Brisbane’s “sweet spot” suburbs - June 2024

By Rich Harvey, CEO & Founder, propertybuyer.com.au

When selecting a property to purchase there are always numerous considerations. Are you looking for great capital growth? Do you need a strong rental return? Is the area one that will service your family well? Can you get to work easily while still enjoying the weekends in your neighbourhood?

Individual requirements will draw a variety of buyers to various locations, but invariable there are also “sweet spot” locations in each region which deliver a reasonable balance of multiple aspects.

I recently spoke with Propertybuyer’s Brisbane principal, Glen Sainsbury, about the suburbs in his city that meet the sweet-spot criteria. Glen said there were many to choose from, but he was happy to highlight five that illustrate the concept well. He thought about areas where housing is reasonable priced (at around the $750,000 to $1 million mark) and you could still achieve solid rental returns with strong capital growth prospects.

Banyo

Located 11 kilometres northeast of the CBD, Banyo’s is central to employment hubs while also delivering on local facilities. The suburb has a median house price of $900,000 and a median unit price of $455,000.

Banyo is a short commute from the burgeoning Brisbane Airport Precinct which is a buzzing employment center. Banyo itself has plenty of businesses as well, and Brendale’s industrial precinct is not far away either.

It’s also an easy drive to Westfield Chermside Shopping Centre, and there are great schooling options including the very highly regarded St Joseph's Nudgee College.

Banyo has decent quality homes on good size blocks at relatively reasonable prices – all of which appeals to family buyers. For investors, its low vacancy rate and rising rents bode well for solid returns.

North lakes

North Lakes is a now completed master planned community located 25 kilometres north of the CBD.

The median house price in North Lakes is $799,0000 while units reflect a median of $530,000.

When first established, this would have been regarded as a commuter location where residents might travel some distance to their workplace each day. Nowadays, however, this is a maturing community in its own right. Many of its residents now work within 10 minutes of the suburb which is a considerable shift from a decade ago when most were commuting much further.

That said, the suburb remains easily accessible to the bayside and the city, with the adjacent Bruce Highway being a direct route north to the Sunshine Coast as well.

Facilities are comprehensive too. The suburb has a major shopping centre, as well as an Ikea and a Costco. There are multiple restaurants and entertainment options as well as parks, clubs and other facilities too. 

In short, North Lakes is the very picture of a self-contained suburb that’s an anchor point for the wider area.

Springwood

Just 15 minutes’ drive down the Pacific Motorway from the city is the well-established suburb of Springwood. The area is going through a medium-density boom at present with development helping meet ongoing demand for accommodation from both owners and renters.

Springwood housing has a median price of $865,000, and the unit median is $451,000.

Springwood has outstanding employment options on hand in sectors such as manufacturing, industrial, retail, office and administration. 

The suburb and surrounding areas have multiple shopping centres. There are also great medical facilities along with excellent schooling. For example, John Paul College is in the adjacent suburb of Daisy Hill and is a very well-regarded institution.

Springwood is a quick drive to Gold Coast beaches on the weekend too.

Property is dominated by decent quality homes on good-size allotments and at an accessible price point for the Brisbane region. Add in a high level of renter demand helping keep yields strong, and its obvious why Springwood is a sweet spot.

Capalaba

Only 20 minutes southeast of the CBD, Capalaba delivers an easygoing lifestyle to its residents. It’s the hub location of the Redlands Shire with most major roadways leading to it.

Capalaba has several major shopping centres, but a comprehensive redevelopment of its 2.05-hectare town centre by leading developer Shayher Group – coupled with rezoning of the township to allow buildings to nine stories – means that residents will benefit further from improved amenities. 

The area has comprehensive retail and health facilities on hand, with plenty of employment options as well. The Gateway Motorway also makes for smooth travel to other locations, including Brisbane Airport, without having to trip through the centre of the city.

The median house price in Capalaba is $820,750, and units reflect a median of $528,750. Homes here are of mixed quality but most sit on large allotments – a real drawcard to owner occupiers. Rental demand is strong too with Capalaba’s vacancy rate regularly tracking below one per cent.

Springfield Lakes

Springfield Lakes is a self-contained master planned community positioned in Brisbane’s western growth corridor. The median house price here is $705,500, with the unit median being $530,000.

Springfield Lakes ticks plenty on buyers’ lists. It has all necessary facilities and services, including major retail outlets, within its boundaries. There’s also a mix of entertainment and lifestyle options on hand from parks and lakes to restaurants, bars and sporting clubs.

Major roadways provide easy access, and the rail line means you don’t need to drive to the Brisbane CBD. Simply hop on the train at Springfield Central Station and you’ll be in the heart of the city in around 40 minutes.

The other upside here for homeowners is that residents have higher than average incomes compared to rest of Brisbane with many locally employed in the health, technology and education sectors. This sort of metric bodes well for future capital gains.

Sweet spot suburbs aren’t one trick ponies. They’re self-supporting areas with multiple economic drivers – and that’s what makes them growth zones worth tracking. The five suburbs above are a small sample of what Brisbane has to offer.

Of course, key to smart property buying is selecting the optimal asset type in your chosen sweet spot. That’s where a qualified and well-connected buyers’ agents can assist. Professionals, like Glen, know their areas intimately so that clients can achieve the best possible outcome from choice locations.

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