Coorparoogirl

Coorparoo is easily Brisbane's best buy right now, you can still get a solid and BIG 70's 6 pack 2 b/r apartment for under 350k and it may already have been updated. Any upgrades you make will only need to be cosmetic and perhaps a little tiling here and there. These places were built solid!
Put in 5k and some of your time to perhaps paint and put in some new carpet then just wait a year - see how much prices have risen in the lat 18 months - amid the GFC and all!
A great place for travelling to the city also, lots of parks and with the Clem 7 tunnel plus WHEN the old Myer gets done up, Coorparoo will be the next Paddington.