Cheapest suburbs to invest in Brisbane 2024
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One of Australia’s top-performing markets in 2023, attention is turning to Brisbane as a property investment hotspot in 2024.
With a median price of $870,526, houses in Brisbane are more affordable than Sydney (median house price $1,397,366) and Melbourne (median house price $943,725). Throw in a great lifestyle in attractive locations and it’s easy to see why investment expert Michael Yardney believes buyers can get more bang for their buck in Brisbane.
“Brisbane’s median house value sitting at just 63 per cent of Sydney’s suggests a powerful blend of growth and affordability, making the city an increasingly attractive option for investors,” says Michael. He predicts Brisbane could become one of the strongest housing markets in 2024 with affordability a key driver.
Real estate expert John McGrath agrees, saying now is the time to invest in Brisbane property. “Overall, the outlook for South East Queensland is positive for both owner occupiers and investors with prices rising, strong population growth and mass infrastructure investment,” says John.
While Brisbane property prices increased +10.7 per cent in 2023, some suburbs remain relatively affordable. For the cheapest real estate in Brisbane, you need to venture west of the city to the Somerset, Lockyer Valley and Ipswich regions where family-sized houses with good rental yields are available for less than $500,000.
Cheapest suburbs in Brisbane to invest in houses
Toogoolawah
4313
Toogoolawah is one of the cheapest suburbs to buy in Brisbane with a median house price of $390,000. Located in the Somerset Region of Greater Brisbane, it seems Toogoolawah’s relative affordability has caught the attention of buyers – houses gained +20.84 per cent in value over the past year while spending an average 30 days on market. With a rental yield of 4.98 per cent, Toogoolawah is poised to become one of Brisbane’s property hotspots.
- Median house price: $390,000
- Average house rent: $390/week
Laidley
4341
Around an hour west of the CBD, Laidley in the Lockyer Valley Region has a median house price of $408,000. While affordable, Laidley shows signs of becoming one of Brisbane’s growth suburbs – houses only spend an average 20 days on market with prices rising +10.27 per cent over the past year. A rental yield of 5.71 per cent for houses and 4.72% for units could see more investors adding Laidley to their watchlist.
- Median house price: $408,000
- Median unit price: -
- Average house rent: $420/week
- Average unit rent: $265/week
Lowood
4311
Another potential Brisbane growth suburb, Lowood in the Somerset Region has a median house price of $425,000 which gained +16.44 per cent over the past year. Houses spend an average 22 days on market in Lowood and have a rental yield of 5.39 per cent. Units are also cheap with a median price of $310,000, offering an affordable alternative for homebuyers or investors priced out of central Brisbane.
- Median house price: $425,000
- Median unit price: $310,000
- Average house rent: $450/week
- Average unit rent: -
Some of the most affordable properties can be found in Brisbane's middle and outer ring suburbs
North Booval
4304
North Booval in the City of Ipswich is one of the cheapest suburbs to buy in Brisbane with a median house price of $430,000 and median unit price of $321,500. Units in North Booval are particularly strong performers – unit prices gained +22.71 per cent over the past year and have a gross rental yield of 6.04 per cent. House prices are also on the way up, gaining +7.50 per cent over the past year, with a rental yield of 5.53 per cent.
- Median house price: $430,000
- Median unit price: $321,500
- Average house rent: $470/week
- Average unit rent: $345/week
Leichhardt
4305
Leichhardt in the City of Ipswich is hot property – houses spent an average 9 days on market over the past year. A family-friendly suburb with plenty of parks and schools, Leichhardt is also one of Brisbane’s cheapest with a median house price of $431,500. There are signs of potential for investors with house prices gaining +8.01 per cent over the past year and a rental yield of 5.38 per cent.
- Median house price: $431,500
- Average house rent: $450/week
Riverview
4303
Riverview in the city of Ipswich rates highly among locals as a great value suburb offering a quiet, family-friendly lifestyle. Buyers need to be quick – houses only spend an average of 18 days on market in Riverview, and with a relatively affordable median price of $435,000, the suburb’s popularity is only set to increase. House prices have risen +14.7 per cent over the past year and with a rental yield of 5.45 per cent, now could be the time for investors to put Riverview on their radar.
- Median house price: $435,000
- Average house rent: $425/week
Basin Pocket
4305
Also in Ipswich, Basin Pocket is a small residential suburb within commuting distance of the Brisbane CBD. Wide open spaces, tree cover, access to bus networks and low crime rates put Basin Pocket on the map for liveability while a median house price of $440,000 places it as one of the cheap suburbs of Brisbane. It also shows investment potential – house prices grew +17.73 per cent over the past and rental yield for houses is 5.57 per cent.
- Median house price: $440,000
- Average house rent: $450/week
For the adventurous, four Southern Moreton Bay islands also rank among Brisbane’s most affordable suburbs. Russell Island (median house price $345,000), Lamb Island (median house price $375,000), Macleay Island (median house price $380,000) and Coochiemudlo Island (median house price $496,000) are within commuting distance of Brisbane and offer a quiet lifestyle amidst spectacular scenery.
Cheapest suburbs in Brisbane to invest in apartments
Nicola McDougall, Chair of Property Investment Professionals of Australia, stresses the importance of location when investing in Brisbane units. “It’s vital to prioritise superior locations as well as seek out small complexes with upgrade potential and always be mindful of the potential for new unit oversupply over the short- to medium-term,” Nicola says.
Nicola recommends looking for inner-city suburbs with established apartments. She singles out Coorparoo (median unit price $535,000), Taringa (median unit price $525,000) and Clayfield (median unit price $490,000) as desirable suburbs where prices are below the city median.
“These areas have long since gentrified but generally have a percentage of older established units with affordable buy-in prices,” Nicola says.
For those wanting a unit close to the action, some of the most affordable suburbs in Brisbane are minutes from the CBD with a median unit price below the city median of $552,332. This is a list of some cheap suburbs in Brisbane for units, all within the City of Brisbane and with rental returns above 5 per cent:
| Suburb | Median unit price | Average weekly rent | Gross rental yield |
|---|---|---|---|
| Fortitude Valley | $414,000 | $550 | 6.57% |
| Bowen Hills | $420,000 | $550 | 6.16% |
| Dutton Park | $422,000 | $450 | 5.52% |
| Zillmere | $429,500 | $450 | 5.58% |
| Bald Hills | $437,500 | $490 | 5.96% |
| Richlands | $440,000 | $530 | 5.53% |
| Spring Hill | $445,000 | $550 | 6.98% |
| Kelvin Grove | $485,000 | $550 | 5.83% |
| Enoggera | $486,000 | $540 | 5.11% |
Both a stone’s throw from the CBD, Fortitude Valley and Bowen Hills are vibrant lifestyle suburbs where, with a median unit price of $414,000 and $420,000 respectively, it’s possible to find an affordable apartment in a great location. While unit prices declined over the past year – down -2.11 per cent (Fortitude Valley) and -6.25% (Bowen Valley) – strong yields above 6 per cent put these two suburbs among Brisbane’s top rental performers.
