- Brisbane ranked eighth nationally and second capital city on Canstar's 2022 affordability list
- Lower quartile sales price of $470,000, taking single income earner 4 years and 9 months to save 10% deposit and stamp duty costs
- Annerley crowned best suburb, followed by Bundamba and Caboolture
As the cash rate increased last week, there is an air of optimism surrounding first home buyers, sharing hopes that the hike will help property prices cool.
The interest rate increase coincided with the release of Canstar‘s Bright Starters Report, which outlines the most affordable areas with strong growth potential for first home buyers.
While eighth on the list in terms of affordability, Brisbane outshone its eastern states counterparts sitting as the second most affordable capital city behind Perth.
Brisbane ranked 2nd most affordable capital
The report found the capital to have a 25th percentile sales price of $470,000.
With this in mind, a single Brisbanite earning an annual income of $68,164 would take four years and nine months of saving to reach a 10% deposit and stamp duty costs.
A dual income pair could save a 20% deposit and stamp duty costs one month sooner than that. In contrast, it would take the same single income earner nine years and 11 months to reach a 20% deposit and stamp duty costs.
Canstar also found monthly repayments to be relatively affordable in Brisbane, coming in at $1,902 a month when borrowing 90% plus LMI.
Brisbanite’s may be offered a leg up however, with the First Home Concession. The concession is available to over 18s who meet the criteria, to purchase a home valued under $550,000.
Brisbane affordability factors
| Income Type | Time to save 10% deposit & stamp duty | Time to save 20% deposit & stamp duty | Repayments as a percentage of income (borrowing 90% + LMI) | Repayments as a percentage of income (borrowing 80%) |
| Single Income | 4 yrs 9 mths | 9 yrs 11 mths | 33.50% | 28.30% |
| Dual Income | 2 yrs 4 mths | 4 yrs 8 mths | 16.70% | 14.20% |
Top 10 suburbs for first home buyers in Brisbane
- Annerley (Units)
- Bundamba
- Caboolture
- Clayfield (Units)
- East Ipswich
- Edens Landing
- Goodna
- Inala
- Redcliffe (Units)
- Woodridge
Coming in first as Brisbane’s best first home buyer suburb is Annerley. While houses are out of reach for a first home buyer budget, units within the suburb make great prospects with proximity to the CBD, Princess Alexandria Hospital and Queensland University.
In second is one of Ipswich’s cheapest suburbs, Bundamba, which offers ample jobs and close to null rental vacancy rates.
Caboolture of the Moreton Bay Region takes the bronze medal with a robust local economy and a vibrant community with a large range of amenities.
Best Brisbane suburbs for first home buyers on a 20% deposit
| Suburb | Median price | 1-year growth | Median rent | Initial outlay | Time to save (single income) | Time to save (dual income) | Monthly repayments |
| Annerley (U) | $420,000 | 5% | $360 | $85,282 | 8 yrs 8 mths | 4 yrs 1 mth | $1,438 |
| Bundamba | $335,000 | 26% | $325 | $67,986 | 6 yrs 9 mths | 3 yrs 3 mths | $1,147 |
| Caboolture | $435,000 | 28% | $360 | $88,356 | 9 yrs | 4 yrs 3 mths | $1,490 |
| Clayfield (U) | $400,000 | 10% | $365 | $81,208 | 8 yrs 2 mths | 3 yrs 11 mths | $1,370 |
| East Ipswich | $355,000 | 14% | $320 | $72,060 | 7 yrs 2 mths | 3 yrs 5 mths | $1,216 |
| Edens Landing | $445,000 | 21% | $385 | $90,393 | 9 yrs 3 mths | 4 yrs 4 mths | $1,524 |
| Goodna | $350,000 | 22% | $330 | $71,023 | 7 yrs 1 mth | 3 yrs 5 mths | $1,199 |
| Inala | $415,000 | 24% | $350 | $84,282 | 8 yrs 6 mths | 4 yrs 1 mth | $1,421 |
| Redcliffe (U) | $455,000 | 20% | $380 | $92,430 | 9 yrs 5 mths | 4 yrs 6 mths | $1,558 |
| Woodridge | $335,000 | 18% | $340 | $67,986 | 6 yrs 9 mths | 3 yrs 3 mths | $1,147 |
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Brisbane’s top 10 suburbs for first home buyers
- Annerley (Units)
- Bunndamba
- Caboolture
- Clayfield (Units)
- East Ipswich
- Edens Landing
- Goodna
- Inala
- Redcliffe (Units)
- Woodridge
