How to research the Brisbane property market
There’s a reason people are moving to this vibrant city, but do your homework before rushing in to buy a house or apartment.
Brisbane is about more than just great weather and a laidback lifestyle. With a median house price sitting at just $670,000, it’s little wonder locals love their city and so many people from interstate are looking to move here. Compare this with Sydney’s median house price of $1.3 million and Melbourne’s $809,000 and it isn’t hard to see why Australia’s third-largest city has so much appeal.
Set a budget
It’s easy to get carried away when you’re shopping around for property, particularly if you’ve sold up elsewhere and have a substantial deposit. Sit down and do a realistic budget of your expenses before setting a limit on how much to spend, and be sure to factor in goals such as trips away or saving for a child’s private-school education. Borrowing as much you can isn’t always the best approach. Weigh up how much of your income you’re willing to spend on the mortgage before making your final decision.
Be strong if the property you want is being sold at auction, and resist the urge to commit to more than you’ve budgeted for. If you lose out, it simply wasn’t the house for you.
Find the right areas
If you’ve not lived in Brisbane before, or you live there now but would rather live in an area that better suits your lifestyle, research really pays off. Talk to real estate agents, look at suburb profiles online, and make a list of your must-haves.
If you’re a runner, living by the river might be your idea of a dream location. If you’re into quiet and leafy streets close to parks and good schools, start there. Fancy yourself as a surfer? Which suburbs allow you to get to the coast in the shortest amount of time?
If you’re hoping for a quick commute into the city to enhance your work-life balance, consider South Brisbane (an 11-minute commute to the CBD using public transport or nine minutes by car). Dutton Park, Spring Hill, or Kangaroo Point are also a breeze when it comes to commuting. Riverside suburbs such as Bulimba and Hawthorne, meanwhile, offer a quick ferry ride into the city. What a way to start the day!
Crime rates come into play for some people looking to escape the bigger cities. In many parts of Brisbane, home invasions almost never happen. No reports of home theft were made at all in the past year in suburbs such as Morningside, Norman Park and Auchenflower, for example.
Look into growth rates
Like Sydney and Melbourne, parts of Brisbane have gone backwards after hitting all-time records in 2018. The average growth rate in Brisbane over the past 12 months is -2.6. Despite this, there are some standouts suburbs that are bucking the trend. Bulimba, for example, has had a 7.3 per cent growth rate in the past 12 months, while Balmoral has seen growth of 17.3 per cent over the same time period.
High-growth areas hold the promise of ongoing returns, while suburbs currently in a holding pattern could be poised for renewed gains. Ease of access to the city, lifestyle amenities, and the quality of homes all influence an area’s likely growth rate going forward.
If you’re investing rather than looking for a home of your own, put yourself in a tenant’s shoes. Many of the same factors apply, but your property will earn extra points if it’s close to a university and public transport.
Take your time when researching the Brisbane property market, but don’t dally too long. It’s only a matter of time before prices start to recover in this highly liveable city.
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