The Queensland Government release a new Tourism Campaign over the Easter Weekend to tie in with an influx of visitors for the Commonwealth Games.
Queensland is, indeed, a great place to visit.
But, as more and more people are realising, its also a great place to live.
Brisbane is an attractive and affordable player and with the current financial climate and “housing affordability crisis”, still the conversation at every BBQ I have ever attended, lets look at some stats.
Australian housing values have dipped again, for the fifth consecutive month.
Should we be worried? The short answer is no. It’s just a “minor correction” say the experts. And some cities need this more than others.
The crack down on interest only lending is affecting some cities more than others. Sydney for example, our “out of control” most expensive city, is experiencing more of a ‘managed slowdown’ than a crash due to the reduction of investment in the marketplace. However, it still doesn’t give a lot of hope to first home buyers, with the median house price well above the $1 million mark and median apartment prices at about $761,000
What You Can Buy in Sydney for $1 Million
For an estimated $1m you could buy a two bedroom, one bathroom unit in Surry Hills with no car accomodation.
Or you could head out to the “burbs” where new areas, despite the slight downturn, are entering into the million dollar club. In the Canterbury Bankstown region five new suburbs topped the $1 million median – Padstow, Panania, Revesby, East Hills and Roselands.
In the west, areas once considered not exactly suburb de jour like Cabramatta West, also require a cool $ 1 Mil to get in.
What You Can Buy in Brisbane for $1 Million
Here is a list of some o our best performing suburbs and their median prices. All of these suburbs are leafy, inner city with cafe culture, elite schools and fantastic public transport.
Teneriffe: Median $2,685,000
Auchenflower: $1.14 million
Kangaroo Point 21.3 per cent, median of $972,000
New Farm: 18.5 per cent, median of $1.6 million
Ascot: 17.4 per cent, median of $1.5 million
Cost of Living
The cost of living is also a key factor…
Many Australian capital cities, including Sydney, Melbourne, Adelaide and Hobart, have become more expensive over the past year compared to the rest of the world.
Australia’s most expensive city — Sydney — has risen to number 32 in this year’s Cost of Living Index. It is up from 41 last year.
Melbourne rose to 64, up from 77, while Adelaide, Cairns, Hobart and Canberra also moved up the list to 58, 69, 82 and 103 respectively.
Only Perth (56), Darwin (68) and Brisbane (93) have become more affordable.
Need more convincing? Stay tuned for next week’s blog.