For example, asking prices for units have been dropping lately, down about 1 per cent to $380,00 over the three months to November 7, according to SQM Research.

While this is impacting short-term capital growth, it's also providing some good deals for savvy buyers with an eye for long-term investment.

Principal at buyers' agency Property Zest, Karen Young, says it's important that investors stick to the fundamentals of buying a unit, like being close to transport, a hospital, or university, where you have demand from prospective tenants. She also says smaller and older blocks tend to offer more value.

"Look at older style units that have bigger spaces where you can potentially squeeze something new out of the floorplan," says Young. "That means you can manufacture your growth instead of relying on capital growth."

Buyers' agent Wendy Russell agrees that it's best to find a unit with something unique to improve your investment potential.

"You should pick a property with some scarcity factor where more people are going to want it and it'll always be tenanted," says Russell. "Even something with a courtyard, for example, might open up your options to tenants with young children or pets."

In-demand suburbs

Russell says that while there's an oversupply in the CBD and inner city, there are areas in Brisbane that aren't oversupplied and offer longer-term prospects.

For example, Paddington continues to outperform Brisbane averages and is good for investors with a $500,000 budget, she says. Another suburb Russell likes is Morningside on the east side of the city, where the median price on a two-bedroom is $510,000, according to data from Domain.

Russell suggests focusing on areas like these that have a lower vacancy rate of about 3 per cent, as opposed to those that are oversupplied with lower rental demand.

Quality over quantity

Brisbane investors had enjoyed a steady rental market before these oversupplied areas pushed rents down, according to property valuers Herron Todd White (HTW). However, good quality units in well-serviced blocks are still doing OK, HTW notes.

Renovated blocks can also produce stronger results. To this end, Young says there are usually opportunities in smaller blocks to get other owners on board with improving the overall property.

"If you can convince people in the body corporate to add value by maybe rendering or adding security fencing and things like that, you could really lift the value of the block," says Young. "You need something to bring your property up into a different level of pricing."