In Brisbane, there are suburbs where it would be more cost-effective to buy a home rather than rent. If you’re looking for places near or around Albany Creek where the median house price (currently at $645,000) is slightly higher than Queensland’s current median house price, you’ll be glad to know that five suburbs located north and east of the suburb are on the list.
The latest data provided by PRD Research shows Lawnton is the most affordable suburb near Albany Creek, with a median price of $250,000. Located around eight kilometres north of the suburb, Lawnton is great for public transport, childcare, schools, park and recreation.
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Whilst Bald Hills came with a $485,000 median price, slightly more expensive than the other suburbs on the list, it’s still less than the current median value for houses which is at $593,232 as of 2021.
Strathpine, which is a 14-minute drive from Albany Creek, is a great option for public transport and eating out, and for people who prefer suburbs with many shopping options and proximity to medical facilities.
Five minutes from Strathpine will lead you to Brendale, which is by far the most affordable suburb near Albany Creek. Brendale may be the perfect option for families with kids because of the many childcare services, clean and green areas, and low-cost living.
For many, renting a house is way more convenient than buying one. Renting a home is the best choice for people who aren’t prepared yet for the large financial responsibility of owning one.
But that doesn’t mean renting does not come with disadvantages. The Bank of Queensland says that due to the regular changes in the property market, property managers and landlords are within their rights to change the rent amount once a lease ends.
“In some cases, this might force renters to move out and find a cheaper place, which can be a highly stressful time, especially if you weren’t ready to go yet. Additionally, rent never stops – home owners can pay off a mortgage, but renting means you will need to make those rental payments forever,” BOQ added.
Renting or buying a unit or an apartment in Brisbane is a different story. The latest data reveals the median value for units is at $396,183. The lower rate does not come as a surprise, since the Brisbane Unit market has been experiencing oversupply since the construction of units boomed in 2016.
Oversupply of units in the city, particularly in the CBD, can affect capital growth that there have been moderate declines in prices of units over recent years. Because of this, there are lenders who decline applications for loaning money for unit purchases in some areas of Brisbane. Other lenders require higher deposits.
Despite the oversupply, buying a unit in Brisbane can still be a good choice if the fund is limited. They are mostly located near major employment centres and other amenities, not to mention that they often achieve higher rental returns compared to houses and townhouses.