Priced out of their own cities, Sydney and Melbourne investors are looking north to Brisbane. This year, the number of Sydney and Melbourne investors snapping up houses in Brisbane’s northern suburbs has tripled, according to Kim McHardy, Principal of Raine & Horne Chermside.

McHardy said house values in suburbs such as Chermside, which is eight kilometres from the Brisbane CBD and a 20-minute drive to the airport, Chermside West, Geebung, Aspley, Stafford and Kedron are up around 8 percent since late autumn 2014, and three bedroom properties built in the 1960s priced between $450,000 and $500,000 are attracting significant interstate investor attention. McHardy said it's still possible to pay under $340,000 for a two bedroom apartment in Chermside, and receive $340 a week in rent.

His office recently sold a house at 34 Gibum Street, Chermside West, which was marketed for sale at offers over $449,000, received nine genuine offers in 24 hours and realised a sale price of $481,000. “There’s a growing recognition that Brisbane represents real estate value and we have seen a major upswing in the number of interstate investors buying up established properties over the past few months,” said McHardy.