Qld’s affordable suburbs vanish as sub-$500,000 house market is wiped out

Realestate.com.au economist Anne Flaherty

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Of the suburbs with median house values still at or below $500,000, only three are located in the Greater Brisbane region and none are on the mainland.

They are Russell Island ($445,000), Lamb Island ($457,500) and Macleay Island ($495,000) but all three have seen home values increase by more than 111.9 per cent in the past five years, with Lamb Island recording price growth of 28.7 per cent in the past year alone.

15 Lemontree Dr, Macleay Island, is listed for $470,000

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There are no house suburbs left under $500,000 on the Sunshine Coast.

Meanwhile, there are just two suburbs left in that price bracket on the Gold Coast including embattled South Stradbroke Island ($235,000) where the majority of properties are located in the shuttered Couran Cove Resort which has had all power, water and gas services switched off due to an ongoing legal dispute between the resort owner and body corporates.

Residents at Couran Cove Resort are living off-grid

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The only other sub-$500,000 suburb left on the Gold Coast is Stapylton ($420,000).

Up north, the Cairns region has 18 suburbs at or below the magic $500,000 threshhold, ranging from Mourilyan ($281,000) to Innisfail Estate and Cullinane ($500,000).

4 Cairns St, Tully, is listed for $479,000

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But there are no longer any house suburbs in Cairns itself under that price tag.

There are 12 suburbs in the Townville region with a median house price below $500,000, including four in the garrison city itself – Cungulla, Yabulu, Balgal Beach and Vincent.

491 Stuart Drive, Stuart, in Townsville is listed for offers over $485,000

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Further south, there are eight suburbs, mostly in mining towns, in the Mackay-Isaac Whitsunday region.

The Central Queensland region is home to 18 suburbs under $500,000, including Rockhampton City and West Gladstone.

84 Bawden Street, Berserker, a suburb of Rockhampton, is listed for offers over $475,000

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There are 16 suburbs remaining in the Wide Bay region, 19 in the Darling Downs-Maranoa and 21 in the Queensland Outback region, which includes Hughenden, Charleville, Barcaldine, Longreach, Karumba and Cooktown.

12 Cardinal Court in the mining town of Blackwater is listed for offers over $449,000

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Real Estate Buyers Agents Association of Australia (REEBA) Queensland state representative Melinda Granzien said the Sunshine State’s property market remained firmly resilient through 2025, with both Brisbane and many regional centres experiencing strong buyer activity, limited supply, and short selling timeframes.

“There has been a significant rise in demand for townhouses and units, as buyers adjust expectations to align with current borrowing capacity,” she said.

“While affordability will continue to influence decisions, Queensland is well positioned for steady, sustainable conditions in the year ahead.”

13 Bauhinia Street, Gatton, west of Brisbane, is listed for offers over $475,000

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Ms Flaherty said prices were expected to keep rising across Queensland in 2026, especially in the southeast.

“Greater Brisbane, the Gold Coast and the Sunshine Coast have all seen extraordinary growth in recent years, almost doubling from five years ago,” she said.

“The only real fix is more supply. Without faster planning, more land releases and a step-up in construction, affordability will continue to worsen.”

Meanwhile, Canstar’s 9th annual Consumer Pulse Report recently revealed that the cost of housing was the number one concern for Aussies going into 2026.

The report said that housing costs had been the most common concern for four years in a row, and is more than double what it was five years ago.

Canstar’s data insights director Sally Tindall said that while three rate cuts had helped, it was not nearly enough to unwind years of surging mortgage costs and escalating rents.

“It’s also telling that just over one-quarter of property owners are considering selling in the next two years, with some motivated by the fact that their repayments have become too hard to manage,” Ms Tindall said.

“That’s a clear signal that mortgage stress hasn’t eased.”

Canstar’s Sally Tindall. Picture: Tim Hunter.

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The annual PropTrack Housing Affordability report also recently revealed that housing affordability remains near its worst level on record, despite a slight improvement nationally this year.

“Meaningful price relief (in Queensland) is unlikely in 2026,” Ms Flaherty warned.

“Demand remains strong and new housing supply isn’t expected to catch up to population growth for some time, pointing to higher property prices.”

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WHAT’S LEFT: SUBURBS WITH MEDIAN HOUSE VALUES UNDER $500,000

GREATER BRISBANE

Russell Island

Lamb Island

Macleay Island

CAIRNS

Mourilyan

Innisfail

East Innisfail

South Johnstone

Ravenshoe

Tully

Cardwell

South Innisfail

Herberton

Silkwood

Belvedere

Malanda

Babinda

Mareeba

Mossman

Wonga Beach

Innisfail Estate

Cullinane

CENTRAL QLD

Sapphire Central

Taroom

Blackwater

Moura

Mount Morgan

Capella

Depot Hill

Springsure

Biloela

Rockhampton City

Barney Point

Toolooa

Berserker

Allenstown

Emerald

Koongal

West Gladstone

Sun Valley

DARLING DOWNS-MARANOA

Dirranbandi

Mitchell

Tara

Wandoan

Jandowae

Inglewood

St George

Texas

Miles

Roma

Millmerran

Yarraman

Wallangarra

Chinchilla

Clifton

Dalby

Maryvale

Goondiwindi

Oakey

GOLD COAST

South Stradbroke

Stapylton

MACKAY-ISAAC-WHITSUNDAY

Collinsville

Scottville

Dysart

Clermont

Nebo

Finch Hatton

Moranbah

Sarina

QUEENSLAND OUTBACK

Cunnamulla

Hughenden

Charleville

Quilpie

Pioneer

Menzies

Barcaldine

Townview

The Gap

Blackall

Mornington

Sunset

Happy Valley

Cloncurry

Longreach

Soldiers Hill

Winston

Parkside

Karumba

Healy

Cooktown

TOWNSVILLE

Charters Towers City

Home Hill

Queenton

Ingham

Richmond Hill

Ayr

Forrest Beach

Cungulla

Yabulu

Millchester

Balgal Beach

Vincent

WIDE BAY

Mundubbera

Mount Perry

Monto

Biggenden

Murgon

Gayndah

Wondai

Nanango

Goomeri

Gin Gin

Aldershot

Avondale

Winfield

Granville

Childers

Tiaro