Posted: 7 Dec, 2018
Brisbane’s Northside Dominates Most Affordable And Liveable ListThree Brisbane suburbs have been identified as the city’s most affordable and liveable hot spots for houses — and they are all north of the river.
Aspley, Everton Park and Geebung, which are all within 15km of the CBD, came out on top in the latest PRDnationwide Affordable and Liveable Property Guide, published for the second half of 2018.
PRDnationwide national research manager Dr Diaswati (Asti) Mardiasmo, author of the report, said it had thrown up a few surprises in the Brisbane market.
“In our previous report we could find suburbs that were both affordable and liveable in all corners of Brisbane,” she said. “This time, we could only find suburbs in the northern suburbs showing that you can no longer just go anywhere to meet those two criteria.
“And in the southern states in previous reports, we could only ever find suburbs in Sydney’s west, or Melbourne’s north, but for the first time since 2016, we are now seeing stock below $500,000 in Sydney (1.4% of the market).”
On Monday, the CoreLogic November hedonic home value index revealed Brisbane was the only major state capital to record a rise in home values last month, with home values growing 0.1 per cent. By comparison, national dwelling values fell 0.7 per cent — the index’s weakest performance since December 2008.
Of the three Brisbane hot spots, Everton Park had the highest median house price at $605,000, according to the PRDnationwide report.
It noted that Everton Park “ticked all the right boxes” due to its proximity to amenities, its strong rental yields and low vacancy rates, and a $7 million pipeline of commercial and residential projects that is expected to improve local employment and economic growth.
The suburb is seeing significant residential development, upgrades to local shopping precincts, has good schools, transport and green spaces.
Caroline Gasteen, 31, and Jacob Knautch, 27, are currently renting in Everton Park but hope to buy the house from their landlord.
“We are maybe a few years out from being ready but are hoping it is still affordable,” Mr Knautch said.
“It is a nice house but needs some work and we always have conversations about what we would do. It is such a nice spot.
“It is close to work … it is less than an hour to get to the dog beach at Bribie Island, the shops are down the road, we can walk to the train.
“One day potentially we would consider having a family and this area suits that.”
For Aspley, the report said its low entry price point for first home buyers, solid rental yields, low vacancy rates, and $2 million worth of projects earned it a top three spot.
Glenn and Josephine England, and their daughters, Emily, 13, and Annabelle, 10, have lived in Aspley for 20 years, but are sellingup to move interstate and be closer to extended family.
“It is a good area for families, and we are sad to go, Mrs England said. “The kids can catch a bus to school, its easy to get to the shops, there is plenty of dog parks and playgrounds and easy access to major arterials, and work.
“That’s why we have stayed here and never moved.”
Their house at 98 Pie St, Aspley, is listed with James Hollis of Ray White Aspley.
Geebung was also an attractive spot for first home buyers, was close to amenities, had “great” public transport access, solid rental yields, and $7.6 million in commercial projects, with the report noting “now is the time to act”.
In terms of units, Carseldine (north), Doolandella (south) and Wynnum West (east) were the top performers, with each one offering affordability, price growth, solid rental yields and proximity to amenities.
Overall, Dr Mardiasmo said the focus in Brisbane would continue to be on residential projects that would cater to the city’s projected population growth.
She said there had been a lot of focus on Brisbane’s south in previous years, but that had changed in recent times, giving a boost to the northern suburbs and drawing in first home buyers, families, professionals and investors.
“If you look at the research, the number of houses within the $0 to $500,000 price bracket in Brisbane has increased from 10.4 per cent in the second half of 2017, to 12.4 per cent during this half,” Dr Mardiasmo said.
“Whereas the number of $1 million-plus houses has fallen from 14.9 per cent to 12.4 per cent.”
Looking to the next quarter, Dr Mardiasmo said she did not expect any major changes in the Brisbane market.
“It is not going to change dramatically, unlike the southern capitals,” she said.