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I agree with Michael. Just read today that Brisbane may the star performer in 2010 as it didn't do anywhere near as well as Melbourne and Sydney in 2009. There is more infrastructure being put in than any other city in Australia. Also, people are still migrating here in large numbers.

There's not much that you can get for under $450K to fit in with your requirements. A maximum 30 minutes drive in peak hour would mean that you'd have to get something under 10, possibly 8 kms, from CBD. I live on the northside and you may get something pretty old in Kedron, Chermside...