Qld’s most affordable suburbs for houses and units revealed

A whopping $2.63 million now separates Brisbane’s most expensive and most affordable suburb, but the days of buying bricks and mortar in the capital city for under $400,000 are almost over.

Just one Brisbane suburb now has a median house price below that number — Russell Island at $392,000.

But on its current growth trajectory, that won’t last long.

34 Hemp Hill Road, Russell Island, is listed for $399,000

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Exclusive PropTrack analysis has revealed the cheapest Brisbane suburbs for both houses and units, and the cheapest suburbs nationally.

Queensland is home to just three of the cheapest house suburbs nationally — Collinsville ($165,000), Charleville ($175,000) and Tara ($178,000).

A jawdropping $2.637 million separates median house prices in New Farm ($3.029m) from Russell Island.

Russell Island agent Chris McGregor of Bay Islands Property said the “last quarter has been incredible”, adding there had been over 30 sales in his office since September.

“In September the median price was $420,000 and in October it was $550,000.

“Buyers are spending bigger amounts becaue it is affordable compared to the mainland.”

Buyers are coming from interstate and Brisbane, he said, adding that the island’s affordability was its major drawcard.

But Mr McGregor said that one of the biggest challenges was acknowledging the rapid change in the island’s demographics.

“We are growing at around 6 per cent per annum, yet there is no high school,” he said.

“At best we need a prep to grade 10 school.”

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Aerial view of Russell Island.

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Nearly half of Russell Island residents own their home outright, according to ABS figures.

But when it comes to units, the Sunshine State has nine of the top 10 cheapest locales in Australia.

They range in price from Woree in Cairns ($211,000) and Cranbrook in Townsville ($215,000) to the watermelon capital of Australia, Chinchilla ($250,000).

Brisbane’s cheapest unit market is Logan Central at $350,000, followed by Caboolture ($351,000) and Woodridge ($368,000).

Tom Brownlie and Meg Cornhill are building a home in the new Lilywood Landings development at Caboolture. Pictured with Marley, 4.

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It comes after the latest PropTrack Home Price Index revealed that Brisbane’s median house price hit yet another record high in November, rising another 0.28 per cent of $13,000 to $868,000.

That is now just $244,000 seperating the River City from Sydney.

Home prices in regional Queensland also gained 0.21 per cent to hit a new record of $709,000 last month.

PropTrack senior economist Paul Ryan said the days of finding an affordable suburb in the Brisbane were pretty much over, with buyers pushing out to Ipswich, Logan, Beaudesert and beyond.

“Wages haven’t kept up and (home) prices have seen faster growth than wages, partly due to strong demand in Brisbane and elsewhere, he said.

“This is concerning because it has happened quickly. The current generation of FHB are facing extremely difficult conditions compared to their parents.

“It is going to take far longer to get into the market which will have long ranging effects – from children coming later; later marriages, a big component of poeple will be making decisions that long after affect their communities.

“That means they are less likely to have kids, fertility rates falling, they feel insecure and that will be a big thing societal impacts in generations to come.”

PropTrack economist Paul Ryan. Picture: Supplied

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Mr Ryan said the lack of afordable housing would have wide ranging effects.

He warned that capital rich communities risked a lack of services due to essential workers being priced out.

“They just can’t afford to live there anymore,” he said.

3 Carpet St, Collinsville Under offer after being listed for $139,000

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The Real Estate Buyers Agents Association of Australia (REBAA) 2024 Market Update revealed that housing affordability was a key concern nationally, including Queensland.

REBAA Queensland State Representative Joanna Boyd said that interstate migration, affordability, and robust demand across houses and units had been key drivers of growth in the Sunshine State, even as supply shortages created challenges.

“Brisbane’s property market remained particularly robust, with rising dwelling values

and continued buyer demand,” she said.

“Despite affordability challenges, the city is expected to maintain momentum in 2025, driven by supply constraints and heightened buyer readiness.”

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BRISBANE

TOP 10 CHEAPEST SUBURBS – HOUSES

Russell Island $392,000

Macleay Island $414,000

Laidley $494,000

Esk $501,000

North Booval $520,000

One Mile $524,000

Kilcoy $539,000

Lowood $550,000

Riverview $550,000

TOP 10 CHEAPEST SUBURBS – UNITS

Logan Central $350,000

Caboolture $351,000

Woodridge $368,000

Beenleigh $385,000

Goodna $392,000

Mount Warren Park $403,000

Waterford West $405,000

Slacks Creek $425,000

Redbank Plains $445,000

Bundamba $445,000

(PropTrack)

165/17 Newman Street, Caboolture, is listed for $195,000

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Ms Boyd said that despite ongoing challenges, including affordability pressures and

supply constraints, Queensland’s affordability and strong rental returns continued to

attract interstate migrants and investors.

And that was reflected in the top suburbs nationally for price falls in 2024, with just one Queensland suburb included in the PropTrack analysis.

Median unit values in Tewantin on the Sunshine Coast declined 19.7 per cent in the past 12 months to $625,000.

But that fall pales in comparison to Toorak in Melbourne, where median unit values dipped 38.3 per cent to $901,000.

The other unit suburbs to record the biggest price falls were Sunshine (Melbourne), Forrest (Canberra), Canterbury (Melbourne), Port Hedland (Western Australia), Milsons Point (Sydney), Balwyn (Melbourne), Crows Nest (Sydney) and Point Frederick (Sydney).

11 Chester Street, Charleville, is listed for $163,000

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No Queensland house markets made the top 10 list for median prices falls nationally, which were led by Tocumwal, NSW (-22.4%), Toorak (-21%), Narooma (NSW – 19.4%), Barwon Heads (Geelong – 18.6%), and Portland (NSW), South Yarra (Melbourne) and Bayview (Sydney), which were all down 17.4 per cent over the year.

Tar is one of the most affordable suburbs to buy a house in Australia, but there are always exceptions with this one listed for $545,000-plus

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Universal Buyers Agent founding director Darren Piper said the robust performance reflects Brisbane’s evolving property market, with certain areas poised to deliver exceptional growth.

“Since the start of Covid-19, Brisbane’s property market has grown by 64 per cent, with median dwelling values now exceeding those of Melbourne,” Mr Piper said in a market update.

“Detached houses in Brisbane’s inner and middle-ring suburbs remain highly sought after, while townhouses are becoming the preferred choice for many seeking affordability and space.

“Queensland leads the nation in net interstate migration, with more than 32,000 people moving to the state this year alone.

“This trend is driving strong demand for housing, particularly in Greater Brisbane.”

The latest REIA Housing Affordability Report that while improvements were seen in Tasmania and the Northern Territory, housing affordability declined in all other states.

It found that the proportion of median family income required for average loan repayments climbed to 48.6 per cent, an increase of 0.4 percentage points from the previous quarter.

“Queensland recorded the highest increase in average loan size at 3 per cent,” REIA president Leanne Pilkington said.

“The data reveals the need for targeted policy interventions to address housing supply and affordability issues.

“Without meaningful action, homeownership will remain an increasingly elusive goal for many Australians.”

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NATIONAL TOP 10 – HOUSES

Coober Pedy, SA $85,000

Kambalda East, WA $148,000

Bourke, NSW $155,000

Collinsville, QLD $165,000

Kambalda West, WA $175,000

Charleville, QLD $175,000

Tara, QLD $178,000

Port Pirie West, SA $184,000

Queenstown, TAS $188,000

Merredin, WA $195,000

NATIONAL TOP 10 – UNITS

Woree, QLD $211,000

Cranbrook, QLD $215,000

Emerald, QLD $220,000

New Auckland, QLD $227,000

South Gladstone, QLD $228,000

Southside, QLD $234,000

Manunda, QLD $242,000

Hermit Park, QLD $243,000

Chinchilla, QLD $250,000

Geraldton, WA $252,000

(PropTrack)