With property prices in Brisbane predicted to increase again by more than five percent in 20201 the affordability of housing in the central suburbs of Brisbane may become harder to achieve for first home buyers looking to settle down and invest in property.

Some buyers have found the solution to this in the outlying suburbs of Greater Brisbane, where the average home price is currently sitting at $528,000— $147,000 less than the median price in the Brisbane Local Government Area (LGA)2.

This significant price variation can mean a world of difference for first home buyers looking to save enough equity for a deposit on their future home.

Grishma and Pradeep Kharel were renting in inner-city Brisbane when they decided the time was right to invest in their own home. They soon realised an inner-city home was not achievable with their budget and started looking into opportunities further away from the Brisbane CBD.

“Before buying our home we had been renting less than 15 minutes from the city, but we couldn’t afford to buy a home there,” Ms Kharel said.

“We had been looking at several different areas in the area, but Brentwood Forest in Bellbird Park stood out to us.

“Brentwood Forest had great utilities and we actually loved the location — it was only half an hour from the city and close to schools, shopping centres and only a seven-minute drive to Springfield Central.”

Springfield Central is fast becoming a new city hub within the Greater Brisbane region and is expected to service 350,000 people by the year 20363.

AVID Property Group Senior Development Manager Peter MacLeod said the master-planned community has received more enquiries from couples and families looking to buy their first home.

“We are seeing more couples coming to Brentwood Forest in search of the stability that comes with home ownership — they are looking for a place to start and grow their family,” Mr MacLeod said.

“Many of these first home buyers feel priced out of the inner-city market they have been renting in and are looking for an alternative they can afford.

“Brentwood Forest is a great area to raise a family. We have our local school Bellbird Park State Secondary College, an early learning centre, and so many different parks and outdoor spaces for the family to enjoy — all within walking distance of our latest land release.”

 

For more information on land now available in Brentwood Forest, Bellbird Park from $199,000* visit www.brentwoodforest.com.au

 

*Terms and Conditions apply

1 Wiltshire, T: Domains Property Price Forecasts, November 2018

2 Real Estate Institute of Queensland (REIQ): Market Monitor Issue 41, March 2019

3 Investment Property Queensland: Greater Springfield Brisbane’s outer Super Region, 2019