Ipswich is attracting a large amount of first home buyers
Ipswich is one of the more popular, affordable areas in Brisbane’s metro area. Image: Canva.
  • Ipswich is one of the more popular, affordable cities in Brisbane's metro area.
  • Springfield Lakes and Redbank Plains among the suburbs attracting first home buyers.
  • Raceview and Silkstone suburbs expected to be high performers in 2024.

Brisbane’s median dwelling value recently surpassed Melbourne’s for the first time in 14 years, and with the Brisbane 2032 Olympic Games on the horizon, the resulting infrastructure and tourism dollars generated are expected to do wonders for the capital city’s property market and Queensland’s regional areas.

Moreover, Brisbane’s housing market scored among the strongest growth metrics last year, achieving a hefty 13.1% lift in dwelling values.

Weekly asking prices for Brisbane

However, with these kinds of figures bolstering Brisbane’s numbers, property prices are sure to continue steadily increasing, and snagging an affordable home will become a tougher embarking.

Brisbane’s top 20 most affordable suburbs

Rank Suburb SA4 Name Median Value Quarterly change Annual change
1 Russell Island Brisbane – East $385,797 2.0% 10.1%
2 Lamb Island Brisbane – East $406,018 4.4% 9.6%
3 Dinmore Ipswich $407,626 3.9% 13.0%
4 Macleay Island Brisbane – East $429,722 3.3% 8.4%
5 Toogoolawah Ipswich  $437,246 5.4% 18.1%
6 Laidley Ipswich  $442,954 3.6% 11.9%
7 One Mile Ipswich  $449,103 4.8% 15.2%
8 Riverview Ipswich  $449,510 4.7% 19.0%
9 Leichhardt Ipswich  $452,461 4.0% 13.6%
10 Brendale Moreton Bay – South  $460,366 4.9% 13.7%
11 Coochiemudlo Island Brisbane – East  $463,506 1.4% 10.7%
12 Basin Pocket Ipswich  $464,193 1.6% 12.6%
13 Esk Ipswich  $471,520 2.3% 11.8%
14 Bowen Hills Brisbane Inner City  $471,594 2.4% 9.5%
15 North Booval Ipswich  $473,914 2.2% 13.8%
16 Bundamba Ipswich  $475,507 3.6% 13.2%
17 Kilcoy Moreton Bay – North  $475,546 4.8% 8.6%
18 Wacol Ipswich  $480,643 1.9% 8.0%
19 Goodna Ipswich  $481,233 5.1% 10.8%
20 East Ipswich Ipswich  $483,698 2.6% 13.6%

Source: CoreLogic.

Ipswich comes in as an affordable haven

According to CoreLogic data, Ipswich, a city located about 40 kilometres west of Brisbane’s central business district (CBD), is one of the more affordable areas in Brisbane’s metro area.

STRUD Property sales agent, Bliss Grayson, said Ipswich is on the map for buyers moving interstate from Brisbane because of its attractive lifestyle and affordability.

“On average, six homes were built there every day during 2023,” he said.

Cohen Handler buyers agent, Anna Ellis, told The Property Tribune that first home buyers are turning their gaze toward the Ipswich area because it is one of the last areas where they can secure a house under $500,000 and still commute a reasonable distance to Brisbane.

Weekly asking prices for 4305, including Ipswich

She pointed to Springfield Lakes and Redbank Plains as especially popular areas with first home buyers.

“They have excellent infrastructure such as shopping centres, trains, parks, and recreation,” she said.

Buyers Agent Anna Ellis
Anna Ellis. Image: Supplied.

“Springfield Lakes has a new free ‘park and ride’ facility where you can park for free and catch a direct train to Brisbane in under 40 minutes.

“There is talk of the train line being extended to Redbank Plains and then eventually to Ripley. When this happens, it will be a game changer for the area.

“In addition, these suburbs are very family friendly with a nicer community feel compared to the other suburbs in the region.”

Brisbane areas poised for growth

Grayson said he is a specialist in the Deebing Heights area and has noted the suburb’s substantial growth, with the local school being one of the main draw cards.

Weekly asking prices for 4306, including Deebing Heights

“Latest numbers show that out of the 27 properties sold in the suburb last month, there were over 700 genuinely interested buyers looking at them,” he said.

Grayson added that Deebing Heights is also attracting a large chunk of first home buyers, as well as Raceview.

However, Action Realty Ipswich director and principal, Glen Ball, observed that Eastern Heights and Newton were attracting a notable amount of first home buyers, too.

He also expects Raceview, Silkstone, and Booval to be standout performers throughout 2024.

Ellis said she believes Brendale will prove to have more growth than the other suburbs on the list due to its proximity to Brisbane’s CBD, as well as the City of Logan.

“Not many people know that Logan is the third largest employment zone in the greater Brisbane area, and is known as the ‘logistics belt’ with major warehousing and distribution centres,” she said.

“With more jobs, comes more demand for property from both renters and buyers which will continue to push prices up.”

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