Another one of PRDnationwide’s top picks, the suburb of Riverview conveniently sits along the rail and road corridor between Ipswich and Brisbane.
Sales activity here has been stable, says PRDnationwide’s Josh Brown, but prices have softened, making Riverview a great pick for affordability.
Riverview’s traditionally been a good performer in terms of capital growth. While it’s been in the doldrums on that front in recent times thanks to flood and economy woes, Brown believes that its location will drive further growth in the long term.
“This suburb is well located along transport corridors connecting Brisbane to one of the fastest growing cities in the South East and it is expected to achieve strong growth in the future,” he says.
Certainly having its own train station and being right next to the Ipswich motorway puts Riverview up there on the accessibility front. Ipswich is around 20 minutes away by car or train, while Brisbane’s more like a 30- or 40-minute journey.
Hot Property Specialists’ Liz Wilcox notes that it’s largely a lower socioeconomic area with a lot of families and single mums. Looking at 2006 Census data, average weekly family incomes come in lower that the Queensland average ($796 vs $1123), and 54% of the suburb’s population are renters. SQM Research expects this second figure to rise to 77% over the next five years.
“It’s an affordable area with a lot of older ex housing commission homes,” notes Wilcox. “You can pick up a three-bedroom, one-bathroom house for under $300,000.”
She adds that parts of the suburb were flooded at the beginning of 2011, so it’s worth bearing this in mind when looking at property close to the river.