Brisbane property: What you can buy for Brisbane's median house price

While it may feel like houses in Brisbane are getting more expensive, the latest data is actually showing otherwise.

Amid surging property prices in other capital cities, Brisbane houses and units became cheaper last quarter; Domain Group data recently revealed the median house price fell 0.9 per cent to $521,152 and the apartment median slumped 2.9 per cent to $367,518.

While this is great news for those entering the property market for the first time, the reality is that houses at this price point are normally the subject of intense competition from first time buyers.

Remax agent Maree Cathcart, who sells property in the middle-ring suburbs of Mansfield, Mount Gravatt and Mount Gravatt East, said anything for sale around the median price in her area did not stay for sale for very long.

She cited a property at Broadwater Road, Mount Gravatt East, as a perfect example.

“This is just a little timber two-bedder but it was snapped up after only two weeks,” she said.

“Anything in the $500,000s in the postcode of 4122 is gone within days. This might be the median house price but around here it’s entry level and the competition between first home buyers and investors is very strong. It’s a multiple offer situation every time.”

11 Corrigan Street, Keperra, sold for $585,000.

It’s a very similar scenario in Keperra, nine kilometres north of the CBD. Any property for sale in the $500,000-range is under offer almost immediately, Harcourts agent Christine McKay said.

Ms McKay said there were still properties available in the early $500,000s in Keperra but at that price, would need a lot of work.

“It’s going to need a deck, a new kitchen, or a new bathroom,” she said.

“Anything that’s been renovated is selling for more like late $500,000s. I just sold 11 Corrigan Street, which was listed at $535,000, for $585,000. It was a renovated home that presented beautifully.”

Of course, moving further out will get you more house for your money. In Banyo, 14 kilometres north of the CBD, there are still starter homes for as low as $450,000. For the median house price of $521,152, you get a bigger house on a bigger block, local Coronis agent Nic Fisher said.

26 Ludgate Street, Banyo, is for sale for $450,000.

“A few years ago, Banyo was considered working class. But thanks to the good old ripple effect, this suburb is transitioning into white collar area and prices are going up because of it,” Mr Fisher said.

“For the early $500,000s you might get a three-bedroom, one-bathroom house on a decent block of land in renovated condition.

“The median price may seem cheap closer into town but the further out you look, the more value you’ll get for your money. It’s as simple as that.”

Domain has rounded up a list of properties all for sale at the current median house price:

34 Thurston Street, Tingalpa

Massive property: 34 Thurston Street, Tingalpa.

Offers over $509,000
3 bed, 1 bath, 2 car
Agent: Dane McInerney, McGrath Wynnum/Manly, 0400 596 662

Set on a massive 741 square metres, this three-bedroom brick home is in Tingalpa, 10 kilometres east of the CBD. It has a separate lounge, dining and kitchen, as well as a two-way bathroom off the master bedroom.

With a level lawn and multiple outdoor entertaining spaces, there’s still room for a pool.

44 Thurlby Street, Upper Mount Gravatt

Close to transport and schools: 44 Thurlby Street, Upper Mount Gravatt.

Offers over $525,000
2 bed, 1 bath, 1 car
Agent: Maree Cathcart, Remax Executives, 0422 129 746

This solid post war stucco home is set on 647 square metres of level but elevated land within walking distance of two primary schools.

Featuring timber floors and a fresh, light-filled interior, it has an open-air deck out the side of the house facing north. Westfield Garden City and excellent bus links to the CBD are a few minutes drive away.

109A Adamson Street, Wooloowin

Inner city beauty: 109A Adamson Street, Wooloowin.

$550,000
2 bed, 1 bath, 1 car
Agent: Luke Dawson, Ray White Paddington, 0435 716 880

It is possible to get an inner city pad for the equivalent of Brisbane’s median house price – and a gorgeous character home no less – but could take a bit of imagination to make it a home.

Previously used as business premises by a solicitor, Rosevale is spread over two levels and has been fully renovated. Downstairs features a large multi-purpose space, an office or second bedroom, kitchen and meals area. Upstairs has one massive bedroom with an adjoining bathroom. Beautiful character features have been restored throughout and the property is a short walk to Wooloowin train station.

1 Merion Close, Oxley

Great location: 1 Merion Close, Oxley.

Offers over $525,000
4 bed, 2 bath, 2 car
Agent: Isaac Nguyen, One Agency Isaac Nguyen Real Estate, 0411 600 867

In Oxley, in Brisbane’s western suburbs, this modern four-bedroom, two-bathroom brick home features an updated kitchen with stone bench tops, soft-close drawers and stainless steel appliances. Light filled and contemporary, it’s only minutes from the local cafe and shopping scene.

Set on 604 square metres, it has two separate living areas, plus an outdoor entertaining area overlooking a flat, spacious backyard and surrounding bushland. There is room for a pool and pets.

58 Fihelly Street, Keperra

Sought after area: 58 Fihelly Street, Keperra.

Offers over $499,000
3 bed, 2 bath, 2 car
Agent: Christine McKay, Harcourts Solutions, 0423 819 819

Positioned in one of Keperra’s most sought-after pockets, this well-presented cottage sits on 607 square metres overlooking parkland.

With a separate lounge and dining and a large undercover outdoor entertaining area, it’s a spacious post-war design. Featuring three bedrooms (two with air conditioning) and two bathrooms, it’s within walking distance of the local train station, bus stop and local schools.

158 Kelvin Grove Road, Kelvin Grove

Character home: 158 Kelvin Grove Road, Kelvin Grove.

$529,000
3 bed, 1 bath, 1 car
Agent: Leo Gurney Real Estate, 3356 2000

There’s usually a trade-off if you want an inner city location for a bargain basement price – and in this case it’s the position.

While this elevated colonial home with panoramic city views is only three kilometres from the CBD and a short walk to Kelvin Grove Urban Village, it’s also perched on a busy main road, on only 180 square metres.

That said, it’s laden with character and includes the original fireplace, VJ walls and high ceilings and has three bedrooms. While it has room for a car, in a location like this, you wouldn’t need one.