QLD Moving to Brisbane - First Home - $600,000 Budget

Hi all,

I will be making the move from Melbourne to Brisbane, with my job in Brisbane commencing in January (swapping with an employee moving from Brisbane to Melbourne). I am looking to purchase my first home and so far, I have narrowed the search down to the following suburbs:

- Alderley (4051)
- Keperra (4054)
- Mitchelton (4053)
- Enoggera (4051)
- Gaythorne (4051)

Although I intend to live in the property well into the future, I would like to purchase an investment grade property in case I wanted to turn into an investment property down the track. I am looking for 3 bedroom house for less than $600,000. I have narrowed my search down to the above suburbs for the following reasons:

- A large portion of the suburb have zero or very low flood risk according to the flood awareness map
- Each suburb lies on a train line (Mitchelton and Keperra has 2 stations)
- A relatively high % of dual income (full time) households (above 25% with the exception of Keperra)
- 3-4% capital growth in the last 12 months (except for Mitchelton and Alderley) - which according the the property couch is the sweet spot when it comes to buying in a suburb with room for growth
- They are in the middle ring (i.e. 10km radius) - Find Australian Postcodes Inside a Radius - according to a article written by Michael Yardney, the key is to be within the 12km radius in Brisbane to benefit most from economic growth drivers
- Liveability rating of above 8.5 on Homely (with the exception of Gaythorne which is 7.6)
- Gaythorne and Alderley have a walk score above 65 - Find Apartments for Rent and Rentals - Get Your Walk Score
- The demand and supply analysis (John Lindeman's strategy) shows that the suburbs are tipping into a seller market - which is the ideal time to buy there is still a lot of upside potential (pre-boom market)

Any tips about buying in those suburbs or critique of my analysis would be greatly appreciated! I would also be open to other suburb recommendations.

 

If you are looking for one to ready to move in, I think Keperra is the only realistic option for anything at 600k. 650k will get you in Mitchelton and Enoggera the rest would be 700k above for average house i would imagine.

 

Alderley is becoming a top end suburb these days so not sure if it is realistic. Parts of enoggera and gaythorne also

Just bought in Mitchelton. The unique factor is Blackwood st which is one of brisbane's only genuine off main road suburban cafe strips, with monthly markets that close the street down, as well as a shopping centre within walking distance (brookside), and lots of close train stations.

Surprised it doesn't have a significantly higher walkability index than the other suburbs you mentioned.

Keperra is a bit car bound so I'd suggest Mitchelton if you can make it work

 

All great suburbs, but I'd tend to agree with the above sentiments on Keperra and Mitchelton.

Also- your analysis methods are very cool. We get so many interstate buyers frustrated about how to search for property when they're out of area- what data do they use and how do they apply it. You seem to have come up with a nice criteria, will be interesting to see how it works out for you.

 

You could add in Stafford as another option. No train but you might get something with more options.

 

I second this. Really well sourced criteria. I especially like the walkability and liveability metrics, access to tranport and radius. This thread will make me look at Mitchelton so thanks

 

You could even contemplate some freestanding homes in Stafford Heights, Chermside and even Wavell Heights (potentially) as an option.

 

I second that, Stafford has got great bus services to the CBD. Trains are not nearly as important in Brisbane compared to Sydney. Buses can be quicker and more frequent.

 

Sales - The Public Trustee of Queensland

 

IMO as others mentioned you are spot on with your analysis, good suburbs.

You have not mentioned about your land size requirements. Depends on land size, you may be able to find in Mitchelton. Try mitchelton first, if not Keperra or stafford.

Alderley, Enoggera and Gaythorne quite difficult if you are OK for main roads, odd shaped land etc. Good luck.

 

I like your methods, but i think you should not narrow down so quickly (unless relatives down the road or something). There are some great spots but you are not considering them? Where in Brisbane will you work? If I assume CBD there are massive numbers of people who elect to live in other areas. I for one wouldn't even consider the areas you hvae mentioned, but i think they are OK .... just that there is so much more on offer.

Widen your search, come to Bris (cheap fares) and have a little holiday on the coast.......

 

That is one great theoretical analysis you have done there - but how much time have you actually spent in Brisbane ? If you are moving there for work I'd suggest you rent for 6 months and do a bit more groundwork, especially as you will have a ready network of workmates to bounce things off.

Otherwise, as suggested above, do a few trips up there to get a feel for the diiferent areas.

We have a lot invested in Brisbane and spent a lot of time there researching and doing renovations - mostly in Enoggera and Wynnum. Both of them are great areas but quite different and larely selected on factors quite different from your ones - but if we ever moved to Brisbane then Wynnum is more likely where we would choose to live.

 

Thanks for all the great feedback everyone! I will definitely add the suburbs mentioned onto to my research list. I have spent 4 years living in Brisbane and spent most of this time living in the South West (Graceville and Jindalee). Unfortunately suburbs such as Corinda, Oxley, Rocklea and Salisbury that are within my price range tend to be very flood prone hence why I have not considered them. Other suburbs a bit closer in like Indooroopilly, Graceville and Sherwood do have properties below the $600,000 mark but again, these properties are either on main roads or flood-prone areas. I will keep at the research and hopefully find a great property to buy!

 

I may be biased because I live here but Everton Park boarders mitchelton & Stafford/McDowell - access to the train station with 2km. At $600k there’s some pretty attractive homes on good sized blocks. 70%+ Owner occ as well. I hear rentals are snapped up quick and vacancy low.

 

There's definitely houses under $600k in Seventeen mile rocks, sinnamon park, oxley that aren't flood prone if that's your concern.

E.g. 8 Watson Court Seventeen Mile Rocks Qld 4073 8 Watson Court Seventeen Mile Rocks Qld 4073 - House for Sale #128973214 - realestate.com.au

Way above the flood levels

 

You picture looks Asian have you considered living in Coopers Plains (the next suburb from Salisbury) but also neighbours Sunnybank (high Asian population). Has a train line to the city and can pick up houses for around 600k (depends on land size, age, how many rooms etc).

 

I don't know if you meant this in the racist way it sounds but OPs ethnicity is not really relevant to buying an IP.

 

Not being racist at all... yes the OP ethnicity has no relevance in buying an IP but it might for his PPOR which the OP is asking about... Maybe read the posts before commenting or making assumptions and making this about race...sounds like you are the racist one.

 

Read it, he asked for investment grade and something to turn into an IP.

Point is you said he should consider buying in a high Asian population area because

Which i think is a racist comment. I don't want to distract further from the OPs thread. Feel free to Pm me

 

I don't want to PM someone who thinks I am a racist.

If you have interrupted my post as racist then no skin off my nose... To me a racist comment would be calling them in a derogatory way - but talking about the ethnicity of one person is not being racist if in a non derogatory way. The PC of some people amazes me - how would you suggest noticing the possible ethnicity of one person and suggesting an area which is normally associated with the same ethnicity. You don't happen to be vegan?

Even with a high Asian population area it is still a good reason for it to be an IP option (or are you being racist?).

I think it is as it has is well located to the city (about 10km) and neighbours Sunnybank which is two epicentres of demand - one being workers (of all ethnicity) and the other being a rather large Asian population (again not being racist - I know there are people who live there that are not of Asian ancestry). I personally have invested in Coopers Plains because of these reasons (plus others) and I am not Asian but it was an influencer on consideration I made when purchasing as there is two pools of demand (technically more with hospitial and uni but keeping it to the racist remarks you are thinking).

It is also on the Gold Coast line so it can be train ride down to the beaches or to the airport.

The first tenants we had were Indian, again not being racist but rather stating the ethnicity of the tenant in a non derogatory way and the current tenant is Caucasian (again not being racist). The reason why I haven't rented it to an Asian ethnicity is simply they haven't applied - the ethnicity of a person doesn't impact my decision process of selecting a tenant or in selecting an IP. However it would likely impact where my PPOR as I personally would rather live elsewhere for the same price you can buy a house in Sunnybank as being in a large ethnic cohort (in this case Asian) is not high on my lifestyle criteria for selecting a property, as there is a premium to pay to live in Sunnybank due to the demand to live there from other people in the population.

If there was no premium to live in the suburb due to ethnicity demand then the suburb would be on my consideration list - to note Sunnybank is on my IP consideration list. Could I live in my IP in Coopers Plains for sure and this IP back fence neighbours a Sunnybank address!