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Where to Buy: The Five Best Suburbs to Buy Houses for Under $500,000

Whether you're an investor, owner-occupier or first-homebuyer, the skyrocketing prices of homes in Australian cities can make you feel a little glum. You’re probably wondering, ‘so what can I actually get for $500,000 AUD?’ Well, continuing from last week’s analysis, in this short report we will identify the top five suburbs to purchase houses in Brisbane’s Inner, Middle and Outer Rings for under $500,000.

Figure 1BRISBANE’S INNER AND MIDDLE RING 

In order to break this analysis down, we have investigated the house sales that occurred throughout Brisbane over the last 12 months (ending September 2019) and determined the percentage of sales that were under $500,000. Looking at Brisbane’s Inner and Middle Ring, the top suburbs to purchase houses for under $500,000 are Nathan, Chermside, Salisbury, Chermside West and Everton Park.

Figure 1 (1)

Nathan comes in at number one for Brisbane’s Inner and Middle Ring with a total of 8 house sales over the last 12 months, with 25% of these sales under the sale price of $500,000. According to the Australian Bureau of Statistics (ABS), Nathan has a population of approximately 1,183 people with a median age of 26 years.

BRISBANE’S OUTER RING 

Looking at Brisbane’s Outer Ring, the top suburbs to purchase houses for under $500,000 are Ellen Grove, Woodridge, Wacol, Inala and Acacia Ridge.

Figure 2

Ellen Grove comes in at number one for Brisbane’s Outer Ring with a total of 17 house sales over the last 12 months, with 88% of these sales being under the sale price of $500,000. According to the ABS, Ellen Grove has a population of approximately 2,906 people with a median age of 30 years.

summary

Continuing from last week’s report, this week we analysed which suburbs offer the best opportunity to purchase a house for under $500,000. We broke this down even further analysing Brisbane’s Inner, Middle and Outer Rings. Nathan and Ellen Grove presented the best opportunity to purchase a house for under $500,000 based on the median sale price and percentage of sales that occurred over the last 12 months (ending September 2019) under $500,000.

 

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