One of the city’s most expensive suburbs is New Farm, with a median house price of $1,683,000. Domain data reveals that in the past five years, house prices there have grown by almost 90 per cent.
It’s not for the everyday wage earner, but anyone who can get a house there for $1 million is advised to buy – immediately!
It’s a similar story in Ascot and Hamilton, two of the city’s oldest, blue-chip, old-money suburbs. Prices there are ranging from $800,000, right up to $1 million. Anything under $1 million is usually outside the Ascot State School catchment. The school is a big drawcard for families, with those who live outside the catchment camping out each year to try and secure a place for their children.
The popular family suburb of Ashgrove is close to the city, has lots of great parks and school catchments. It’s getting increasingly hard to get an entry-level home there as well, and buyers may have to compromise on the number of bedrooms, or the amount of renovation a home in Ashgrove is going to need.
Tips for getting a bargain:
- Have your finance organised and ready to go, so you can jump in and make an offer straight away
- Look at houses selling for auction
- Look for homes on smaller blocks of land
- Be persistent and patient