Redlands can lay claim to three of the top five most affordable suburbs in greater Brisbane, new data has revealed.
Figures from comparison website Finder reveal Russell, Macleay and Lamb islands are among the top five affordable suburbs in greater Brisbane.
Russell Island secured top spot, with a required minimum yearly income of $67,265 for a house.
Lamb and Macleay Island followed shortly behind with a required minimum yearly income of $70,277 and $73,289.
Bay Islands Property principal Chris McGregor said that along with affordability, people were drawn to the islands because of the close distance to Brisbane and the Gold Coast.
“My average time on the market is currently 49 days which is quick compared to other properties which can be from three to six months,” he said.
Mr McGregor said most people looking for properties on the Islands were retired or semi-retired.
“A lot of people come here to downsize from a capital city by cashing in, coming here to retire to then end up with money in their pocket,” he said.
“The average buyer here is 57 years old.”
Mr McGregor said there had been significant interest in Island properties since COVID, with more younger buyers coming through.
He said Russell Island was more popular but although it was listed as the most affordable, it depended on the buyer’s preferences.
“Russell Island is always going to outsell the others because it has more properties, but people are going to buy in Macleay if there is a more suited property there for them,” Mr McGregor said.
“It is the same story for all the islands in general.”
Mr McGregor said houses between 300 and 500sqm were most in demand, but property and block size demands were constantly changing.
“The last block I sold was 1100 square metres and the block prior to that was just over 600 square metres,” he said.
Head to bayislandproperty.com.au for more information on available island properties.
