Brisbane has one of the strongest property markets in Australia right now. The capital growth across the city, both in the inner city suburbs and the outskirts, is seriously impressive, and there is rising demand for property. But which Brisbane suburbs are the best to invest in in 2024?
In this article, we’ll discuss the best Brisbane suburbs to invest in based on current property data, amenities, and upcoming developments. We’ll also help you understand what you should look for when you invest.
Key takeaways
- Why Invest in Brisbane in 2024?
- High demand: Brisbane now has the second-highest house prices in Australia.
- Economic boom: Population growth and the 2032 Olympics boost the economy.
- Strong growth: The population has increased by 21% in the last decade.
- Top Suburbs to Invest In:
- New Farm: Upscale, vibrant, high property values.
- West End: Eclectic and trendy, but watch for unit oversupply.
- Chermside: Bustling, excellent amenities, low vacancy.
- Coorparoo: Family-friendly, top schools, ongoing improvements.
- Wynnum: Scenic bayside, waterfront developments.
- Oxley: Thriving, good transport, community projects.
- Upper Mount Gravatt: Dynamic, major shopping centres, infrastructure expansions.
- Investment Tips:
- Accurate valuation: Know the true worth of properties.
- Effective negotiation: Research, be flexible, and build rapport.
- Good management: Choose experienced property managers for better ROI.
Why invest in the Brisbane property market in 2024?
Brisbane has overtaken Melbourne and now sits just behind Sydney as the city with the second-highest house prices in the nation. Supply is low and demand is up here in Brisbane.
Economic growth
Brisbane’s economy is absolutely booming. The population is growing and the pandemic saw both Sydneysiders and Melburnians make the big move up north. Then there’s the impending 2032 Brisbane Olympics, which are set to make the economy soar.
The State of the City report shows that Brisbane’s economy is set to grow to $275 billion by 2041. That’s an additional two thirds of the existing annual output from the city.
Population & demand
We touched on it just before, but the pandemic saw Queensland become idyllic in terms of lifestyle. With fewer outbreaks and lockdowns and a lot more sunshine, we saw massive interstate migration.
In the last 10 years, Brisbane’s population has grown by 21 per cent. The demand for property is going up and up as the population grows, but new developments aren’t growing at the same rate.
Infrastructure & developments
The 2032 Brisbane Olympics are an obvious reason for the city’s demand and growth, but there are also the major infrastructure projects.
Brisbane’s Queen’s Wharf is set to open in August, bringing another 50 bars and restaurants to our CBD.
The Cross River Rail and Brisbane Metro projects are set to make travelling across the city so much more convenient, too. Meanwhile, the development of several new green bridges is making it easier to walk and cycle around the city.
What to consider when selecting the best suburb to invest in
We’re going to take you through the best Brisbane suburbs to invest in. But what should you consider when choosing a suburb? There are three key areas we recommend you look at.
Market trends
Take a look at the market trends for the suburb. If there are a tonne of high-rise apartment buildings being developed around the area, then an apartment might not be the best investment. This is because the supply is about to outweigh the demand, driving values down.
Statistical data
In the past three years, Brisbane’s median house value has jumped by 70%. But when you’re looking at the right suburb to invest in, you should look at the data for that particular area.
What is the year-on-year growth rate for the suburb’s properties? What about the rental yield? Is one property type growing faster than the others?
What is the average number of days properties are spending on the market? How many vacant properties are there?
These statistics will have a massive impact on the success of your investment, so be sure to consider them before you buy.
Future developments
We touched on it before, but future developments in the area will also impact the success of your investment.
New shopping precincts, public transport upgrades, and other infrastructure upgrades, like bridges, roads, and tunnels, can be really advantageous for your investment.
Brisbane CBD to Top Brisbane suburbs to invest in
1. New Farm
New Farm is an upscale riverside suburb in Brisbane renowned for its vibrant café culture, beautiful parks, and historic charm. It’s one of the most sought-after areas for both residents and investors.
Current market stats
Median property price
$2.9M
Rental yield
2.3%
Vacancy rate
2.34%
Amenities
New Farm is just minutes from Brisbane’s CBD and has plenty of parks, dining spots, and cultural attractions.
Future projects
The urban developments and introduction of new boutique spaces are sure to keep New Farm property prices and rental yields high.
2. West End
West End is a lively and eclectic suburb in Brisbane and is celebrated for its diverse community, trendy dining scene, and rich cultural heritage, making it a prime location for those seeking a vibrant urban lifestyle.
Current market stats
Median property price
$1.6M
Rental yield
2.6%
Vacancy rate
4.28%
Amenities
West End has a vibrant community, plenty of good schools, and a fantastic public transport network.
Future projects
Urban renewal projects and new transport links in the area are boosting the value of West End properties.
Caution: There is an oversupply of units in West End, which will only increase in the coming years. So, if you’re looking for a unit, look for something special or a little different, like an older, smaller boutique complex. Townhouses are in hot demand, though, at a higher price of circa $1.4m. Houses are always a solid investment in West End.
3. Chermside
Chermside, a bustling northern suburb of Brisbane, is well-known for its expansive shopping precincts, excellent public transport links, and family-friendly amenities, making it a popular choice for both residents and investors.
Current market stats
Median property price
$925k
Rental yield
3%
Vacancy rate
1.95%
Amenities
Chermside offers amazing amenities and proves solid, with plenty of renters seeking it out to be close to the shopping centre, local hospitals, and schools.
Future projects
With hospital expansions and infrastructure developments on the horizon, Chermside is the next cab off the rank for suburbs that are sure to boom for investors.
Caution: Check the precedence of unit developments in the street as well as the zoning. It would be quite a surprise to buy a house or townhouse only to find out a 5-level residential unit block is about to be built next door.
4. Coorparoo
Coorparoo is a charming inner-south suburb of Brisbane. It’s favoured for its leafy streets, top-rated schools, and convenient proximity to the city, making it an appealing destination for families and property investors alike.
Current market stats
Median property price
$1.65M
Rental yield
2.8%
Vacancy rate
1.49%
Amenities
Coorparoo is the suburb to be in for great schools and access to beautiful green spaces.
Future projects
Coorparoo is in the midst of a suburb rejuvenation, with loads of new amenities in development and improvements to the local public transport infrastructure.
5. Wynnum
Wynnum is a picturesque bayside suburb in Brisbane. It’s cherished for its scenic waterfront, relaxed coastal lifestyle, and a strong sense of community, making it a highly desirable area for both residents and investors.
Current market stats
Median property price
$1.15M
Rental yield
3.3%
Vacancy rate
1.24%
Amenities
Wynnum offers an ideal coastal lifestyle while just a short drive from the Brisbane CBD. With plenty of parks and schools around, it’s a suburb lifestyle-seekers turn to.
Future projects
Wynnum is a suburb on the rise with waterfront developments in the works and recreational facilities going up.
6. Oxley
Oxley is a thriving suburb in Brisbane’s southwest. It’s appreciated for its blend of modern amenities, lush green spaces, and convenient transport links, making it an attractive option for families and property investors.
Current market stats
Median property price
$830K
Rental yield
4.2%
Vacancy rate
1.14%
Amenities
Oxley is a great family suburb with good public transport, schools, and plenty of park areas for the kids.
Future projects
Railway upgrades are making access to Brisbane City from Oxley a dream, while community projects are set to create a great lifestyle in the area.
7. Upper Mount Gravatt
Upper Mount Gravatt is a dynamic southern suburb of Brisbane. It’s renowned for its major shopping centres, excellent educational institutions, and robust public transport network, making it a highly appealing area for both residents and investors.
Current market stats
Median property price
$993K
Rental yield
3.3%
Vacancy rate
1.6%
Amenities
Upper Mount Gravatt offers great schools and shopping centres while the public transport makes getting to the city easy.
Future projects
The urban renewal in Upper Mount Gravatt is creating a bustling suburb away from the city, while infrastructure expansions are giving the suburb a real boost.
Comprehensive due diligence and investment advice
If you’re going to invest in property, there are a few due diligence boxes you can tick and things to consider.
Property valuation
Getting an accurate property valuation is key to making smart investment choices. It gives you a true picture of what a property is worth, considering location, condition, market trends, and recent sales. This helps you avoid overpaying and ensures your investment has room to grow.
Plus, accurate valuations make it easier to secure financing since lenders trust precise assessments. In short, a proper valuation sets you up for success and minimises risks.
Negotiation tactics
Effective negotiation is essential for landing the best investment deals. Start with thorough research on the local market and recent sales. Know what you want but stay flexible to find solutions that work for both you and the seller. Start with a reasonable offer, highlight your strengths, and be ready to walk away if needed.
With these tactics, you can secure deals that boost your investment returns.
Ongoing management
Choosing the right property manager is crucial for maximising your return on investment. A good manager takes care of everything from finding tenants to handling maintenance and ensuring legal compliance. Look for someone with experience, a solid reputation, and a wide range of services.
Effective management includes regular inspections, proactive maintenance, and clear communication with tenants. This keeps your property in great shape and tenants happy, ultimately enhancing your property’s value and income potential. A reliable property manager is so important for your investment journey.
About Sam Price
Sam Price, Director & Lead Buyer’s Agent – Templeton Property Brisbane.
Sam Price is the Director and Lead Buyer’s Agent at Templeton Property. He has been helping clients purchase their ideal homes and investment properties for over twenty years.
He is a Registered Property Valuer, and his qualifications include a Bachelor of Business (Property Studies), a Graduate Diploma in Urban and Regional Planning, and a Masters in Professional Accounting. Sam is married and has two school-aged girls who keep his life very exciting.
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