Brisbane first home buyers rejoice! Our beautiful city is being held up as an example to the rest of the country of housing affordability. A recent search showed 92 suburbs in the greater Brisbane area have a median price below the average purchasing power ($392,000) of Brisbane first-home buyers.
This means Brisbane first home buyers have a much greater chance, and far more choice when it comes to buying their first home.
Brisbane is currently the most affordable market in the country. Even when compared to Hobart, another relatively affordable property market, Brisbane first home buyers have far more properties to choose from. For example, there were 81 suburbs in the Greater Brisbane region with an affordable unit median price.
In addition to property choice, Brisbane first home buyers also have it better than most capital cities in Australia when it comes to choosing where they want to live and in what sort of property. This has largely been attributed to all of the construction that’s going on in and around Brisbane.
Location is still a top priority when Brisbane first home buyers are determining where they want to buy. And more often than not they want it to be within a reasonable distance of where they work and/or study. Twenty kilometres is typically further than most Brisbanites are used to commuting and many disregard properties that are outside this distance.
However, new developments around the Brisbane area are addressing this requirement by providing transport links (e.g. the Morteon Bay Rail Link) and creating desirable infrastructure and amenities in these outer suburbs.
So while Brisbane might not be a property hotspot like Sydney or Melbourne, it’s certainly a great place to start your property journey.