Australia’s best city for first home buyers revealed – with houses on offer for just $500,000 – half the price of the average property in Sydney
- Report found Brisbane has most suburbs with houses for sale under $500,000
- The report says that this is extremely encouraging news for first home buyers
- Other capital cities did not fare as well in terms of affordability and livability
Brisbane has been named the top spot for first home buyers with almost half of the suburbs in the city featuring entry-level properties for under $500,000.
A total of 42.4 per cent of suburbs in the Queensland capital had properties for sale under the half a million mark, according to the Brisbane Affordable and Livable Property Guide by PRDnationwide.
‘The Brisbane property market is currently in its prime for first home buyers,’ the report states.
This house at 100 Griffith Street, Everton Park is for sale for offers over $499,000
This townhouse at 50/34 O’Doherty Circuit, Nudgee is for sale for offers over $475,000
‘This is extremely encouraging news for Brisbane first home buyers, as it signals a flip in the market from being a $500,000 to $800,000 market to an under $500,000 market.’
Sydney and Melbourne did not fare as well.
In Sydney 0.5 per cent of suburbs had properties under 500,000 while in Melbourne it was 4 per cent.
The report said all affordable and livable suburbs in Sydney had negative annual median price growth – a sign of market cooling – however average prices still remained well above Brisbane.
Hobart prices were also low but the report indicated that many cheaper suburbs did not meet the livability criteria – which looked at crime rates, amenities, and unemployment rates.
PRDnationwide national research manager Dr Asti Mardiasmo said for first home buyers, Brisbane was the top spot in the country.
‘The number of suburbs under $500,000 has jumped to 42 per cent which is gold for first home buyers because it means they have more choice and can broaden their horizons,’ she told realestate.com.au.
This house and land package at 34 Mews Lane, Doolandella has a price tag of $365,880
‘This is a good thing because you don’t want to see, say, first home buyers, young professionals and young families, all concentrated in one pocket.’
She said in their last report for the second half of 2018 that figure was only 12.4 per cent.
Dr Mardiasmo said that while the affordable suburbs were located all over the city and not concentrated in one pocket, the cheapest suburbs were Everton Park, Nudgee, and Doolandella.
She also said Brisbane was traditionally a more stable market than southern states and inner city suburbs were likely safer in terms of value.
This house at 50 Wallaroo Way, Doolandella is for sale for offers over $430,000