If you’re contemplating buying a property in Brisbane, you’ve probably noticed that the market is red hot right now! The Sunshine State has been hit by an influx of interstate arrivals, gaining around 30,000 extra people in 2020 alone (compared to Melbourne, which had a net loss of 26,000 people). All those additional people, coupled with a great range of government-backed buyer incentives, has had an electrifying influence on the Brisbane property market. The median house price in Brisbane rose an impressive 4.7% in 12 months, with further increases predicted.
Top 5 Tips for Buying A Property in Brisbane
The changing property market in Brisbane can make finding and purchasing a new home seem more difficult than in the past (when there was less competition). But that doesn’t mean buying a property in Brisbane in 2021 needs to be a stressful event. There are a few basic things you can do to ensure you have a positive buying experience. Try following these 5 expert property market tips for Brisbane buyers:
1. Research the Local Property Market
And by “local”, we don’t just mean “Greater Brisbane”. Try drilling down further to identify specific areas with good potential for future growth. While property prices have generally been increasing, you may notice the amount of growth varies quite a bit between suburbs. If you’ve got a particular location in mind, look up recent property sales in the surrounding areas to see how these compare with your preferred suburb.
2. Use Your Home Town Advantage
While there’s nothing wrong with buying in a new and unfamiliar location, there is a certain advantage that can come from buying a little closer to home. You have insider knowledge of where the best schools are, what public transport options are available and which streets experience gridlock traffic during school drop-off and pick-up times. You can also easily track how long properties are on the market and what kind of properties are most in demand. This will help you to assess property values more accurately, ensuring you don’t end up paying more than a property is worth (or missing out because your offer was too low).
3. Identify Your Essential Property Features
A 3-bedroom house may be nice, but do you really only need 2? Is a lack of a garage going to be a deal-breaker? Is a swimming pool a “must-have” or a “would be nice”? Deciding on these things in advance will help you to narrow your property search and identify how in-demand your chosen features are in your preferred suburbs. For example, a suburb with a large student community will likely see increased demand for apartment-style living, while a pool may be less popular in areas close to the beach. Talk to a local real estate agent to get an expert opinion on what features will have an impact on demand (and price!).
4. Establish Your Budget
Everyone loves window shopping online property listings, but before you start attending open for inspections you need to establish a budget. How are you planning to finance your purchase? Do you have a deposit saved or will you be using the equity in your current home? Are you eligible for any Government grants? What is your estimated borrowing potential? Try using a free online calculator to get an initial estimate of how much you can afford to borrow.
5. Organise Home Loan Pre-Approval
Gaining home loan pre-approval will help you refine your list of potential properties (effectively eliminating anything beyond your pre-approval limit). Pre-approval also gives you a lot more certainty when things start to get serious. While it’s not a guarantee that your loan will be approved, it gives you a strong indication of how much you can afford when making an initial offer and tell you whether or not you can afford to increase that offer. Pre-approval will also make your offers more attractive to potential buyers, as it minimises the risk of finance falling through after the offer is accepted. To organise home loan pre-approval, contact the experienced team of brokers at Coronis Finance.