With a population of 2.28 million, the city of Brisbane is quickly becoming a property buyer’s paradise. Everyone from first-time homebuyers to multi-property investors is setting their sights on the river city. If you’re thinking of jumping on the bandwagon, here are a couple of crucial considerations to think about before you invest.
Be on the Guard for Apartment Oversupply
Whether it’s your first time looking to buy property Brisbane, or you’re a seasoned property investor already, the first thing to consider is apartment oversupply in the city. When there are more apartments than renters in an area, the rent price can drop as owners try to remain competitive and keep units from sitting vacant. While this is not much of an issue as before, it’s still relevant in areas with high development, such as the inner city.
Determine What’s Near the Property
When you’re planning to buy property Brisbane, make sure you look at what’s near the property. For example, find out about the shopping and dining options within walking distance of the property. Remember that although you’re buying a home or property, you also become a part of a neighbourhood. You or your tenants will likely want to see the sights and have a good time enjoying local amenities.
Stick to the Inner-City Areas
According to property industry observers, there is a high demand for homes in suburbs closer to the Brisbane River. Suburbs which have quite high development, like those around the central business district, are likely to see high property development.
Find Out If the Property Has Air Conditioning
Before you buy property Brisbane, remember that the city can get hot and humid. Find out if the property has air conditioning. If you plan it rented out, your potential tenants may not want to rent the unit without AC.
Check for Flood Zones and Flight Paths
Because the city opened a new runway for its airport in 2020, there are alterations of flight paths over the metropolis. Air traffic may influence property prices. New research correlating aircraft noise and real estate concludes that the patterns follow the same ups and downs as the overall property market. However, noise can deter some property buyers. Also, noise is subjective from one person to another, and flight paths may be a serious concern for some in terms of the property they’ll buy.
Apart from flight paths, the city’s flooding disasters in 2010 and 2011 also showed the real danger of flooding in some areas. Check to see if your property is located in a flood zone. The good thing is that there’s a lot of information about flood zones in Brisbane. Flooding can also impact insurance coverage, which is essential to understand if you buy property Brisbane near a flood zone!
If you plan to buy property Brisbane, make sure you keep these tips and suggestions in mind. The information will help you find the right home and get the right price for your next home or rental property.