What Sydney's median house price buys you in Brisbane

It's hard to believe the buying frenzy just keeps going and the median house price down south has now reached an all-time high of $844,000.

That compares with the much more refreshing median house price of the Brisbane City Council area, which is just $565,000.

It begs the question – why aren't Sydneysiders escaping the traffic and the rat race for the beautiful lifestyle, and property prices, that Brisbane offers?

Ray White Graceville agent Russell Gregory said $844,000 would get families a "nice house" in Brisbane, within close proximity to the CBD and on a reasonable block of land, but probably not a spectacular one.

"In the last 18 months we've moved from the mid $800,000s to $1 million to get something spectacular," he said.

So just what does Sydney's median house price buy you when it comes to the beautiful city of Brisbane? For that price bracket, you could definitely find something you'd be proud of.

Domain Group finds some recent sales to prove it.

The inner-city ring

Brisbane residents are spoilt. They just don't know it. You can live in one of Brisbane's best suburbs, Paddington, and find a house with city views, just two kilometres from the CBD, for around the $844,000 mark.

It's possibly a tempting prospect for those sick of living in apartments or attached semis in Sydney's inner west or in the 'burbs.

A three-bedroom, two-bathroom property just metres from the trendy Latrobe Terrace at 64 Alma Street, Paddington recently sold for $830,000, still $14,000 less than the Sydney median house price.

Space Property Agents' Nicole Devine said the home was actually bought by a Sydney investor, who was planning to capitalise on the amazing city views of Brisbane and renovate the home.

Although the 405-square-metre block was pretty standard in Brisbane, that would be considered quite a large block for a Sydneysider.

"The buyer appreciated how close we are to the city and the vibrant cafés and boutique shopping," she said.

"There's Suncorp stadium, it's close to the train station and there are so many great state and private schools nearby."

If you tried to buy a house in Sydney's most expensive suburb of Point Piper, you'd need tens of millions of dollars.

But in Brisbane, it's still possible to buy in one of the city's best suburbs, Ascot, for less than the Sydney median house price.

A two-bedroom pad at 15 Vine Street, Ascot, recently sold for $825,000.

And south of the river in the blue-chip suburb of Bulimba, you can be close to ferries, cafés and parks, as well as the trendy Oxford Street, for less than $1 million.

Unlike Sydney's Oxford Street, where you would need a couple of million for a house on a tiny block, a three-bedroom pad near Bulimba's Oxford Street just sold for $850,000.

LJ Hooker agent Chris Lawsen said the seller was actually moving to Sydney for work. He had previously bought the property in March, 2013, for $670,000, indicating a gain of nearly $180,000 in just 18 months.

"The market has moved for certain property types," Mr Lawsen said.

"I think the actual housing market, as opposed to the apartment market, has shifted quite considerably."

The middle-ring

Looking for more space? Venture out to the middle-ring, and you could live in blue-chip Graceville in Brisbane's southwest on a massive 810 square metres.

A three-bedroom home on a double block at 237 Verney Road East, Graceville, recently sold for $851,500. Yes, more than 800 square metres of space for just above Sydney's median house price and just seven train stops from the CBD.

Further north, but still within 10 kilometres of the CBD, and you could find a fully renovated, three-bedroom, three-bathroom home with mountain views in the leafy suburb of The Gap. A house at 29 Gymea Street recently sold for $826,000, almost $20,000 below Sydney's median house price.

On the other side of town, a five-bedroom, two-bathroom property in 16 Chadwick Street, Tarragindi, sold for $836,500.

And slightly over the Sydney house price median on, someone's prayers were answered in 122 Pope Street, Tarragindi, where a three-bedroom, three-bathroom house on 866 square metres with a granny flat sold for $860,000.

Barb Johnson of Barb Johnson Property said Tarragindi rarely attracted interstate buyers but was popular with local families.

"I get very little interstate enquiry because the majority of properties are established homes," she said.

"With this house, it was about the size of the land, the size of the house, there's still potential for them to add value and the suburb is also on the up at the moment."

Want water?

Sydney is known for its magnificient harbour and beaches. But Brisbane also has attractive options when it comes to bayside living. So why spend $844,000 on a tiny apartment in Sydney's Manly when you can get a designer residence moments from the Esplanade in Brisbane's Manly?

A four-bedroom house at 75 Boswell Street, Manly, sold for $825,000, which would be about the cost of a two-bedroom unit in Sydney's equivalent suburb.

It's pretty standard to commute for an hour to get to work in Sydney. In Queensland, that's considered a massive effort, but those from the Gold Coast who work in Brisbane do it. And it's well worth it if you're a beach lover.

A three-bedroom villa just a couple of hundred metres from the beach sold at 2/65 Seagull Avenue, Mermaid Beach, for $810.000.

Harcourts agent Brian Goodgame said buyers obviously got "more house" for their money on the Gold Coast and so many buyers from Sydney and Melbourne bought there, with the intention of moving north one day.

"Then they get stuck in their lifestyle and reality hits them. Quite often we end up selling those properties two years later," he said.

The housing market was strong but the unit market was still "fickle" and a bit slow, he said.

On the bright side, that meant a Gold Coast unit on the water would still be about half of Sydney's median house price, depending on the suburb and the area.