- With property prices booming, what can you buy in Brisbane for a budget of $500,000?
- The Property Tribune has scoured listing sites, and found three very different offerings
- While 6 properties are for sale for $500K in Sydney, there are 236 in Brisbane
Why $500,000? With home loan interest rates hovering around 2%, theoretically, a home buyer could gain a $500,000 (interest only) loan and pay just $200 a week in repayments.
What $500,000 gets you in Brisbane
Queensland’s capital is not immune from the housing boom with weekly asking property prices increasing strongly over the past year.
For houses, the weekly asking property price is $685,567 – up from $655,239 in March 2020 and $511,090 from May 2009, according to SQM Research.
However, unit prices – which inludes dwellings such as apartments and villas – have not seen much growth. For example, units had weekly asking prices of $371,978 in March 2020, and are $388,468 as of this month. There were $362,550 back in May 2009.
Brisbane Metropolitan Area
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
Unlike Sydney where buyers had slim pickings on a $500,000 budget, there are far more options.
A quick search of the real estate sites shows while there are only six properties for sale for $500,000 in the harbour city, there are 236 for that price in Brisbane.
1. Apartment in Albion
Slightly over the $500,000 budget at $520,000, buyers can purchase this two-by-two apartment along Hudson Road in Albion which is about four kilometres from Brisbane’s CBD and only 11 minutes to Brisbane Airport – useful when travel is allowed. The apartment covers an area of 88sqm and has two parking spaces.
2. House in Bald Hills
A house along Strathpine Road in Bald Hills – about 18 kilometres north of Brisbane’s CBD – is currently considering offers above $495,000. According to the listing, this two-by-one property is “cute” and “gorgeous” and is situated on a 475sqm block.
3. Acreage in Karana Downs
For those willing travel to the outskirts of Brisbane, offers over $498,000 are being considered for this three-by-one in Karana Downs, which is 30 kilometres southwest of Brisbane and 12 kilometres northeast of Ispwich. The block occupies 5,007sqm – or about half a hectare.