Hi Mick,
I am in the same boat as you. Except I can go to 350k max. This is my self imposed still sleep at night limit. I have spent all day today in Deception Bay and Yesterday where I live in the Redlands doing my homework. This would be my 2nd I.P. Without having time to checkout all of Brisbane I think I am going to stay in my own neck of the woods and buy in the Redlands. Reasons for this are
1: Lived in the Redlands for 10yrs and there is limited land available but it is a desirable place to live.
2: Water is not as tight a situation as Brisbane in general. The redlands is still on level 2 Restrictions and is supplied by Stradbroke Island which whatever rain there is to get it gets. I believe water could become a real issue for Brisbane. Sooner rather than later. Recently it was announced that Stradbroke Island water supply would not become part of the Qld water grid.
3: Dont have to go far to check on my I.P if I want to.
Good luck with your choice.