For first-time buyers who are contemplating on entering the units market in Brisbane inner-city suburbs like Clayfield, now could be a good time to invest, the latest Domain property report said.
The Brisbane apartment market continues to struggle this year, further tumbling down by 3.1 percent in the June quarter, the Domain June 2019 House Price Report revealed, with the median unit price now 11 percent lower than its 2016 peak.
However, with the supply starting to tighten and population fast growing, the prospects of unit prices recovering this year may not be far fetched. The good news for first-time buyers is that out of the 12 suburbs with the most affordable units in Brisbane, 10 were inner city.
Bowen Hills, topped the list with a median unit price of $362,500, dropping 13.7 percent year-on-year or a five-year decline of 18.8 percent. Clayfield also made the list with a median unit price of $375,000, and whilst it grew by 4.2 percent year-on-year, it is still 2.1 percent cheaper from five years ago.
According to realestate.com.au, the latest median unit price in Clayfield is $369,500, based on sales data from 1 Jul 2018 – 29 Jul 2019; the current Qld median unit price is at $380,000.
Other affordable suburbs for units in Brisbane include Runcorn ($368,250), Richlands ($370,000), East Brisbane ($378,000), Coorparoo ($382,000), Nundah ($385,000), Taringa ($385,000), Kedron ($387,000), Fortitude Valley ($392,000), Albion ($397,500), Spring Hill ($398,000).
Over the year to June, the median unit price in Greater Brisbane has dropped by 8.9 percent to $368,946, which is already within its 2013 levels. The median house prices also slightly fell at $559,200, equating to a 1.4 percent drop for the June quarter.
The Domain analysis stated that first-time buyers and young professionals wanting to enter the apartments market should be willing to hold on to their investment for the long term and make sure to choose the right location and buy at the right price.
