This episode of "Brisbane Property Guide" explores the changing Brisbane property market. According to reports from August 2024, the median house price in Brisbane has risen to A$937,000. While this figure has yet to be confirmed, the current market conditions indicate a robust property market.
These days, many properties are quickly marked "Under Offer" within a week or two. Buyers who hesitate could miss out on a great opportunity. To meet market demand, this episode features an entry-level house suitable for first-time buyers, priced between A$700,000 and A$800,000.
Cleveland: An Underrated Treasure
This house is located in Cleveland, a hidden gem in Brisbane's east, boasting stunning coastal views. Cleveland boasts a pier to Stradbroke Island and a commercial district with amenities like city offices and a library.
This house is located on a very quiet street, just a 15-minute walk from the beach. Nearby homes are mostly new brick or double-storey, built within the past 20 years, creating a very desirable neighborhood. The house sits on a 405-square-meter lot and has three bedrooms and one bathroom. While it lacks a lock-up garage, it's still functional and has been used as a rental property for the past 15 years, generating stable rental income.
Investment potential and appreciation space
The house's biggest selling point is its location and potential for value growth. While the land is small, its rectangular shape and immaculate backyard offer ideal space for future renovation or redevelopment. Furthermore, the median house price in the area has risen from $550,000 in 2015 to $1.13 million in 2024.
If the new owner doesn't plan to renovate immediately, the house can continue to be rented out, with an estimated weekly rent of between $600 and $620. In eight to ten years, the owner could also consider demolishing and rebuilding to create their ideal new home. The house is currently listed at $730,000, but CoreLogic has valued it at $970,000.
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