Cheapest suburbs to invest in Brisbane 2024
Katy has been writing and editing in the digital realm and in print for over ten years, and is based in Brisbane, Queensland.
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Johanna is one of the co-CEOs of OpenAgent. She has over 8 years of experience in the real estate industry through her work at OpenAgent and holds a class 2 real estate license in NSW. Previously, Johanna worked at hipages.com.au, Australia's largest trade marketplace, where she built her experience understanding renovations and home improvements for 7+ years.
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One of Australia’s top-performing markets in 2023, attention is turning to Brisbane as a property investment hotspot in 2024.
With a median price of $873,987, houses in Brisbane are more affordable than Sydney (median house price $1,174,867) but have overtaken Melbourne (median house price $781,949) as homebuyers continue flocking north. Throw in a great lifestyle in attractive locations and it’s easy to see why investment expert Michael Yardney believes buyers can get more bang for their buck in Brisbane.
“Brisbane’s median house value… suggests a powerful blend of growth and affordability, making the city an increasingly attractive option for investors,” says Michael. He predicts Brisbane could become one of the strongest housing markets in 2024 with affordability a key driver.
Real estate expert John McGrath agrees, saying now is the time to invest in Brisbane property. “Overall, the outlook for South East Queensland is positive for both owner occupiers and investors with prices rising, strong population growth and mass infrastructure investment,” says John.
While Brisbane property prices increased +16.7 per cent in 2024, some suburbs remain relatively affordable. For the cheapest real estate in Brisbane, you need to venture out to the cities of Moreton Bay, Logan and the southwest region where family-sized houses with good rental yields are available for less than $600,000.
Cheapest suburbs in Brisbane to invest in houses
Brendale
4500
Brendale is one of the cheapest suburbs to buy in Brisbane with a median house price of $500,000. Located in the City of Moreton Bay, it seems its relative affordability has caught the attention of buyers – houses gained +71 per cent in value over the past 5 years. With a rental yield of 5.37 per cent, Brendale is poised to become one of Brisbane’s property hotspots.
- Median house price: $500,000
- Average house rent: $560/week
Woodridge
4114
Around 20 minutes south of the CBD, Woodridge in the City of Logan has a median house price of $561,750. While affordable, Woodridge shows signs of becoming one of Brisbane’s growth suburbs – houses only spend an average 16 days on market with prices rising +22.9 per cent over the past year. A rental yield of 4.73 per cent for houses and 6.93 per cent for units could see more investors adding Woodridge to their watchlist.
- Median house price: $561,750
- Median unit price: $325,000
- Average house rent: $510/week
- Average unit rent: $385/week
Eagleby
4207
Another potential Brisbane growth suburb, Eagleby in the City of Logan has a median house price of $562,850 which gained +14.9 per cent over the past year. Houses spend an average 16 days on market in Eagleby and have a rental yield of 4.72 per cent. Units are also cheap with a median price of $400,000, offering an affordable alternative for homebuyers or investors priced out of central Brisbane.
- Median house price: $562,850
- Median unit price: $400,000
- Average house rent: $510/week
- Average unit rent: $440/week
Some of the most affordable properties can be found in Brisbane's middle and outer ring suburbs
Logan Central
4114
Logan Central in the City of Logan is one of the cheapest suburbs to buy in Brisbane with a median house price of $580,000 and median unit price of $295,000. Units in Logan Central are particularly strong performers – unit prices gained +34.1 per cent over the past year and have a gross rental yield of 6.9 per cent. House prices are also on the way up, gaining +24.7 per cent over the past year, with a rental yield of 4.9 per cent.
- Median house price: $580,000
- Median unit price: $295,000
- Average house rent: $495/week
- Average unit rent: $370/week
Caboolture South
4510
Caboolture South in the City of Moreton Bay is hot property – houses spent an average 15 days on market over the past year. A family-friendly suburb with plenty of parks, shopping and dining options, Caboolture South is also one of Brisbane’s cheapest with a median house price of $595,000. There are signs of potential for investors with house prices gaining +9.3 per cent over the past year and a rental yield of 4.75 per cent.
- Median house price: $595,000
- Average house rent: $525/week
Ellen Grove
4078
Ellen Grove in the outer southwest of Brisbane rates highly among locals as a great value suburb offering a family-friendly lifestyle in a convenient location. Buyers need to be quick – houses only spend an average of 20 days on market in Ellen Grove, and with a relatively affordable median price of $600,000, the suburb’s popularity is only set to increase. House prices have risen +13.2 per cent over the past year and with a rental yield of 4.46 per cent, now could be the time for investors to put Ellen Grove on their radar.
- Median house price: $600,000
- Average house rent: $510/week
Beenleigh
4207
Another suburb in the City of Logan, Beenleigh is a slice of suburban tranquillity within easy commuting distance of the Brisbane CBD. Top access to parks, recreation, shopping and amenities put Beenleigh on the map for liveability while a median house price of $601,501 places it as one of the cheap suburbs of Brisbane. It also shows investment potential – house prices grew +13.5 per cent over the past year and rental yield for houses is 4.78 per cent.
- Median house price: $601,500
- Average house rent: $500/week
For the adventurous, four Southern Moreton Bay islands also rank among Brisbane’s most affordable suburbs. Lamb Island (median house price $385,000), Russell Island (median house price $395,000), Macleay Island (median house price $420,000) and Coochiemudlo Island (median house price $515,000) are within commuting distance of Brisbane and offer a quiet lifestyle amidst spectacular scenery.
Cheapest suburbs in Brisbane to invest in apartments
Nicola McDougall, Chair of Property Investment Professionals of Australia, stresses the importance of location when investing in Brisbane units. “It’s vital to prioritise superior locations as well as seek out small complexes with upgrade potential and always be mindful of the potential for new unit oversupply over the short- to medium-term,” Nicola says.
Nicola recommends looking for inner-city suburbs with established apartments. She singles out Coorparoo (median unit price $603,000), Taringa (median unit price $610,000) and Clayfield (median unit price $558,000) as desirable suburbs where prices are below the city median.
“These areas have long since gentrified but generally have a percentage of older established units with affordable buy-in prices,” Nicola says.
For those wanting a unit close to the action, some of the most affordable suburbs in Brisbane are minutes from the CBD with a median unit price below the city median $638,909.
These are some cheap suburbs in Brisbane for units, all within the City of Brisbane and with rental returns above 5 per cent:
| Suburb | Median unit price | Average weekly rent | Gross rental yield |
|---|---|---|---|
| Logan Central | $295,000 | $370 | 6.9% |
| Caboolture | $320,000 | $400 | 6.5% |
| Woodridge | $325,000 | $380 | 7.0% |
| Waterford West | $345,500 | $400 | 6.3% |
| Beenleigh | $364,000 | $400 | 6.5% |
| Meadowbrook | $375,000 | $233 | 6.6% |
| Kingston | $381,000 | $430 | 6.5% |
| Bethania | $410,500 | $450 | 6.7% |
| Fortitude Valley | $465,000 | $600 | 6.4% |
Both within commuting distance of the CBD, Logan Central and Caboolture are up-and-coming suburbs where, with a median unit price of $295,000 and $320,000 respectively, it’s possible to find an affordable apartment in a great location. Unit prices increased over the past year – up +34.1 per cent (Logan Central) and +17.4% (Caboolture) – and with strong yields above 6 per cent, these two suburbs are also among Brisbane’s top rental performers.
