00:00:36
Speaker
Welcome to the Buying Your First Home Podcast, your personal guide through the Australian housing market. Here we tackle the big questions and the small details that come up when buying your first home. From financial prep to finding the right neighbourhood, we're here to ensure that you've got all the knowledge at your fingertips. So let's take the first step towards unlocking the door to your new home.
Post-COVID Housing Availability
00:01:02
Speaker
Since COVID, everyone seemed to want a piece of the Brisbane market, especially in those inner and middle ring suburbs. But there just aren't enough homes to go around. In fact, the number of homes up for grabs is 34% below the five-year average. The rental market is also tighter than ever, with low vacancy rates and rents that just seem to keep climbing. It's a tough situation that's been pushing more and more people looking
Stamp Duty Concession for First-Home Buyers
00:01:21
Speaker
to buy. Adding to that pressure, and I guess as a bit of a silver lining for your first home buyer, the Queensland government increased the stamp duty de concession cap. So previously, you can only get stamp duty away for $500,000, but in 2024, the Queensland government increased that cap up to homes purchased up to $700,000, saving you around $20,000 in stamp duty costs.
00:01:38
Speaker
But the kicker on that cap is that only about 20% of houses in Brisbane fall below this value, so you may need to look further out. But on the bright side, if you're looking at a unit, up to 60% of units in Brisbane are valued under $700,000. I'll take you through the methodology, but the way we got to these suburbs wasn't just the price. We looked at a bunch of different factors to make sure that they're a good investment both now and into the future.
Top Brisbane Suburbs for Affordable Homes
00:01:58
Speaker
So let's break down the top five suburbs to buy in Brisbane for under $700,000.
Spotlight on Eight Mile Plains
00:02:03
Speaker
The first suburb on our list is Eight Mile Plains, just 14k from the Brisbane CBD, it's known for its multicultural community and awesome amenities. Areas become increasingly popular with first home buyers. As of August 2024, the median price for a three bedroom house was around $388,000. Now you might be thinking that's pretty close to the $700,000 limit, and you're kind of right.
00:02:22
Speaker
When we look at the data from SQM, they're actually reporting a meeting house price of $785,000. And looking at a lot of the recent sales for homes, they're over $700,000 limit. But I wouldn't be telling you about the suburb if it wasn't one you could buy. Three bedroom townhouses are regularly selling for under $700
Safety and Flood Risk in Eight Mile Plains
00:02:37
Speaker
,000. In terms of a demand, three bedroom houses and three bedroom units are selling pretty quickly in eight mile planes at 29 days and 24 days respectively. That means you're going to need to move quickly if you find a place that you like. Otherwise, it's going to get snapped up by someone else.
00:02:49
Speaker
When it comes to safety, eight-mile planes perform pretty well. It is a crime rank of 10 out of 100, where lower numbers indicate safer areas. To put this into perspective, you're more likely to encounter property crimes like theft than violent crimes. The chance of experience of violent crime in eight-mile planes is about one in 528, which is better than both the state and national averages. If you've seen any of our other videos, you always need to keep in mind flood risk when you're looking at buying a Brisbane. Eight-mile planes is considered a pretty low-risk area. While the headwaters of Bloomington Creek run through the suburbs, major flooding isn't typically a
Infrastructure in Eight Mile Plains
00:03:19
Speaker
concern.
00:03:19
Speaker
There are some pockets there that you need to be aware of. So if you're looking at a house on eight mile plains, it's still worth splitting up the flood map to make sure that you're not impacted. and One or eight mile plains is stronger selling points as its infrastructure. The suburb is really well connected with easy access to major motorways like the Pacific and Gateway. If you're commuting to the CBD or heading to the Gold Coast, you're going to find it pretty straightforward with access to both highways. Public transport is another strong point with express buses and the nearby southeast busway.
00:03:43
Speaker
For your day-to-day needs, Westfield Garden City is just around the corner offering a bunch of shops and options there for dining. Should you buy an eight-mile plane? Well, if you're considering it as a first home, it has a lot to offer. It's got lots of diverse housing options between houses, townhouses, and units to give you options to grow into larger property as your family grows. Just keep in mind, properties in this area move pretty quickly, so it's a good idea to have your finances in order and be ready to move quickly if you find the right home.
00:04:07
Speaker
It's definitely one of those suburbs too, where you don't want to be afraid to look at properties at the lower end of the range, if you're willing to get your hands a bit dirty. Sometimes smart renovations can add a lot of value to your home, helping you build equity for the future.
Profiles: Calamvale and Karawatha
00:04:17
Speaker
Next analyst is Callenvale, a suburb located 18 kilometres south of Brisbane CBD. Its green spaces are making it pretty popular among first-home buyers. As of 2024, the median price for a three-bedroom house, according to domain, is $630,000. SQ Home says the median house price is $715,000.
00:04:32
Speaker
Recently sold listings are showing a fair few three-bedroom townhouses selling for under $700,000 mark, so it's likely your best bet. Prices for three-bedroom houses in Calamvale have increased by 10% over the past quarter, while units are up 3.3% over the quarter and up 7.9% month-to-month. With 29 median days on market for houses and 23 days on units, it's another market where houses and units are getting snapped up pretty quickly. Regarding safety, Calamvale performs pretty well. The chances of expecting violent crime is low, 1 in 545, which is better than both the Queensland and National averages.
00:05:02
Speaker
Flood risk in Calamvale relates to localized flooding during heavy rainfall. So major river flooding isn't typically a big concern, but there are areas that experience issues with water runoff and drainage, so be aware of that. Calamvale offers strong infrastructure and amenities. The suburb is well connected by major roads, making it pretty easy to get to Brisbane's CBD and other areas.
00:05:18
Speaker
There's also multiple bus routes available, making it easy to get in and out of the suburb. For your daily needs, residents have access to shopping centers like Kalinvale Central, and the suburb has a bunch of different parks and recreational areas giving you space for community engagement. So if you're thinking about Kalinvale for your first home, there's a couple of different factors that are way up. There's a good balance of affordability, amenities, and community lifestyle. Unit or townhouse is going to be your best bet in the area for under $700,000.
00:05:40
Speaker
Next up is Karabi, about 16 kilometres southeast of Brisbane CBD. It's known for its community, great transportation and attractive options for first-home buyers. The property market in Karabi has been pretty dynamic recently. As of August 2024, the median house price for a three-bedroom house was 630,000 according to the domain. According to SKM, it was 780,000 and this could be why they disagree. Over the past year, we've seen a substantial increases in property values, with prices for three-bedroom houses growing about 50%, including a 20% jump in the past quarter alone. Domain's calculations may not have caught up. The good news is townhouses regularly selling for under $700,000. For instance, a three-bedroom townhouse on Alpedo Street recently sold for $632,000, while another one on Ollingham recently sold for $550,000.
00:06:21
Speaker
Like the other markets, it's worth noting that properties in Caribee are selling really quickly. Houses are typically selling within 32 days of listing and units are just selling within 13 days. So you're going to want to be prepared to act fast when you find the right property. Looking at safety, Caribee performs pretty well. The chance of experience of violent crime is pretty low, one in 794, which is better than both Queensland and national averages. Flood risk is mostly around overland flow, which happens after heavy rainfall. So unlike river or creek flooding, overland flow occurs when intense rain overwhelms drainage systems.
00:06:51
Speaker
There are a few spots, especially on the gateway that you need to look out for, so make sure you check your council reports before making any offers on properties in Caribee. Again, Caribee really shines with it when it comes to infrastructure, especially transportation options. The suburb boasts a train station and direct links to the Brisbane City and Gold Coast, making it a great location if you're looking at either city. In terms of amenity, Caribee is well served by local shops, as close to a couple of large shopping centres and neighbouring areas.
00:07:13
Speaker
If you're looking at Kirby for your first home, there's a lot to think about. Lots of pros and potential growth in the future, but keep in mind how quickly properties are selling in the area. You need to be quick and decisive when you find the right house. If you're working for that budget under $700,000, then townhouses or units are going to be your best
Exploration of Forest Lake and Taigum
00:07:28
Speaker
bet. If you're looking at houses in Kirby, just pay attention to how close you are to the train station. While it's great to have that local amenity, having a house too close to the tracks could mean you're experiencing noise throughout the night. Next up is Forest Lake, located 19 kilometers southwest of the CBD. The property market in Forest Lake has been pretty active recently. Once again, de Domain is showing a lower median house price in SQM. SQM is saying the median asking price for a three-bedroom house is $716,000. Now, I get that's over a $700,000 target, but there's still opportunity to find homes within the budget. For example, a three-bedroom house on Centennial Way recently sold for $665,000.
00:07:59
Speaker
The market in Forest Lake moves really quickly, with houses typically selling within 21 days of listing, suggesting pretty strong demand in the area, so you need to move quickly when you find the right place. Forest Lake is another relatively safe suburb to live in. You're much less likely to become a victim of either a violent crime or property crime in Forest Lake compared to the state and national averages. Both violent and property crimes are on a bit of an upward trend over the past few years, but even so, the numbers aren't too bad when you compare to the state averages.
00:08:24
Speaker
The most common crimes here are theft and burglary. So if you do buy here, some home security could go a long way to ensuring you've got a bit of peace of mind there. Forest Lake has some flood risk considerations, particularly around severe weather or potential flash flooding. It's also known as one of the most top five storm-affected suburbs in Queensland. Most of the at-risk areas are parks or greens based rather than houses, but just be aware if you're back onto a park, you could be impacted.
00:08:46
Speaker
Forest Lake really stands out for its well-planned infrastructure. As a master plan community, it's designed to offer high quality of life while access to the city. The Forest Lake Shopping Center serves as a hub for the community, offering a range of retail and dining options, and there's a bunch of different parks and walking trails, giving you stuff to do on the way you can.
00:09:01
Speaker
So should you buy in Forest Lake? There's a lot to do. There's family-friendly environment and heaps of amenities, giving you a lot to think about. While the median house price is still slightly above $700,000, there's still opportunities to buy properties within that budget. Now let's head north to Tagum, a suburb located about 16 kilometres north of Brisbane CBD.
00:09:16
Speaker
Affordability has really been pushing more and more home buyers to the area, so is it worth considering? As of August 2024, Domain reports a median house price of $623,000, but SQM suggests the highest, $788,000. Recent sales data shows that there's still opportunities to find homes under $7,000, particularly townhouses.
00:09:33
Speaker
For example, a three-bedroom townhouse on Hanford Road recently sold for $652,000 while another on Hithwood Street sold for $649,000. The market in Tagan removes relatively quickly with properties typically selling within 27 days of listing. Looking at crime data, you don't need to worry too much about safety in Tagan with lower rates of violent and property crime than the national averages. A slight increase in crime over the past five years, but it's still pretty low. Theft is most common here with a lower number of burglaries. Tagan has some flood risk considerations, especially when it comes to creek flooding.
00:10:01
Speaker
Overland flooding looks mostly to be confined to parksharing. Taegham would just be aware of it, make sure again you do flood maps before making any offers. Taegham offers a mix of established infrastructure and ongoing developments. The suburbs pretty well connected to major roads making commuting to CBD relatively straightforward. There's also public transport mostly through buses. For daily needs, Taegham is close to several shopping centers including Taegham Square and recent and planned developments are expanding the housing options available in Taegham which could lead to improved amenities in the future. If you're considering taking for your first home, there's a couple of different factors to think about.
00:10:29
Speaker
It's relatively affordable compared to some of the neighbors, which could allow you to get into the market sooner. Town has to present probably the most affordable option under the $700,000 mark and could allow you to get into the market, saving that stamp duty and potentially using the home guarantee scheme. When you're house hunting and take them, pay attention to specific areas in the suburbs. Some areas might be prone to flooding, others might have better access to public transportation. So I suggest jumping on Walk Score to make sure you get it best at both worlds when you find the right home.
Advice for Potential Buyers
00:10:53
Speaker
Alright, so let's recap those hidden gems. We've explored 8 mile plains, Calamvale, Curaby, Forest Lake and taken 5 suburbs where your budget can still open doors for under $700,000. Remember that each of these areas offers something unique, from 8 mile plains as cultural diversity to Forest Lake's family friendly atmosphere. There's a suburb here for every lifestyle, but don't just take my word for it. You need to go out and explore these neighborhoods for yourself. Walk the streets, chat to the locals and imagine what it's like to live in these actual communities.
00:11:18
Speaker
Now, I know you might be thinking, well, what if prices keep rising? Well, that's exactly why now it could be the right time to act for you. With the first home guarantee scheme and the stamp duty concession, this helped get your foot into the door. But I guess overall, here's the most important takeaway. Buying your home isn't just about the property. It's about starting your journey as a home buyer. Really, it's about that first step of building equity, creating stability and having a place to call your own. With the right information and bit of determination, your dream of home ownership is within reach. Remember, each property journey starts with the first step. So why not make one of these suburbs your home? And if you end up buying one of those so be able to just drop a comment to let
Closing Remarks and Loan Assistance
00:11:48
Speaker
us know. At Hunter Galloway we're the home for home buyers across Australia. If you need any help with finance or working out if you're eligible for a home loan today, hit us up. At huntergalloway.com.au there's no fees for our service and we'd love to help you buy your first home. And until next time, see you later.