Cost breakdown: Brisbane’s 10 cheapest suburbs to buy a home

Greater Brisbane’s top 10 cheapest suburbs to buy property in have been named with upfront costs broken down for buyers who can scrimp together the savings. SEE DETAILS

Greater Brisbane’s top 10 cheapest suburbs to buy property in have been named with upfront costs broken down for buyers who can scrimp together the savings.

MCG Quantity Surveyors Mike Mortlock has worked out the upfront cost breakdowns based on a 10 per cent deposit level, but some buyers may be able to get in with government help on a 5 per cent level.

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This one bedroom unit in a resort-style complex at 1059/2-28 Yulgibar Close, Kooralbyn, has been listed for sale at $179,000, and was being held by the seller as AirBnb accommodation.

This one bedroom unit at 1060/2-28 Yulgibar Close, Kooralbyn, is listed for sale at $270,000 and a short distance from the complex's in-ground pool and BBQ facilities.

“It’s quite stark when you’re seeing it listed,” he said, but expected property to continue to be an Australian obsession over coming years and decades.

“The big takeaway for me is that as a country we value homeownership,” he said of the massive increases and demand for real estate across the country.

“It’s kind of like an Australian value. We don’t want to be like Singapore or London where everybody’s renting.”

The analysis showed 10 suburbs in Greater Brisbane where it was possible to have upfront costs below $50,000 – only one of which was for a house on Russell Island.

The ever affordable suburb squeezed into 10th place with upfront costs of $49,570 which involved a 10 per cent deposit of $37,525 plus stamp duty and lenders mortgage insurance fees of $7,661.

A three bedroom unit at 16/28 Defiance Road, Logan Central, is open to offers with an inspection scheduled for 2.30pm on Easter Saturday.

This fully renovated three bedroom townhouse at 5/31 Nyanza Street, Woodridge, was listed for sale at $315,000 and has gone under contract.

All the rest were for units led by Kooralbyn – the cheapest in Greater Brisbane requiring a 10pc deposit of $25,352 plus LMI and stamp duty of $4,043 for a total $31,930 upfront.

Brisbane’s outer edges delivered most of the affordable suburbs on the list including Logan Central, Woodridge, Beenleigh, Waterford West, Slacks Creek, Booval, Goodna and Mount Warren Park.

Greater Brisbane’s 10 cheapest suburbs to buy in:

Suburb | 10pc deposit | Stamp duty plus LMI | Estimated upfront

Kooralbyn (unit) $25,352 $4,043 $31,930

Logan Central (unit) $27,849 $4,441 $35,075

Woodridge (unit) $29,468 $4,699 $37,113

Beenleigh (unit) $32,074 $6,548 $41,829

Waterford West (unit) $33,572 $6,854 $43,783

Booval (unit) $33,680 $6,876 $43,924

Slacks Creek (unit) $34,881 $7,121 $45,490

Goodna (unit) $35,172 $7,181 $45,913

Mount Warren Park (unit) $36,278 $7,406 $47,632

Russell Island (house) $37,525 $7,661 $49,570

(Source: MCG Quantity Surveyors analysis of PropTrack AVM data).

A 112sq m two bedroom unit at 30/120 Queens Road, Slacks Creek, has been listed for sale as a rare find in a great location. The area is among the most affordable to buy into in Greater Brisbane.

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Originally published as Cost breakdown: Brisbane’s 10 cheapest suburbs to buy a home