- Canstar and Hotspotting analysis shows the Brisbane market is in a stronger position than most realise
- Affordable suburbs in Greater Brisbane and inner-city units are still highly sought after
- Most of these top suburbs have a median price below $500,000
Although the Brisbane property market is often touted as being in the doldrums, an in-depth analysis shows that the market is in a stronger position than many would believe.
After being the leading growth market for 2021, the Brisbane market began its downturn earlier in 2022. This was due to a range of factors such as various weather events and state government legislation which put off investors.
However, the decline was not experienced across all markets. Affordable suburbs in the outer ring of Greater Brisbane and inner-city suburbs are still being highly sought after by buyers.
A new land tax policy become the elephant in the room this year, causing severe criticism from property investors. Under significant pressure, including from other state governments, the new policy was scrapped by the Premier.
In light of this, Canstar has released its latest Rising Stars Report, powered by Hotspotting, ranking the top 10 best suburbs in Brisbane to invest in during 2023.
A common theme among these 10 suburbs is that they all have median prices below $600,000. This is in line with national trends, where affordable areas with good amenities continue to attract strong buyer demand.
Top 10 Best Suburbs to Invest in Brisbane for 2023
- Annerley (Units)
- Caboolture
- Dakabin
- Deception Bay
- Eagleby
- Eastern Heights
- Edens Landing
- Kangaroo Point (Units)
- Redbank Plains
- West End (Units)
- Annerley (Units)
The research notes that suburbs close to large sporting venues will reap the rewards pf the Olympics. Given Annerley is not far from the Gabba, this suburb will benefit from the games. Its also home to medical facilities, near the University of Queensland, the Pacific Motorway and commuter rail. While houses are becoming expensive, units have a median price of $460,000, making them a far more affordable option.
- Caboolture
A key hub suburb in Brisbane’s far north is Caboolture. Although it isn’t touted as a fashionable suburb, it nonetheless always attracts buyer demand due to its basic infrastructure and affordability, two crucial factors any buyer considers.
- Dakabin
This northern suburb of Brisbane provides exceptional value with three schools, plenty of recreation features including a golf course, nearby access to Bruce Highway and one train stop from the new Sunshine Coast University campus. Dakabin has recorded 30% price growth in the past year and a very low vacancy rate of just 0.4%. Despite this sharp price rise, the median house price is below $600,000.
- Deception Bay
The downmarket bayside suburb is now working to cast off its daggy image, having been book-ended by the Moreton Bay marine park and the North Lakes masterplanned community. Although Brisbane’s market overall has shown signs of easing, sales activity in Deception Bay is rising. The vacancy rate is currently 0.4%, with rents jumping by 15% over the past year.
- Eagleby
One of the stars of Queensland’s strong price growth during 2021 was Logan City, which has still enjoyed strong demand from buyers this year, especially given its location between the Gold Coast and Brisbane. Eagleby itself is often touted as a handy location thanks to its good local amenities and affordability. Additionally, the intersection of the Pacific and logan Motorways is nearby.
- Eastern Heights
The Ipswich City market has enjoyed a surge over the past two years and remains one of the most buoyant regions. This is thanks to its affordability, good infrastructure and various employment zones. Eastern Heights itself continues to attract elevated buyer demand close to the Ipswich CBD amenities, schools and parklands. With vacancies at a low level of 0.4%, rents have risen more than 20% over the past year, resulting in yields well above average.
- Edens Landing
Edens Landing is often described as ‘box-ticker’ for buyers on a budget, thanks to its solid homes, green spaces, train station, schools, and proximity to services and amenities in Beenleigh, which is halfway between the Brisbane CBD and Surfers Paradise. Buyer demand continues to rise and price have responded, with the median house price now just north of $500,000. Low vacancies have resulted in a 20% rise in rents.
- Kangaroo Point (Units)
This riverside suburb, located on the edge of the Brisbane CBD and beside Wooloongabba, which is the venue of the main stadium to be used during the 20232 Olympics, is an ideal pick for one of the emerging real state trends seen in Australia – affordable apartments in lifestyle locations. It is no surprise that sales activity is trending upwards, with units close to inner-city amenities and priced in the $500,000’s the most sought-after.
- Redbank Plains
Sales volumes in Redbank Plains, a well-established battler suburb, have soared over the past two year. While prices are responding they remain affordable, providing an alternative to the neighbouring Springfield masterplanned community. There are multiple schools to choose from, and other amenities such as the Redbank plains Recreational Reserve.
- West End (Units)
The South Brisbane area has become of the best inner-city lifestyle precincts in Australia thanks to its performing arts complexes, art gallery, museums, fine restaurants and riverbank parkland. The market is also no longer held back due to an oversupply of apartments. Subsequently, West End is rising thanks to its well-located affordable apartments, with the median unit price $565,000 and the rental yield at around 4.2%.
Top 10 Best Suburbs to Invest in Brisbane for 2023
| Suburb | Median price | 1-yr growth | 10-yr average annual growth (%pa) | Vacancy rate | Median rental yield | Upfront costs* | 20% deposit amount | Monthly repayments (P&I) with 80% LVR |
| Annerley (U) | $460,000 | 10.4% | 3.0% | 0.2% | 4.2% | $8,866 | $92,000 | $2,032 |
| Caboolture | $495,000 | 26.9% | 8.1% | 0.3% | 4.4% | $10,248 | $99,000 | $2,187 |
| Dakabin | $595,000 | 31.1% | 5.1% | 0.4% | 4.0% | $14,690 | $119,000 | $2,628 |
| Deception Bay | $540,000 | 35.5% | 6.8% | 0.4% | 3.8% | $11,980 | $108,000 | $2,386 |
| Eagleby | $420,000 | 28.2% | 5.5% | 0.4% | 4.5% | $7,309 | $84,000 | $1,855 |
| Eastern Heights | $395,000 | 17.2% | 4.0% | 0.4% | 4.8% | $6,356 | $79,000 | $1,745 |
| Edens Landing | $520,000 | 26.8% | 4.7% | 0.4% | 4.0% | $11,201 | $104,000 | $2,297 |
| Kangaroo Point (U) | $560,000 | 7.7% | 2.4% | 0.9% | 4.5% | $12,958 | $112,000 | $2,474 |
| Redbank Plains | $435,000 | 31.8% | 4.8% | 0.4% | 4.5% | $7,912 | $87,000 | $1,922 |
| West End (U) | $565,000 | 4.6% | 1.0% | 1.1% | 4.2% | $13,222 | $113,000 | $2,496 |
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For other top suburbs to invest in across the other cities, check out our Sydney, Melbourne and Perth articles.
