Buyers see value in Brisbane's older suburbs

CANNY investors are looking in Brisbane's north, not just for new estates but also well-established suburbs.

CANNY investors are looking in Brisbane's north, not just for new estates but also well-established suburbs, finds property editor Michelle Hele.

Many property buyers have been enticed to the north of Brisbane through massive new housing estates such as the successful North Lakes and Caboolture's Riverbank estate.

But they are not the only northern suburbs between 20km and 30km of the Brisbane CBD experiencing demand, with many well-established suburbs finding new residents.

In the year to June, in Deception Bay, 31km from Brisbane CBD, there were 235 house sales and 39 unit sales.

At nearby Narangba during the same period, 260 homes sold.

Once you hit the 20km mark from the CBD, around Strathpine, median house prices tend to sit around the mid-$300,000s.

If you move closer - within 10km of the CBD, in Virginia, Geebung, Banyo or Aspley - the median ranges from the low to mid-$400,000s.

According to Alex Telegin of Coronis Deception Bay, Brett and Benjamin McLuckie, whom he recently sold a Deception Bay home to (see story right), are typical of the new type of buyer in the suburb.

He has noticed a move towards more owner-occupiers in the suburb in the past year, particularly as prices in other nearby suburbs go up.

"Typically, this suburb was a mix of Baby Boomers, who bought and built here in the late '60s and '70s, along with lots of renters,'' he says.

The suburb has become appealing to families with young children because of the price point as well as access to major arterial roads.

He says the suburb also appeals because it is close to Redcliffe beaches and recreation.

"That stigma of calling it Depression Bay has worked to the advantage of astute consumers who appreciate a good-priced home in a good location, so houses are still undervalued compared to other areas,'' he says.

The suburb is also starting to undergo some gentrification.

Long-time local agent Rob Dransfield of Ray White says Deception Bay has a wide range of housing options and price points.

He says that within 500m, you can walk past a tidy brick home for $250,000 and then a $1.5 million waterfront mansion.

Mr Dransfield says the waterfront properties are tightly held and often sell quickly when they do make it to market.

A little closer to town, Strathpine is being tipped as a potential future investment hot spot.

Strathpine agent Belinda Deane of David Deane Real Estate says there is an undersupply of housing and high rental demand in the area.

She says entry-level prices are between $250,000 and $300,000 and this is attracting investors.

"In many ways, Strathpine has been the sleeping giant in the Moreton Bay region but it is now awakening and we are seeing enormous growth opportunities,'' she says.

Further infrastructure projects in Strathpine and surrounding suburbs are expected to lift demand, according to Ms Deane.

With Strathpine earmarked as a major regional activity centre, it may become a strategic area for future business and residential expansion.

Property records reveal the most expensive home sale in the suburb this year was $475,000 for a two-level brick four-bedroom home.

One of the cheaper ones was $290,000 for a three-bedroom brick single-level home.

At Deception Bay, the cheapest sale this year so far was $108,000 paid in January for a three-bedroom brick home with an in-ground swimming pool and a fireplace. The home was built in 1985.