Brisbane Kicking Goals For Housing
25th Apr 2018
BRISBANE is kicking goals, emerging as the most affordable option for buyers and with the best rental return for investors of all the East Coast cities.
The latest Australian Residential Development Review 2018 — out today (Wednesday) — named Greater Brisbane as “the most affordable option for first time buyers” with median house values rising just 0.4 per cent last year to $549,000 and apartment values falling 4.5 per cent to $386,000.
Compare that to Melbourne where the median cost of a house was $904,000, or Sydney where it’s upwards of $1.17m. Melbourne’s apartment median was $506,000 (just $49,000 off Brisbane’s house median), while Sydney was even more costly ($737,000).
The Knight Frank Research report found Brisbane rental yields leading the East Coast at 4.6 per cent for houses in the December quarter, with apartments at 4.9 per cent. In contrast, Sydney was over a full percentage point lower for both houses (3.1 per cent) and apartments (3.8 per cent).
The median rent paid in the Queensland capital has been holding at $400 a week, with apartment rental costs falling 1.3 per cent to $370 a week.
Vacancies across Greater Brisbane were at 3 per cent, driven up by the inner suburbs (4 per cent), then the middle (2.1 per cent) and 1.9 per cent in the suburbs 20km-plus away from the CBD.
Its tally showed 34,150 houses were sold in Greater Brisbane last year, a 13.5 per cent fall on the previous year, and 11,290 apartments were sold (down 20.2 per cent).