Brisbane only has one suburb left where the median house price is under $300,000, new research has found.
According to PRDnationwide, Inala recorded a 2 per cent drop in house prices in the six months leading up to March 2011 – pushing the median house price below $300,000 for the first time in five years.
PRDnationwide’s Brisbane Market Update identifies the top 10 most affordable suburbs and the top 10 premium suburbs for both houses and units.
Josh Brown, PRDnationwide research analyst, said looking at the areas with the cheapest units and houses – nine out of the top 10 in both markets recorded price decreases of up to 18 per cent.
Three in four of the top 10 most affordable unit suburbs are located in the north of the city – Kedron, Lutwych and Wooloowin.
“This region has undergone significant development over the past couple of years – in particular the Airport Link Tunnel and Busy Way,” Mr Brown said.
“This means when those suburbs start to witness price recovery – it could be accelerated due to coinciding with improved amenity and investor interest.
“Apartments in these areas mainly appeal to first home buyers and investors, given the affordable entry point, convenience and strong rents being achieved.”
Looking at areas with the cheapest houses – topping the list were Inala, Acacia Ridge and Darra – all registering a median house price under $355,000.
“These regions attract buyers who have little reliance on the CBD and surrounds for employment,” said Mr Brown.
The top 10 most expensive suburbs were also identified – with New Farm emerging as Brisbane's most premium suburb registering a median house price of $1.3 Million.