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Brisbane’s median home price deceptively low

Fadu News 2018-11-08 10:03:00

Brisbane’s median dwelling price is deceptively low, according to CoreLogic analyst Cameron Kusher. Picture: AAP Image/Steve Pohlner.

LATEST analysis shows Brisbane’s significantly more affordable median home price is deceptively low, given only three areas sit below than the citywide median.

At $491,925, Brisbane’s median was over 40 per cent cheaper than Sydney ($833,876) and just over 25 per cent less than Melbourne ($655,044).

But when CoreLogic research analyst Cameron Kusher broke it down in zones around the capital, the data told a different story.

“While that ($491,925 is substantially lower than Sydney and Melbourne you can see that all of the regions relatively close to the city have current median values which are higher than that,” he said.

“The most expensive region of the city is the West ($659,554) while the most affordable is Ipswich ($350,511).

“Only three SA4 regions of the city actually have a median value which is lower than the citywide median.”

The cafe lifestyle in inner-city New Farm is part of the reason that median prices there are definitely above the citywide average. Picture: Annette Dew.

Those three SA4 regions of Greater Brisbane were Ipswich with a median property value of $350,511, Logan-Beaudesert on $387,401 and Moreton Bay — North on $413,962.

All the rest had medians that were above the official median Brisbane dwelling led by Brisbane West where the median of $659,554 was higher than that of Melbourne.

Brisbane South’s median was $639,457, followed by Brisbane Inner City $584,539), North ($549,231), East ($548,746) and Moreton Bay — South $501,509.

Median dwelling values, Brisbane vs Brisbane SA4 regions, Oct.-18. Source: CoreLogic.

The closer you are to desirable attributes such as the river, the higher prices tended to go, according to the analysis.

“Desirable areas close to the city centre typically have much more expensive housing costs than the broad capital city median,” Mr Kusher said.

“Although it is clichéd, location, location, location holds true and purchasers still pay a significant premium for well-located properties.”

Mr Kusher said the data gave “a more granular insight into how median values in each city compare to smaller regions across each city”.

Buyers were well advised to look at markets closer “as housing costs or the housing market performance can be vastly different when you look at different areas of a city”.